DUBLIN--(BUSINESS WIRE)--The "Human Resource Outsourcing (HRO) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Human Resource Outsourcing (HRO) estimated at US$32.8 Billion in the year 2020, is projected to reach a revised size of US$45.8 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027.
Payroll Services, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$21.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Benefits Administration Services segment is readjusted to a revised 5.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.7 Billion, While China is Forecast to Grow at 4.7% CAGR
The Human Resource Outsourcing (HRO) market in the U.S. is estimated at US$9.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.2 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.
Education & Training Services Segment to Record 4.3% CAGR
In the global Education & Training Services segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion in the year 2020 will reach a projected size of US$3.4 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2027.
Select Competitors (Total 188 Featured):
- Accenture Plc
- ADP LLC
- Aon Hewitt
- Ceridian HCM, Inc.
- CGI Group, Inc.
- Cielo, Inc.
- Equifax, Inc.
- General Outsourcing Co., Ltd.
- IBM Corp.
- Infosys BPM Ltd.
- Intuit, Inc.
- Kronos, Inc.
- Mercer, LLC
- NGA Human Resources
- Paychex, Inc.
- Randstad Holding NV
- The ADECCO Group
- Ultimate Software Group, Inc.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Recent Market Activity
- A Prelude
- HRO - A Rapidly Growing BPO Segment
- Snapshots
- Growth Drivers
- Growth Restraints
- Market Outlook
- Growth Opportunities in Service Segments
- Emerging Markets to Drive Future Growth
- Cost Reduction: Finding Favor Again in Difficult Times
- Need for Regulatory Compliance Drives Adoption of HRO Services
- Lowering Risk Levels & Simpler HRO Engagements - Key Growth Drivers
- Multi-Process HRO (MPHRO): Favorable Prospects in the Long Run
- Shift towards Cloud-based Platforms Drives MPHRO Market
- More Organizations Gravitate towards HR Outsourcing
- Factors Creating Need for HR Outsourcing
- Future of HR Outsourcing
- Key Considerations
- Sourcing Strategy/Model: Means to Achieve Business Process
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Noteworthy Trends Influencing the HR Outsourcing Market
- Continuous Adoption of Services Propels HRO Industry
- Cloud - The Preferred Platform for HRO
- BPaaS - A Growing Trend
- Cloud-Based Recruitment Software Rises in Popularity
- HRO Analytics Gain Prominence in HR Management & Administration
- Predictive Analytics - An Indispensable tool for HR
- Robotic Automation Makes In Roads in HRO Industry
- Trend towards Process Convergence
- Moving to a 'Transformational-Transfer' Model
- Focus Grows on Small and Mid-Size Companies
- Select HR Outsourcing Trends Related to Small Businesses
- HR BPO Redefines HR Profession
- End-to-End Services: Rise in HRO
- Demographic Changes Support HRO Growth
- Selective Approach Finds Favor
- Offshore HR BPO: Driving Cost-Effectiveness
- Focus on Business Process Improvement Gains Momentum
- PEO Concept Gains Strength
- Benefits and Drawbacks of PEO
- Recruitment Process Outsourcing - Gaining Wider Attention
- Factors Driving Growth in the RPO Market
- Key Recruitment Process Functions Outsourced by Order of Importance
- RPO Sector Registers Growth in Number of Deals
- Offshoring of RPO Services Picks Up Pace
- Talent Acquisition - Changing Definition of RPOs
- Digitization of Talent Acquisition Process
- Payroll Outsourcing Services Rise in Adoption
- Multi-Country Payroll Outsourcing - A High Growth Market
- Benefits Administration: Offering Potential Growth Opportunities for Outsourcing
- Trend towards Health & Welfare Services Drives Growth in BAO
- Workforce Management Outsourcing Gains Pace
- Learning Outsourcing Services - Fulfilling Training Requirements
- Market Challenges
- Challenges in HR Transformation
- HRMS: A Competitor for HRO Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/af2uu1
