DUBLIN, December 07, 2021--(BUSINESS WIRE)--The "Human Resource Outsourcing (HRO) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Human Resource Outsourcing (HRO) estimated at US$32.8 Billion in the year 2020, is projected to reach a revised size of US$45.8 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027.
Payroll Services, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$21.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Benefits Administration Services segment is readjusted to a revised 5.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.7 Billion, While China is Forecast to Grow at 4.7% CAGR
The Human Resource Outsourcing (HRO) market in the U.S. is estimated at US$9.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.2 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.
Education & Training Services Segment to Record 4.3% CAGR
In the global Education & Training Services segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion in the year 2020 will reach a projected size of US$3.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2027.
Select Competitors (Total 188 Featured):
Ceridian HCM, Inc.
CGI Group, Inc.
General Outsourcing Co., Ltd.
Infosys BPM Ltd.
NGA Human Resources
Randstad Holding NV
The ADECCO Group
Ultimate Software Group, Inc.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Recent Market Activity
HRO - A Rapidly Growing BPO Segment
Growth Opportunities in Service Segments
Emerging Markets to Drive Future Growth
Cost Reduction: Finding Favor Again in Difficult Times
Need for Regulatory Compliance Drives Adoption of HRO Services
Lowering Risk Levels & Simpler HRO Engagements - Key Growth Drivers
Multi-Process HRO (MPHRO): Favorable Prospects in the Long Run
Shift towards Cloud-based Platforms Drives MPHRO Market
More Organizations Gravitate towards HR Outsourcing
Factors Creating Need for HR Outsourcing
Future of HR Outsourcing
Sourcing Strategy/Model: Means to Achieve Business Process
Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Noteworthy Trends Influencing the HR Outsourcing Market
Continuous Adoption of Services Propels HRO Industry
Cloud - The Preferred Platform for HRO
BPaaS - A Growing Trend
Cloud-Based Recruitment Software Rises in Popularity
HRO Analytics Gain Prominence in HR Management & Administration
Predictive Analytics - An Indispensable tool for HR
Robotic Automation Makes In Roads in HRO Industry
Trend towards Process Convergence
Moving to a 'Transformational-Transfer' Model
Focus Grows on Small and Mid-Size Companies
Select HR Outsourcing Trends Related to Small Businesses
HR BPO Redefines HR Profession
End-to-End Services: Rise in HRO
Demographic Changes Support HRO Growth
Selective Approach Finds Favor
Offshore HR BPO: Driving Cost-Effectiveness
Focus on Business Process Improvement Gains Momentum
PEO Concept Gains Strength
Benefits and Drawbacks of PEO
Recruitment Process Outsourcing - Gaining Wider Attention
Factors Driving Growth in the RPO Market
Key Recruitment Process Functions Outsourced by Order of Importance
RPO Sector Registers Growth in Number of Deals
Offshoring of RPO Services Picks Up Pace
Talent Acquisition - Changing Definition of RPOs
Digitization of Talent Acquisition Process
Payroll Outsourcing Services Rise in Adoption
Multi-Country Payroll Outsourcing - A High Growth Market
Benefits Administration: Offering Potential Growth Opportunities for Outsourcing
Trend towards Health & Welfare Services Drives Growth in BAO
Workforce Management Outsourcing Gains Pace
Learning Outsourcing Services - Fulfilling Training Requirements
Challenges in HR Transformation
HRMS: A Competitor for HRO Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/af2uu1
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005531/en/
Laura Wood, Senior Press Manager
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