The global Recruitment Process Outsourcing market size is expected to be worth around US$ 20.7 billion by 2028, according to a new report by Vision Research Reports.
The global Recruitment Process Outsourcing market size was valued at US$ 5.45 billion in 2020 and is anticipated to grow at a CAGR of 18.4% during forecast period 2021 to 2028.
Growth Factors
The rising demand for streamlined recruitment processes and new hiring methodologies have augmented the growth prospects of the Recruitment Process Outsourcing (RPO) market. The emergence of the digital recruitment strategy is expected to provide a new horizon to hiring processes in terms of creating requirements that stand out, improved career site interference, and an efficient user interface.
In the coming decades, technology is expected to play a vital role in enhancing the recruitment process. HR automation is paving the way for a new age of recruitment by innovating hiring solutions across organizations. Many organizations are already using (AI) for sourcing and screening candidates. The use of such advancements reduces human errors, manual workload, and smoothens the overall HR process. Moreover, the use of data-driven tools, mobile application platforms, and social media recruitment marketing simplifies the hiring process.
With the evolving relationship between Recruitment Process Outsourcing (RPO) providers and organizations, the complete talent solution is likely to become the main focus of the organization. RPO is not just limited to hiring people but also includes the management of people, processes, technology, and the talent acquisition strategy. RPO offers exceptional communication experience to the candidate by providing consistent, transparent, and honest feedback that can help the organization's reputation sterling. It also helps in amplifying the employer brand of the organization.
Report Highlights
The on-demand segment captured a revenue share of over 25.01% in 2019. SMEs are recognizing the benefits offered by RPO providers and are duly adopting the services for their recruitment needs. Owing to budget constraints, SMEs often prefer cost-effective recruitment models. On-demand RPO serves this purpose by providing flexible, scalable, and low-cost services on an as-needed basis. Using this model, the organization can scale up or scale down its recruiting capabilities, based on business demand. As a result, the on-demand segment is gaining traction and is likely to exhibit strong growth over the forecast period.
The on-site RPO service segment is expected to witness a strong CAGR of 20.2% over the forecast period. On-site service is the extension of the company’s existing HR department. A recruitment service provider works with the company’s HR team to deliver a holistic hiring solution. Several end-use industries are widely adopting on-site services as it builds effective relationships among the recruiter and RPO firm, simplifies the hiring process by providing a single point of contact, and improves efficiency and effectiveness of the services. The on-site service model offers transparency to the client regarding recruitment fees and the number of agencies involved.
SMEs often have a dedicated HR team performing recruitment tasks and other jobs such as payroll, training, and managing employee relations. These firms have comparatively less budget and quick turnaround time for recruiting candidates. However, SMEs face challenges in managing continuous fluctuations in the hiring process. SMEs are focusing on reducing the total recruiting cost and simplifying the recruitment experience for potential candidates, which has resulted in the increased adoption of RPO among SMEs.
The BFSI sector captured the dominant revenue share of over 27.01% in 2019. The financial sector is evolving rapidly owing to digital disruptions, changing operating models, and new firms entering the market. Owing to the challenges associated with hiring and developing people with the required skills and knowledge base, financial institutes prioritize recruitment process outsourcing for recruiting top talent. The sector comprises insurance companies, commercial banks, co-operatives, asset management firms, venture capitalists, and other small financial bodies. The growth of these entities translates into substantial economic activities, leading to direct or indirect job creation.
North America captured the largest market share of over 42.01% in 2019. The U.S. dominated the regional market for the same year and is expected to retain its dominance over the forecast period. The U.S. economy is returning to normalcy, characterized by increasing employment rate and demand for higher education credentials and upskilling across new fields. Moreover, the healthcare and manufacturing sectors are generating new employment opportunities across the country, with healthcare as one of the fastest-growing sectors. Several government initiatives and favorable conditions have helped pull the U.S. manufacturing sector back on track, resulting in new jobs. According to the U.S. Bureau of Labor Statistics (BLS), employment in the U.S. is projected to grow by 8.4 million jobs to 169.4 million jobs from 2018 to 2028.
Key Players
ADP, Inc.
Alexander Mann Solutions
Cielo, Inc.
Hudson Global Inc.
IBM Corporation
ManpowerGroup
Korn Ferry
PeopleScout (TrueBlue Company)
Pontoon Solutions
Randstad N.V.
Sevenstep
WilsonHCG
Market Segmentation
Type Outlook
On-demand RPO
Function-based RPO
Enterprise RPO
Service Outlook
On-site
Off-site
Enterprise Size Outlook
Small & Medium Enterprises (SMEs)
Large Enterprises
End-use Outlook
BFSI
Healthcare
Manufacturing
IT & Telecom
Education
Others
Regional Outlook
North America
The U.S.
Canada
Mexico
Europe
Germany
The U.K.
France
Asia Pacific
China
Japan
India
South America
Brazil
The Middle East & Africa
The Recruitment Process Outsourcing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Recruitment Process Outsourcing market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Recruitment Process Outsourcing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Recruitment Process Outsourcing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Recruitment Process Outsourcing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Recruitment Process Outsourcing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Recruitment Process Outsourcing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Recruitment Process Outsourcing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Recruitment Process Outsourcing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Recruitment Process Outsourcing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Recruitment Process Outsourcing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Recruitment Process Outsourcing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Recruitment Process Outsourcing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Recruitment Process Outsourcing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Recruitment Process Outsourcing market. These factors have benefited the growth of the global market for Recruitment Process Outsourcing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Recruitment Process Outsourcing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Recruitment Process Outsourcing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers