LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global human resource outsourcing market predicts a CAGR of close to 9% during the period 2018-2022.
The report segments the global human resource outsourcing market by services, including payroll outsourcing, benefits administration outsourcing, multiprocess human resource outsourcing, recruitment process outsourcing, and learning services outsourcing and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global human resource outsourcing market, according to Technavio ICT researchers:
- Digitization of human resource outsourcing: a major market driver
- Rise in adoption of recruitment analytics: emerging market trend
- The Americas dominated the global human resource outsourcing market with 62% share in 2017
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Digitization of human resource outsourcing: a major market driver
Globally, one of the prominent factors driving the market growth is the digitization of human resource outsourcing. In industries, such as BFSI, IT, healthcare, retail, hospitality, and manufacturing, digitization is driving the growth of RPO, PO, and LSO services. In the manufacturing industry, human resource outsourcing systems are being transformed to improve the effectiveness of operations. The advent of advanced analytics, 360-degree feedback, and the Internet of Things (IoT) has made it easy to manage complex tasks through RPO. This enables the HR managers to find the right talent for tasks that are carried out in real time.
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Rise in adoption of recruitment analytics: emerging market trend
Organizations are compelled to outsource their HR functions due to the ever-increasing volume, variety, velocity, and accuracy of data. These functions can be competently managed using advanced IT solutions, such as analytics. Structured data provides insights that can be utilized by the organizations to recruit top talent. Analytical tools help HR executives to manage recruitments efficiently by providing quick insights. There has been an increase in complications to manage the huge volumes of workforce data. This increased the adoption of analytics by many organization. Analytics solutions use statistical and scientific methods to derive meaningful insights from raw data. The adoption of analytics solutions is slowly increasing in organizations.
According to a senior analyst at Technavio for research on ITO and BPO, “In the human resource outsourcing industry, proactive recruitment and the wide-ranging use of big data and social media are gaining momentum. Active recruitment or headhunting is the toughest task as it is used to search for executive profiles but with new technologies. This can become a standard practice for a wider range of positions. In the recruitment process, innovations are also seen in the interviewing and testing parts.”
Global market opportunities
In terms of regional dominance, the Americas led the global human resource outsourcing market, followed by EMEA and APAC in 2017. The Americas is expected to continue dominating the market during the forecast period. In APAC, emerging economies are expected to become the most significant markets for human resource outsourcing globally. Factors such as growing demand for PO in the BFSI sector, human resource outsourcing analytics, increase in cloud-based services, and demand for productivity are expected to drive the global human resource outsourcing market during the forecast period.
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