NEW YORK, May 19, 2023 /PRNewswire/ — The global recruitment process outsourcing market is expected to grow primarily due to the rising attrition rate across many industries. IT and telecom sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
Global Recruitment Process Outsourcing Market Forecast Analysis:
As per the report published by Research Dive, the global recruitment process outsourcing market is expected to register a revenue of $26,392.3 million by 2031, growing at a CAGR of 19.1% during the forecast period 2022-2031.
Segments of the Recruitment Process Outsourcing Market
The report has divided the recruitment process outsourcing market into the following segments:
- Type: permanent staffing, flexible staffing, and others
- Flexible Staffing – Most profitable in 2021
Flexible staffing helps to fill vacant positions by recruiting part-time, temporary or independent workers, which is expected to propel the sub-segment forward.
- Flexible Staffing – Most profitable in 2021
- End user: BFSI, IT and telecom, ITES and BPO, healthcare, manufacturing, retail and e-commerce, and others
- IT and Telecom – Most lucrative in 2021
IT and telecom are critical components of today’s corporate environment. Companies all across the world have taken advantage of technological breakthroughs to transform their day-to-day operations, which is anticipated to push the sub-segment forward.
- IT and Telecom – Most lucrative in 2021
- Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Significant market share in 2021
The rising number of new contracts signed in this region is predicted to propel the market in the forecast period.
- Asia-Pacific – Significant market share in 2021
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Dynamics of the Global Recruitment Process Outsourcing Market
The increasing use of web-based and cloud-based software and services, which helps streamline ROP, is expected to make the recruitment process outsourcing market a highly profitable one in the forecast period. Additionally, the usage of recruitment process outsourcing to improve scalability is predicted to propel the market forward. However, an increasing communication gap concerning the recruitment process outsourcing might become a restraint in the growth of the market.
The rising demand to lower overhead expenses and have a successful recruitment procedure is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increasing focus placed by organizations on lowering recruitment costs and key competencies is expected to propel the recruitment process outsourcing market forward in the coming period.
COVID-19 Impact on the Global Recruitment Process Outsourcing Market
Unavoidable COVID-19 consequences for businesses had an adverse impact on the economy as well as the ability of firms and organizations to endure difficult times. However, during the pandemic period, organizations were hiring employees by following COVID-19 norms, and their employees were working remotely. Hence, organizations started adopting recruitment process outsourcing solutions increasingly. These factors are projected to fuel the market growth amidst the pandemic.
Key Players of the Global Recruitment Process Outsourcing Market
The major players of the market include
- ManpowerGroup Solutions
- Alexander Mann Solutions
- Hudson Global Inc
- Randstad Holdings NV
- IBM Corporation
- ADP LLC
- Orion Talent
- Kelly Outsourcing and Consulting Group
- Advantage Resourcing America Inc
- Cielo Inc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in December 2021, KellyOCG®, a leading global supplier of workforce strategy, operations, and solutions with knowledge of the entire talent supply chain, launched two new RPO solutions, KellyOCG GO and KellyOCG Boost RPO, that support both high- and low-volume hiring and link companies of all sizes to top talent more quickly and affordably.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
