Global HR Advisory Services Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
27 Nov, 2020
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The global HR advisory services market is expected to increase from $85.85 billion in 2019 to $86.82 billion in 2020 at a compound annual growth rate (CAGR) of 1.12%. The slow growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $106.75 billion in 2023 at a CAGR of 7.13%. The use of data-driven tools and analytics for employee engagement is a major driver contributing to the growth of the HR advisory services market.
The HR advisory market consists of the sales of HR advisory services by entities (organizations, sole traders and partnerships) that provide advice on human capital matters and/or offerings revolving around the HR function. HR advisory services are generally used by two types of clients – those aiming to improve their HR function by redesigning HR processes and those undergoing transformations such as mergers and acquisitions to ensure the new human capital is trained. Only goods and services traded between entities or sold to end consumers are included.
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The Global HR Advisory Services Market is further segmented based on type, service, end-use and geography.
By Type: Compensation Consulting, Benefits Consulting, Human Resources Management Consulting, Actuarial Consulting, Strategic Consulting, Other.
By Service: Integration & Deployment, Support & Maintenance, Training & Consulting.
By End-Use: IT Services, Manufacturing, Financial Services, Mining And Oil & Gas, Construction, Others.
By Geography: The global HR advisory services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the North American HR advisory services was the largest region in the global HR advisory services market 2019.
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Trends In The HR Advisory Services Market
Organizations across the globe are focusing on creating a digital workplace using cloud services and AI, which is gaining significant popularity in the HR advisory market. The digital workplace is a modern concept using digital transformation to align technology to achieve organizational goals with operational efficiency. Cloud services and AI are important parts of the digital workplace helping in removing geographic barriers for improved collaboration, increased productivity and employee engagement, improved decision making, and also in optimizing costs.
HR Advisory Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides HR advisory services market overviews, analyzes and forecasts market size and growth for the global HR advisory services market, HR advisory services market share, HR advisory services market players, HR advisory services market segments and geographies, HR advisory services market’s leading competitors’ revenues, profiles and market shares. The HR advisory services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.