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Human Resource Outsourcing Market (Type - Payroll, Benefits Administration, Multi Process Human Resource, Recruitment Process, and Learning Services; End-users - BFSI, Healthcare, IT & ITeS, Hospitality, Retail, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : November, 2021

  • Rep Id : ICT003029

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report ongoing study by Infinium Global Research on the human resource outsourcing market provides in-depth analysis of segments and sub-segments in the global as well as regional human resource outsourcing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional human resource outsourcing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global human resource outsourcing market. According to the report, the global human resource outsourcing market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.

 

Market Insight

The outsourcing of human resources has increased in the last few years. The role of HR is going through the Transition phase and has changed itself from a typical Traditional nonproductive area of operations to contributing and value-adding core area towards strategic Business Goals. The organizations have adopted management practices in recent years and it includes outsourcing, reengineering, and the balanced scorecard without clear evidence of their effectiveness. The demand uncertainty fuels outsourcing of human resources, as labor costs can be limited in times of low demand, and amplified by contracting other firms when demand rises.

 

The key driving factor in the human resource outsourcing market growth is the digitization of human resource outsourcing. Advantages provided by human resource outsourcing drives the growth of the market. Some of the more visible benefits may include reduced operating costs, improved service delivery, the ability to focus on the core business, and the opportunity to leverage expertise not available internally. During the past five years, human resource outsourcing has grown more prevalent and the trend is continuing. Human resource outsourcing activities such as recruitment, hiring, compensation and payroll administration, and labor relations notably reduce human resource associated costs incurred by the company. Furthermore, the rising adoption of recruitment analysis is contributing to the growth of the market. However, increasing dependence on outsourcing agencies may hamper the growth of the human resource outsourcing market during the forecast period. Moreover, an increase in the utilization of software provides opportunities to the market players. The outbreak of Covid-19 coronavirus in 2020 is becoming the accelerator for one of the greatest workplace transformations of a lifetime. Increasing demand for organizational effectiveness along with the need for cost reduction had made Human Resource Shared Services (HRSS) a popular choice worldwide in the pre-COVID world. The impact of the virus after 2020 disrupted supply chains and manufacturing plants across the world, haltering many businesses. It was naturally projected that the shared HR support function will also take a hit.

 

Geographically, the human resource outsourcing market is dominated by the North American region owing to rapid urbanization, huge growth in IT, and increased government spending. The payroll services are provided by the software vendors in North America and these vendors collaborate with outsourcing services in other countries. Europe also holds a significant market share owing to the majority of Human Resource Outsourcing market players such as Capita plc, Northgate Capital, LLC, and Xansa PLC. The Asia Pacific region is the fastest-growing market over the forecasted period.

 

Segment Covered

The report on global human resource outsourcing market covers segments such as type, and end-users. On the basis of type, the sub-markets include payroll, benefits administration, multi process human resource, recruitment process, and learning services. On the basis of end-users, the sub-markets include BFSI, healthcare, IT & ITeS, hospitality, retail, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Northgate Capital, LLC, Xansa Plc, Accenture PLC, Capita plc, Vertex Inc, Ceridian HCM, ADP, LLC, IBM Corporation, Aon Hewitt, and Adecco S.A.

 

Human Resource Outsourcing Market


Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the human resource outsourcing market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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