India Human Resource Outsourcing Market Was Valued at USD 94.36 Million in 2022 and is Projected to Grow at a CAGR of 25.06% During the Forecasted Years
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India Human Resource Outsourcing market was valued at USD94.36 million in 2022 and is projected to grow at a CAGR of 25.06% during the forecasted years, owing to the rising demand from growing sectors such as manufacturing, hospitality, information technology, etc. Moreover, human resource outsourcing helps businesses in cost saving as the need to hire a full-time employee for different human resource services is eliminated.Speak directly to the analyst to clarify any post sales queries you may have.
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Human resource outsourcing is a process by which the employer assigns an external provider who handles duties regarding human resources for the business. The benefit of outsourcing is getting counsel and knowledge that a small or mid-sized business may not otherwise get from a small or one-person HR department. Employing an outsourced accounting firm can assure business owners that they comply when they hire and terminate personnel. Employment regulations are extensive and constantly changing which is where outsourcing may result in cost savings overpaying a full-time employee's wage, depending on the business and the situation.
The market is undergoing a significant change within the industry as different HR outsourcing companies are not only getting engaged in creating a platform for candidates for job openings, where a particular candidate can upload their resume for selective profiling but they are also focused on finding the desired candidate for their client through their tie-ups. Therefore, the industry is anticipated to further influence the India HR Outsourcing market with the dual appealing index for both the employees and employers.
Cost-Saving Options are Driving Market Expansion
The corporation pays the HR executives an annual salary for work that may be outsourced to third-party businesses and is only required six or seven times each year. As a result, many businesses are focusing on HR outsourcing, which would help them cut costs even further, while also fulfilling a variety of organizational tasks, such as offering intensive training for their needs, lightening their burden, and lowering overhead expenses. Additionally, outsourcing assures consistency in the provision of services as they have better knowledge and experience regarding outsourcing and other related services. It also reduces the likelihood of compliance fines and avoids the costs of obtaining, implementing, and deploying expensive HR technologies, enabling small firms to concentrate their financial resources on their core services and products.Emerging Demand from Various Sectors Fueling the Market Growth
The demand for professional personnel with specialized technical capabilities in industries like hospitality, manufacturing, and information & technology, is driving the market for India human resource outsourcing as a result of India's significant diversification of industries. Additionally, according to a report, estimated employment in the manufacturing sector in India in 2018-19 was 61.2 million and it further increased to 62.4 million in 2019-20. These industries may not be able to support a complete HR staff, and thus, to save time and money, they employ HR outsourcing services. A professional company with experience in the industry is often efficient in handling all the HR outsourcing services, including payroll compliance, benefits administration, employee evaluation, and adherence to labor rules and regulations.Adoption of Artificial Intelligence Accelerating the Market Growth
Leaders in the HR outsourcing sector have already integrated AI technologies into their product offerings, with success. Recruiters can now focus on more crucial activities by doing high-volume tasks more easily, thanks to AI. AI chatbots are becoming more popular in the employment process over time. For instance, chatbots are used to find and communicate with candidates of the highest potential. The newly hired employees are managed by these automated chatbots, which give them jobs and positions by their job profiles. It selects the most qualified candidate who best fits the job description. The top applicants are thereafter scheduled for job interviews.Market Segmentation
India human resource outsourcing market is segmented based on type, end-user, and region. Based on type, the market is segmented into payroll, recruitment process, benefits administration, multi-process human resource, learning services, and others (Onboarding, Compliance Management, etc.). Further, based on end users, the market is fragmented into IT & ITES, BFSI, healthcare, hospitality, retail, and others (manufacturing, logistics, education, etc.).Company Profiles
Randstad India Private Limited, Adecco India Private Limited, ManpowerGroup Services India Private Limited, TeamLease Services Limited, Innovsource Services Pvt. Ltd., Quess Corp Limited, PERSOLKELLY India Private Limited, Careernet Technologies Pvt. Ltd., ABC Consultants Pvt Ltd., are among the top players operating in the India human resource outsourcing market.Report Scope:
In this report, India Human Resource Outsourcing Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:India Human Resource Outsourcing Market, By Type:
- Payroll
- Recruitment Process
- Benefits Administration
- Multi-Process Human Resource
- Learning Services
- Others
India Human Resource Outsourcing Market, By End User:
- IT & ITES
- BFSI
- Healthcare
- Hospitality
- Retail
- Others
India Human Resource Outsourcing Market, By Region:
- South India
- North India
- West India
- East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India Human Resource Outsourcing Market.Available Customizations:
With the given market data, the publisher offers customizations according to a company’s specific needs.Table of Contents
1. Introduction1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Data Triangulation & Validation
2.6. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Voice of Customer Analysis (B2C Model Analysis)
4.1. Factors Affecting Outsourcing Decision
4.2. Satisfaction Level
5. India Human Resource Outsourcing Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Payroll, Recruitment Process, Benefits Administration, Multi Process Human Resource, Learning Services and Others (Onboarding, Compliance Management, etc.))
