How Is The Global Human Resource (HR) Outsourcing And Consultancy Service Market Defined?
Human resource (HR) outsourcing and consultancy services involve external providers managing specific HR functions or offering expert guidance to organizations. HR outsourcing handles tasks such as payroll, recruitment, benefits administration, and compliance, allowing businesses to focus on core activities. Consultancy services offer specialized advice on HR strategies, workforce development, and regulatory compliance.
Human Resource (HR) Outsourcing And Consultancy Service Global Market Report 2024 provides data on the global human resource (hr) outsourcing and consultancy service market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The human resource (hr) outsourcing and consultancy service market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Human Resource (HR) Outsourcing And Consultancy Service Market Size And Growth Rates Projected To Evolve?
The market for human resource (HR) outsourcing and consultancy services has grown from $49.71 billion in 2023 to $53.80 billion in 2024 at a CAGR of 8.2%. The growth is attributed to globalization, the rise of digital transformation, concerns about data privacy, and the increasing use of artificial intelligence. The market is expected to expand further, reaching $74.17 billion by 2028 at a CAGR of 8.4%. Factors such as the growing trend of remote work, the rise of startups, and the adoption of recruitment analytics will continue to drive this growth. Major trends in the future include advancements in AI, cloud-based HR management systems, hybrid workforce models, and cybersecurity solutions.
What Are The Essential Drivers Behind The Growth Of The Human Resource (HR) Outsourcing And Consultancy Service Market?
The growth of the HR outsourcing and consulting services market is linked to the increasing number of startups. Startups are growing due to advancements in technology, greater access to funding, and the demand for innovative work environments. HR outsourcing allows startups to efficiently manage human resources, ensure compliance, and focus on core business operations. For instance, RSM UK reported in February 2024 that new technology company incorporations in the UK reached a record high of 51,017 in 2023, up 22% from the previous year. This surge in startups drives the demand for HR outsourcing services.
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How Is The Global Human Resource (HR) Outsourcing And Consultancy Service Market Divided Into Key Segments?
The human resource (HR) outsourcing and consultancy service market covered in this report is segmented –
1) By Type: Payroll Outsourcing, Recruitment Process Outsourcing, Benefits Administration Outsourcing, Others Types
2) By Application: Small Enterprise, Large Enterprise, Medium Enterprise
3) By Industry Vertical: Healthcare And Pharmaceuticals, Information Technology, Financial Services, Manufacturing, Retail And Consumer Goods
What Trends Are Reshaping The Future Of The Human Resource (HR) Outsourcing And Consultancy Service Market?
In the human resource outsourcing and consultancy services market, companies are offering comprehensive payroll services to ensure accurate employee compensation. These services manage payroll processing, tax compliance, and benefits administration. For example, in March 2024, ADI Langue, a Singapore-based IT outsourcing company, introduced customizable payroll outsourcing solutions. These services use advanced technology for efficient payroll management while ensuring regulatory compliance and data security.
What Is The Fastest Growing Region In The Human Resource (HR) Outsourcing And Consultancy Service Market?
North America was the largest region in the human resource (HR) outsourcing and consultancy service market in 2023. The regions covered in the human resource (HR) outsourcing and consultancy service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
