The human resource (hr) outsourcing and consultancy service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Human Resource (HR) Outsourcing And Consultancy Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The human resource (HR) outsourcing and consultancy service market size has grown strongly in recent years. It will grow from $49.71 billion in 2023 to $53.80 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing globalization, growth in digital transformation initiatives, increasing concerns over data privacy, growth in the use of artificial intelligence, and increasing demand for outsourcing employee onboarding.
The human resource (HR) outsourcing and consultancy service market size is expected to see strong growth in the next few years. It will grow to $74.17 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing remote work, increasing number of startups, growing adoption of recruitment analytics, growing adoption of recruitment analytics, and growing adoption of digital technologies. Major trends in the forecast period include technological advancements, the adoption of AI, cloud-based HR management systems, hybrid workforce models, and cybersecurity solutions.
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Scope Of Human Resource (HR) Outsourcing And Consultancy Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Human Resource (HR) Outsourcing And Consultancy Service Market Overview
Market Drivers –
The increasing number of startups is expected to propel the growth of the human resource (HR) outsourcing and consulting services market going forward. The number of startups is increasing due to advancements in technology, increased access to funding, and a growing desire for innovative and flexible work environments. HR outsourcing and consultancy services are crucial for startups to efficiently manage HR functions, ensure compliance, and focus on core business activities while accessing specialized expertise and resources. For instance, in February 2024, according to a report published by RSM UK, a UK-based accounting and auditing company, the UK saw a remarkable 22% increase in new technology company incorporations in 2023, reaching a record high of 51,017. This surge, up from 41,972 the previous year, underscores the resilience of the UK’s tech sector. Therefore, the increasing number of startups drives the human resource (HR) outsourcing and consulting service market.
Market Trends –
Major companies operating in the human resource (HR) outsourcing and consultancy service market are developing technologically advanced services, such as comprehensive payroll services, to ensure accurate and timely employee compensation. Comprehensive payroll services encompass the full spectrum of payroll management tasks, including payroll processing, tax calculations, compliance with regulations, and benefits administration, ensuring accurate and timely employee compensation. For instance, in March 2024, ADI Langue, a Singapore-based IT outsourcing and recruitment company, launched payroll outsourcing services. The services are known for their customizable solutions tailored to diverse business needs, scalability to support organizational growth, and use of advanced technology for accurate and efficient payroll management. They prioritize compliance and data security, ensuring adherence to regulations and protection of sensitive information. Clients also benefit from dedicated support from a team of experts committed to resolving queries and enhancing the overall payroll experience.
The human resource (HR) outsourcing and consultancy service market covered in this report is segmented –
1) By Type: Payroll Outsourcing, Recruitment Process Outsourcing, Benefits Administration Outsourcing, Others Types
2) By Application: Small Enterprise, Large Enterprise, Medium Enterprise
3) By Industry Vertical: Healthcare And Pharmaceuticals, Information Technology, Financial Services, Manufacturing, Retail And Consumer Goods
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Regional Insights –
North America was the largest region in the human resource (HR) outsourcing and consultancy service market in 2023. The regions covered in the human resource (HR) outsourcing and consultancy service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the human resource (HR) outsourcing and consultancy service market are Accenture plc, International Business Machines Corporation, Randstad N.V., Adecco Group AG, ManpowerGroup Inc., Infosys Limited, Automatic Data Processing Inc., Aon Hewitt, Wipro Limited, Robert Half International Inc., Insperity Inc., Acadia Healthcare Company Inc., Ceridian HCM Holding Inc., Oasis Outsourcing Holdings Inc., XcelHR, G&A Partners, Invedus, MSI Global Transformation Solutions, CPEhr, Astron Solutions, Liquid HR, Infiniti HR, Alliant HR Outsourcing
Table of Contents
1. Executive Summary
2. Human Resource (HR) Outsourcing And Consultancy Service Market Report Structure
3. Human Resource (HR) Outsourcing And Consultancy Service Market Trends And Strategies
4. Human Resource (HR) Outsourcing And Consultancy Service Market – Macro Economic Scenario
5. Human Resource (HR) Outsourcing And Consultancy Service Market Size And Growth
…..
27. Human Resource (HR) Outsourcing And Consultancy Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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