What Has Been the Progress and Growth of the Human Resource HR Outsourcing And Consultancy Service Market in Recent Years?
The human resource hr outsourcing and consultancy service market has seen considerable growth due to a variety of factors.
• In recent years, there has been robust growth in the market size of human resource (HR) outsourcing and consultation services. Projected to expand from $53.8 billion in 2024 to $58.39 billion in 2025, the compound annual growth rate (CAGR) is expected to be 8.5%.
The historic period's growth is due to factors such as the rise of globalization, an increase in digital transformation efforts, escalating concerns about data privacy, a rise in the utilization of artificial intelligence, and a higher demand for outsourcing the onboarding of employees.
What Is The Expected Growth In The Human Resource HR Outsourcing And Consultancy Service Market Size Evolve over the Forecast Period?
The human resource hr outsourcing and consultancy service market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for robust expansion in the human resource (HR) outsourcing and consultancy service market in the coming years. The market is projected to soar to $80.21 billion by 2029, indicating a compound annual growth rate (CAGR) of 8.3%.
The predicted growth in the forecast period can be related to the surge in remote work, an increasing number of startups, greater use of recruitment analytics, and enhanced adoption of digital technologies. The ongoing trends for this period are likely to include technological advancements, the integration of AI, implementation of cloud-based HR management systems, the establishment of hybrid workforce models, and the incorporation of cybersecurity solutions.
What Main Forces Are Fueling Expansion In The Human Resource HR Outsourcing And Consultancy Service Market?
The growth of the human resource (HR) outsourcing and consulting services market is set to be driven by the rapidly increasing number of startups. The rise in startups can be attributed to technological advancements, improved funding accessibility, and the growing preference for innovative and flexible work settings. These startups rely heavily on HR outsourcing and consulting services to effectively manage HR operations, assure regulatory compliance, and concentrate on primary business activities while securing specialized knowledge and resources. For example, a report from RSM UK, a leading UK-based accounting and auditing firm, highlighted in February 2024 that new incorporations of technology companies in the UK saw a significant 22% rise in 2023, culminating in an all-time high of 51,017. This increase, from 41,972 a year earlier, emphasizes the robustness of the UK tech industry. As a result, the burgeoning number of startups powers the growth of the human resource (HR) outsourcing and consulting service market.
What Are The Primary Segments In The Global Human Resource HR Outsourcing And Consultancy Service Market?
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
Subsegments:
1) By Payroll Outsourcing: Full Payroll Processing Services, Payroll Tax Compliance Services, Payroll Reporting And Analytics
2) By Recruitment Process Outsourcing: End-To-End Recruitment Services, Talent Sourcing And Screening, Onboarding Services
3) By Benefits Administration Outsourcing: Employee Benefits Enrollment Services, Health And Wellness Program Management, Retirement Plan Administration
4) By Other Types: Training And Development Outsourcing, HR Compliance And Regulatory Services, Performance Management Services, Employee Relations And Engagement Services
Pre-Book The Human Resource HR Outsourcing And Consultancy Service Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Impacting The Size Of The Human Resource HR Outsourcing And Consultancy Service Market?
Key market players in the human resources (HR) outsourcing and consultancy sphere are enhancing their offerings with technologically sophisticated solutions, such as all-inclusive payroll services, designed to make employee compensation both accurate and punctual. These exhaustive payroll services cover all facets of payroll administration, from payroll processing and tax computations to regulatory compliance and benefits management, thereby ensuring timely and accurate payment to staff. An example of this is ADI Langue, an IT outsourcing and recruitment firm based in Singapore, which unveiled its payroll outsourcing services in March 2024. These services are renowned for their personalized solutions that can adapt to diverse business demands, scalability to facilitate organizational expansion, and utilization of advanced technology for precise and efficient payroll handling. A key focus is placed on maintaining compliance and safeguarding data, ensuring regulations are followed and sensitive data is protected. Clients also get to enjoy dedicated assistance from a professional team eager to answer questions and improve the overall payroll management experience.
Who Are the Key Players In The Human Resource HR Outsourcing And Consultancy Service Market?
Major companies operating in the human resource (HR) outsourcing and consultancy service market are:
• 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
What Is The Most Dominant 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 2024. 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.