5.2.2. By End User Market Share Analysis (IT & ITES, BFSI, Healthcare, Hospitality, Retail and Others (Manufacturing, Logistics, Education, etc.))
5.2.3. By Regional Market Share Analysis
5.2.3.1. North Region Market Analysis
5.2.3.2. South Region Market Analysis
5.2.3.3. East Region Market Analysis
5.2.3.4. West Region Market Analysis
5.2.4. By Company Market Share Analysis (2022)
5.3. India Human Resource Outsourcing Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
5.3.2. By End User Market Mapping & Opportunity Assessment
5.3.3. By Regional Market Mapping & Opportunity Assessment
6. India Payroll Outsourcing Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By End User Market Share Analysis
6.2.2. By Region Market Share Analysis
7. India Recruitment Process Outsourcing Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By End User Market Share Analysis
7.2.2. By Region Market Share Analysis
8. India Benefits Administration Outsourcing Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By End User Market Share Analysis
8.2.2. By Region Market Share Analysis
9. India Multi Process Outsourcing Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By End User Market Share Analysis
9.2.2. By Region Market Share Analysis
10. India Learning Services Outsourcing Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By End User Market Share Analysis
10.2.2. By Region Market Share Analysis
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. SWOT Analysis
13.1. Strength
13.2. Weakness
13.3. Opportunities
13.4. Threats
14. Porter’s Five Forces Model
14.1. Competition Landscape
14.2. Buyer Power
14.3. Supplier Power
14.4. Threat of New Entrants
14.5. Threat of Substitutes
15. Policy & Regulatory Landscape
16. India Economic Profile
17. Competitive Landscape
17.1. Company Profiles
17.1.1. Randstad India Private Limited
17.1.1.1. Company Details
17.1.1.2. Products & Services
17.1.1.3. Financial (As Reported)
17.1.1.4. Key Market Focus & Geographical Presence
17.1.1.5. Recent Development
17.1.1.6. Key Management Personnel
17.1.2. Adecco India Private Limited
17.1.2.1. Company Details
17.1.2.2. Products & Services
17.1.2.3. Financial (As Reported)
17.1.2.4. Key Market Focus & Geographical Presence
17.1.2.5. Recent Development
17.1.2.6. Key Management Personnel
17.1.3. ManpowerGroup Services India Private Limited
17.1.3.1. Company Details
17.1.3.2. Products & Services
17.1.3.3. Financial (As Reported)
17.1.3.4. Key Market Focus & Geographical Presence
17.1.3.5. Recent Development
17.1.3.6. Key Management Personnel
17.1.4. TeamLease Services Limited
17.1.4.1. Company Details
17.1.4.2. Products & Services
17.1.4.3. Financial (As Reported)
17.1.4.4. Key Market Focus & Geographical Presence
17.1.4.5. Recent Development
17.1.4.6. Key Management Personnel
17.1.5. Innovsource Services Pvt. Ltd.
17.1.5.1. Company Details
17.1.5.2. Products & Services
17.1.5.3. Financial (As Reported)
17.1.5.4. Key Market Focus & Geographical Presence
17.1.5.5. Recent Development
17.1.5.6. Key Management Personnel
17.1.6. Quess Corp Limited
17.1.6.1. Company Details
17.1.6.2. Products & Services
17.1.6.3. Financial (As Reported)
17.1.6.4. Key Market Focus & Geographical Presence
17.1.6.5. Recent Development
17.1.6.6. Key Management Personnel
17.1.7. PERSOLKELLY India Private Limited
17.1.7.1. Company Details
17.1.7.2. Products & Services
17.1.7.3. Financial (As Reported)
17.1.7.4. Key Market Focus & Geographical Presence
17.1.7.5. Recent Development
17.1.7.6. Key Management Personnel
17.1.8. Careernet Technologies Pvt. Ltd.
17.1.8.1. Company Details
17.1.8.2. Products & Services
17.1.8.3. Financial (As Reported)
17.1.8.4. Key Market Focus & Geographical Presence
17.1.8.5. Recent Development
17.1.8.6. Key Management Personnel
17.1.9. Gretis India Pvt. Ltd.
17.1.9.1. Company Details
17.1.9.2. Products & Services
17.1.9.3. Financial (As Reported)
17.1.9.4. Key Market Focus & Geographical Presence
