The human resource (HR) outsourcing and consultancy service market size has shown robust growth in recent years, expected to rise from $49.71 billion in 2023 to $53.80 billion in 2024 at a CAGR of 8.2%. This growth in the historical period can be attributed to increasing globalization, growth in digital transformation initiatives, heightened concerns over data privacy, the rising use of artificial intelligence, and a growing demand for outsourcing employee onboarding. The market is projected to continue growing, reaching $74.17 billion by 2028, with a CAGR of 8.4%. This anticipated growth in the forecast period is driven by the rising prevalence of remote work, an increasing number of startups, and a growing adoption of recruitment analytics alongside digital technologies. Major trends in this period include technological advancements, the adoption of AI, the implementation of cloud-based HR management systems, hybrid workforce models, and enhanced cybersecurity solutions.
Global Human Resource (HR) Outsourcing And Consultancy Service Market Key Driver
The growing number of startups is anticipated to support the human resource (HR) outsourcing and consulting services market. Startups are on the rise due to technological advancements and increased funding access. HR outsourcing services help startups manage HR functions efficiently while focusing on core business activities. For example, in February 2024, RSM UK reported a 22% increase in new technology company incorporations in the UK in 2023, reaching a record 51,017. Thus, the increasing number of startups is propelling the HR outsourcing and consulting services market.
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Global Human Resource (HR) Outsourcing And Consultancy Service Market 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
By Geography:The regions covered in the human resource (HR) outsourcing and consultancy service market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the human resource (HR) outsourcing and consultancy service market in 2023.
Major Human Resource (HR) Outsourcing And Consultancy Service Industry Players
Accenture plc, International Business Machines Corporation, Randstad N.V., Adecco Group AG, ManpowerGroup Inc., Infosys Limited, Automatic Data Processing Inc., Aon Hewitt, Wipro Limited, Robert Half International Inc., Insperity Inc., Acadia Healthcare Company Inc., Ceridian HCM Holding Inc., Oasis Outsourcing Holdings Inc., XcelHR, G&A Partners, Invedus, MSI Global Transformation Solutions, CPEhr, Astron Solutions, Liquid HR, Infiniti HR, Alliant HR Outsourcing
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Human Resource (HR) Outsourcing And Consultancy Service Market Overview
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 2023 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.
