Overview and Scope
HR professional services refer to services for managing the employee life cycle, which includes recruiting, hiring, onboarding, training, and terminating personnel, as well as administering employee benefits. HR professional services address human resource management tasks and decisions of an organization.
Sizing and Forecast
The HR professional services market size has grown rapidly in recent years. It will grow from $6.26 billion in 2023 to $7 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to regulatory changes, economic trends, globalization, demographic shifts, talent shortages, and crisis response.
The HR professional services market size is expected to see rapid growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to remote work adoption, data privacy and security, agile workforce strategies, skill gaps and upskilling, diversity, equity, and inclusion (DEI). Major trends in the forecast period include digital transformation, technological advancements, focus on employee well-being, continuous learning and development, and agile HR practices.
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Segmentation & Regional Insights
The HR professional services market covered in this report is segmented –
1) By Type: Core HR, Employee Collaboration And Engagement, Recruiting, Talent Management, Workforce Planning And Analytics
2) By Enterprise: Large Enterprises, Small And Medium Enterprises
3) By Deployment: Hosted, On-Premise
4) By End-User: Academia, Banking, Financial Services And Insurance (BFSI), Government, Healthcare, IT And Telecom, Manufacturing, Retail, Other End-Users
North America was the largest region in the HR professional services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hr professional 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
Increasing implementation of information technology is expected to propel the growth of the HR professional services market going forward. Information technology refers to a wide range of terms, including all aspects of computing and telecommunications development and installation, including use. Technology has significantly altered human resource management. Most firms now give ubiquitous access to HR services via technology and web-based apps. These adjustments are frequently the outcome of the need to reduce costs while expanding or improving services. For instance, according to Flexera, in 2021, 54% of companies worldwide prioritize digital transformation. Additionally, in May 2022, Couchbase, a software company, released the results of its fifth annual survey done on 650 IT leaders. It was founded that, the investment in digital transformation will increase by 46% over the next 12 months. Therefore, the increasing implementation of information technology is expected to drive the HR professional services market growth.
Key Industry Players
Major companies operating in the HR professional services market report are International Business Machines Corporation, Oracle Corporation, Deloitte Touche Tohmatsu Limited, SAP SE, Mercer LLC, Randstad Holding N.V., Baker HR LLC, Automatic Data Processing Inc., Boston Consulting Group Inc., HAYS PLC, Workday Inc., Insperity Inc., Trinet Group Inc., Paychex Inc., PageGroup PLC, Razorpay Software Private Limited, Kronos Incorporated, Kforce Inc., Robert Walters PLC, Ultimate Software Group Inc., Cornerstone OnDemand Inc., Skillsoft Corporation, Zucchetti S.p.A., BambooHR Inc., Capterra Inc., Napier Healthcare Solutions Pte Ltd., GRM Information Management, Visier Inc., TopSource Worldwide Inc., BizEX Management Solutions Pvt Ltd., Groupe Crit S.A., Impellam Group PLC, ManpowerGroup Inc., Persol Holdings Co.Ltd., Robert Half International Inc., Willis Towers Watson Public Limited Company
The hr professional services market report table of contents includes:
1. Executive Summary
2. HR professional services Market Characteristics
3. HR professional services Market Trends And Strategies
4. HR professional services Market – Macro Economic Scenario
5. Global HR professional services Market Size and Growth
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31. HR professional services Market Other Major And Innovative Companies
32. Global HR professional services Market Competitive Benchmarking
33. Global HR professional services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The HR professional services Market
35. HR professional services Market Future Outlook and Potential Analysis
36.Appendix
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