The recruitment process outsourcing 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.
Recruitment Process Outsourcing 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 recruitment process outsourcing market size has grown rapidly in recent years. It will grow from $6.05 billion in 2023 to $7.00 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to focus on core competencies, globalization and talent access, rise of remote work, compliance and regulatory challenges.
The recruitment process outsourcing market size is expected to see rapid growth in the next few years. It will grow to $12.71 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to talent shortages and skill gaps, flexibility and scalability, enhanced candidate experience, data-driven decision-making, and innovations in recruitment technologies. Major trends in the forecast period include AI and automation integration, virtual recruitment platforms, enhanced employee value proposition (EVP), human-centric ai, talent pooling and pipelining.
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Scope Of Recruitment Process Outsourcing 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.
Recruitment Process Outsourcing Market Overview
Market Drivers –
The rise in remote work culture is expected to propel the growth of the recruitment process outsourcing market going forward. Remote work culture refers to the shift in organizational norms and practices that enable employees to perform their duties outside a traditional office setting, often from their homes or other remote locations. The rise in remote work culture is due to the desire for increased work-life balance, cost savings for both employers and employees and advancements in technology that enable seamless remote collaboration. Remote work eliminates geographical barriers, allowing organizations to access a larger and more diverse talent pool. Recruitment process outsourcing providers can leverage their expertise and resources to source candidates from various locations, increasing the likelihood of finding the best-fit talent for remote positions. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, around 12.7% of full-time employees worked from home in 2023, while 28.2% will use a hybrid model in the US. Further, it is expected that 32.6 million people will be working remotely by 2025. Therefore, the rise in remote work culture is driving the growth of the recruitment process outsourcing market.
Market Trends –
Major companies operating in the process audit services market are developing innovative digital audit platforms, such as EY Virtual Internal Auditor (EY VIA), to increase their profitability in the market. EY Virtual Internal Auditor (EY VIA) digital platform is a software tool or system that makes auditing easier for businesses and organizations. For instance, in July 2022, Ernst & Young Global Limited, a US-based accounting company, launched the EY Virtual Internal Auditor (EY VIA) digital platform. This platform helps businesses respond quickly and make data-driven decisions by comprehensively viewing the organization’s risks across audit processes. EY VIA covers all audit risks within an organization, offering deeper insights to prioritize risks effectively and predict future risks. It allows for full population testing instead of sampling, enabling a thorough assessment of an organization’s risk exposure. The platform integrates data from various sources, including enterprise resource planning (ERP) systems, for continuous auditing and monitoring and offers automated data extraction for relevant master, transactional, and configuration data.
The recruitment process outsourcing market covered in this report is segmented –
1) By Type: On-Demand, Function-Based, Enterprise-Based
2) By Service : On-Site, Off-Site, , , , , , , , By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises
3) By End-Use: Banking, Financial Services And Insurance, Healthcare, Manufacturing, Information Technology (IT) And Telecommunication, Education, Other End-users
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Regional Insights –
North America was the largest region in the recruitment process outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the recruitment process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the recruitment process outsourcing market are Accenture Plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Ltd., Randstad N.V., The Adecco Group AG, ManpowerGroup Inc., Infosys Ltd., Allegis Group Inc., Aon Hewitt LLC, Hays plc, AMN Healthcare Services Inc., Kelly Services Inc., Pontoon Solutions Inc., Korn Ferry International, Advantage Resourcing America Inc., Alexander Mann Solutions Ltd., PeopleScout Inc, Kenexa Corporation, Sevenstep RPO LLC, Hudson Global Inc., Orion Talent LLC, Atterro Human Capital Group, Accolo Inc.
Table of Contents
1. Executive Summary
2. Recruitment Process Outsourcing Market Characteristics
3. Recruitment Process Outsourcing Market Trends And Strategies
4. Recruitment Process Outsourcing Market – Macro Economic Scenario
5. Global Recruitment Process Outsourcing Market Size and Growth
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32. Global Recruitment Process Outsourcing Market Competitive Benchmarking
33. Global Recruitment Process Outsourcing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Recruitment Process Outsourcing Market
35. Recruitment Process Outsourcing Market Future Outlook and Potential Analysis
36. Appendix
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