17.1.9.5. Recent Development
17.1.9.6. Key Management Personnel
17.1.10. ABC Consultants Pvt Ltd.
17.1.10.1. Company Details
17.1.10.2. Products & Services
17.1.10.3. Financial (As Reported)
17.1.10.4. Key Market Focus & Geographical Presence
17.1.10.5. Recent Development
17.1.10.6. Key Management Personnel
18. Strategic Recommendations
19. About the Publisher & Disclaimer
List of Figures
Figure 1: India Human Resource Outsourcing Market Size, By Value (USD Million), 2018-2028F
Figure 2: India Human Resource Outsourcing Market Share, By Type, By Value, 2018-2028F
Figure 3: India Human Resource Outsourcing Market Share, By End User, By Value, 2018-2028F
Figure 4: India Human Resource Outsourcing Market Share, By Region, By Value, 2022 & 2028F
Figure 5: India Human Resource Outsourcing Market Share, By Company, By Value, 2022
Figure 6: India Human Resource Outsourcing Market Map, By Type, Market Size (USD Million) & Growth Rate (%), 2022
Figure 7: India Human Resource Outsourcing Market Map, By End User, Market Size (USD Million) & Growth Rate (%), 2022
Figure 8: India Human Resource Outsourcing Market Map, By Region, Market Size (USD Million) & Growth Rate (%), 2022
Figure 9: India Payroll Outsourcing Market Size, By Value (USD Million), 2018-2028F
Figure 10: India Manufacturing Industry, Value Added (% of GDP), 2017-2021
Figure 11: India Payroll Outsourcing Market Share, By End User, By Value, 2018-2028F
Figure 12: India Payroll Outsourcing Market Share, By Region, By Value, 2018-2028F
Figure 13: India Recruitment Process Outsourcing Market Size, By Value (USD Million), 2018-2028F
Figure 14: India Recruitment Process Outsourcing Market Share, By End User, By Value, 2018-2028F
Figure 15: India Recruitment Process Outsourcing Market Share, By Region, By Value, 2018-2028F
Figure 16: India Benefits Administration Outsourcing Market Size, By Value (USD Million), 2018-2028F
Figure 17: India Labor Force Population (In Million), 2017-2021
Figure 18: India Benefits Administration Outsourcing Market Share, By End User, By Value, 2018-2028F
Figure 19: India Benefits Administration Outsourcing Market Share, By Region, By Value, 2018-2028F
Figure 20: India Multi Process Human Resource Outsourcing Market Size, By Value (USD Million), 2018-2028F
Figure 21: India Services, Value Added (% of GDP), 2017-2021
Figure 22: India Multi Process Human Resource Outsourcing Market Share, By End User, By Value, 2018-2028F
Figure 23: India Multi Process Human Resource Outsourcing Market Share, By Region, By Value, 2018-2028F
Figure 24: India Learning Services Outsourcing Market Size, By Value (USD Million), 2018-2028F
Figure 25: India Learning Services Outsourcing Market Share, By End User, By Value, 2018-2028F
Figure 26: India Learning Services Outsourcing Market Share, By Region, By Value, 2018-2028F
List of Tables
Table 1: India Human Resource Outsourcing Market Size, By Type, By Value (USD Million), 2018-2028F
Table 2: India Human Resource Outsourcing Market Size, By End User, By Value (USD Million), 2018-2028F
Table 3: India Payroll Outsourcing Market Size, By End User, By Value (USD Million), 2018-2028F
Table 4: India Recruitment Process Outsourcing Market Size, By End User, By Value (USD Million), 2018-2028F
Table 5: India Benefits Administration Outsourcing Market Size, By End User, By Value (USD Million), 2018-2028F
Table 6: India Multi Process Human Resource Outsourcing Market Size, By End User, By Value (USD Million), 2018-2028F
Table 7: India Learning Services Outsourcing Market Size, By End User, By Value (USD Million), 2018-2028F
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Randstad India Private Limited
- Adecco India Private Limited
- ManpowerGroup Services India Private Limited
- TeamLease Services Limited
- Innovsource Services Pvt. Ltd.
- Quess Corp Limited
- PERSOLKELLY India Private Limited
- Careernet Technologies Pvt. Ltd.
- Gretis India Pvt. Ltd.
- ABC Consultants Pvt Ltd.
