HR advisory services assist businesses in increasing the efficiency of HR operations and effectively implementing new policies and procedures. HR Advisory Services help organizations transform their business culture, including changes in organizational design, processes, and systems, among other things.
Sizing and Forecast
The hr advisory services market size has grown steadily in recent years. It will grow from $157.54 billion in 2023 to $162.81 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased mergers and acquisitions, globalization, and a rise in research and development (r&d) investments.
The hr advisory services market size is expected to see steady growth in the next few years. It will grow to $186.81 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to data analytics and ai, rising urbanization, technological advancements, and increasing focus on customer satisfaction. Major trends in the forecast period include data analytics and ai, rising urbanization, technological advancements, and increasing focus on customer satisfaction.
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Segmentation & Regional Insights
The hr advisory services market covered in this report is segmented –
1) By Type: Compensation Consulting, Benefits Consulting, Actuarial Consulting, Strategic and Other Consulting
2) By Service: Integration & Deployment, Support & Maintenance, Training & Consulting
3) By End-User: IT Services, Manufacturing, Financial Services, Mining and Oil & Gas, Construction, Other Services, Others
North America was the largest region in the HR advisory services market in 2023. Western Europe was the second largest region in the global HR advisory services market share. The regions covered in the hr advisory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The use of data-driven tools and analytics for employee engagement is a major driver contributing to the growth of the HR advisory services market. Employee engagement refers to a workplace approach that results in appropriate conditions for all the employees of the company to give their best performance every day by abiding by the values of the company with an enhanced feeling of their well-being. Professionals in human resource management are relying on data analytics and AI for key decisions. For instance, Genpact, an American professional services company, analyses employee data, segments and categorises it to find patterns such as at what age, salary range, or experience level employees leave the organization. Predictive analytics is used to identify employees who are at high risk of voluntary attrition, and interventions are designed to re-engage them. Further advances in data-driven tools and analytics are expected to drive the growth of the HR advisory service market.
Key Industry Players
Major companies operating in the hr advisory services market report are Marsh & McLennan Companies, Inc., Willis Towers Watson, Accenture, Aon Hewitt, McKinsey & Company, Boston Consulting Group, Korn Ferry, KPMG LLP, Bain & Company, Deloitte Consulting LLP, Tricor Group, With Business Process Outsourcing, Quess Corp, Adecco India Pvt. Ltd, ABC Consultants Pvt Ltd, CareerNet Technologies Pvt Ltd, Innovsource Services Pvt Ltd, KOISRA UP, Reed Specialist Recruitment Korea, MAM Corporate Solutions, Talent Search Recruitment, LANSIMA, Global Expat Recruiting, Recruit Express Pte Ltd, JAC Recruitment Group, Wuhu Hande Business Consulting Co. Ltd., New Horizons Global Partners Shanghai, INFITEC, Morgan McKinley Shangha, Monroe Consulting Group, Links International, CDP Group, Ltd., Arcoro GmbH, Teamly, Ratbacher GmbH, Duerenhoff GmbH, IMU Institut GmbH, Pape Personalberatung, Dr. Maier + Partner Group, Conciliat GmbH, International Service Group, Venturi Ltd, CLEVIS GmbH, DEKRA Arbeit Group, Passion for People GmbH, SHUNTI, Leinonen Group, ManpowerGroup, BPI group, TEXON Recruitment, Acteon, TRIZA Exclusive, Staff-Up, Amrop, Unistaff, Unity Business Solutions, Robert Half, TPD, Creo Consulting, Pinnacle HR, ALL in ONE, First Class Consulting Firm, ACCUR, American Recruiting & Consulting Group, RMG Staffing, HH Staffing Services, Criterion Executive Search, The HT Group, Sim Carreira, Ubiminds, Mercer, CDL de Florianópolis, Empreza Service Center, Gi Group, ACIF, Grupo Meta RH, Employer RH, Foxtime Recursos Humanos, Alliage, EAG – Empresa Autogerenciável, Nathan & Nathan Human Resources Solutions, Tuscan Consulting, NAJMA Consultancy, Pinpoint Human Resource Consultancy, Ultimate HR Solutions, JAMS HR Solutions, Accel HR Consulting, Dragon Recruiting, Education 1st Recruitment, PE Corporate Services (PECS), EY South Africa, KPMG East Africa Limited, Strategy&, Alvarez & Marsal, Nextcontinent, AMSCO
The hr advisory services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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