"Increasing need to streamline HR operations to Ensure Rapid Growth for HR Outsourcing Market"
Globally, the HR outsourcing market is expected to grow with a CAGR of more than 10% during the forecast period from 2019 to 2027.The adoption of HR outsourcing is rising rapidly across several medium and small size enterprises. The optimize utilization of its resources provided by HR outsourcing helps the organizations to maximize outputs and profits. Additionally, HR outsourcing majorly improves customer and client communication. There are various benefits offered by HR outsourcing is contributing to the growth of HR Outsourcing market worldwide.
Additionally, the emergence of advanced cloud-based solutions in HR outsourcing is anticipated fuel the HR Outsourcing market growth in the near future. This integration helps in the efficient management of the different HR functions that further increase innovations in the recruitment process. Furthermore, growing awareness about the benefits of recruitment analytics is boosting the growth of the HR outsourcing market. On the other hand, lack of flexibility is expected to be the key restraining factor for the HR outsourcing market. Moreover, the ongoing emergence of intelligent technologies in HR Outsourcing is projected to serve various growth opportunities for companies working in this market.
Market Synopsis
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"Payroll outsourcing to dominate the overall HR outsourcing market over the forecast period"
In 2018, payroll outsourcing is one of the major services provided by the HR Outsourcing. The several organizations are majorly adopting payroll outsourcing owing to its cost-effective operations. Additionally, the integration of payroll services to cloud computing solutions are expected to enhance the growth of the HR outsourcing market during the forecast period. Furthermore, recruitment process outsourcing is expected to be the fastest growing segment by services in the HR outsourcing market. Moreover, Multi-process human resource outsourcing and Learning services outsourcing services holds a considerable market share in the HR outsourcing market.
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"North America to dominate the growth of the HR outsourcing market"
North America holds the maximum market share in the HR outsourcing market followed by Europe. The high adoption and the advance technology integration are the major factors that drive the growth of North America HR outsourcing market. The emergence of cloud-based solutions ensure efficiently and the cost-effectiveness that is accelerating the growth of the HR outsourcing market. However, Asia Pacific is projected to witness a fastest growth in the HR outsourcing market owing to the growing awareness about HR outsourcing and high adoption of HR outsourcing among small scale enterprises.
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Some of the prominent players operating in the HR outsourcing market include IBM Corporation, Accenture Plc, Infosys Limited, Randstad, ADP, HCL Technologies, Wipro Limited, Xerox Corporation, Tata Consultancy Services, SurePayroll and others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The HR outsourcing market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global HR outsourcing market based on services and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Services Segment (2017–2027; US$ Bn)
• Payroll outsourcing
• Recruitment process outsourcing
• Multi-process human resource outsourcing
• Learning services outsourcing
• Other services
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of HR outsourcing in 2018 and forecast up to 2027?
- Which is the largest regional market for payroll outsourcing segment?
- What are the major trends followed in HR outsourcing market across different regions?
- Who are the key HR outsourcing companies leading the market?
- What are the key strategies adopted by the leading HR outsourcing companies in market?
Unique data points of this report
- Statistics on electric vehicles penetration and spending worldwide
- Recent trends across different regions in terms of adoption of HR outsourcing services in various sectors
- Notable developments going on in HR outsourcing industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
