The human resource outsourcing market share will post an incremental growth of USD 10.90 billion, progressing at a CAGR of 4.87% during the forecast period. The digitization of human resource outsourcing will offer immense growth opportunities to market vendors. The human resource outsourcing market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Human Resource Outsourcing Market by Service and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The human resource outsourcing market is segmented by service (PO, BAO, MPHRO, RPO, and LSO) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The growth of the human resource outsourcing market size in the PO segment will be significant during the forecast period. The integration of cloud-based services and social media into the recruitment process will drive the human resource outsourcing market growth in North America. 56% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the human resource outsourcing market in North America.
The digitization of human resource outsourcing will directly influence the sales of the human resource outsourcing market. In addition, the rise in the adoption of recruitment analytics is one of the major human resource outsourcing market trends that will positively impact the market growth. However, the increased dependence on outsourcing agencies will hamper the human resource outsourcing market growth.
The market is fragmented due to the presence of several players. Some of the major human resource outsourcing market vendors are Accenture Plc, Adecco Group AG, Automatic Data Processing Inc., Capgemini Service SAS, Capita Plc, Ceridian HCM Holding Inc., CGI Inc., Fidelity Investments Inc., General Outsourcing Co Ltd., Genpact Ltd., HCL Technologies Ltd., Hexaware Technologies Ltd., HP Inc., Infosys Ltd., International Business Machines Corp., Manpower Group, MHR, Randstad Holding NV, Wipro Ltd., Zalaris ASA., Aon Plc, and UKG Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the human resource outsourcing market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the human resource outsourcing market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the human resource outsourcing market.
Human resource outsourcing industry growth across North America, Europe, APAC, South America, and the Middle East and Africa.