Market Overview:
The global human resource outsourcing market is expected to grow from USD XX million in 2018 to USD XX million by 2030, at a CAGR of X.X%. The growth of the market can be attributed to the increasing demand for human resource outsourcing services due to the benefits offered by them such as cost savings, improved efficiency, and reduced administrative burden. The global human resource outsourcing market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into payroll outsourcing, benefits administration outsourcing, multiprocess HR Outsourcing (MPHRO), recruitment process outsourcing (RPO), and learning services Outsourcing (LSO). The payroll Outsourcing segment is expected to account for the largest share of the global HR Outsourcing market in 2018. On the basis of application, BFSI sector accounted for majority share in 2017 and it is projected that this trend would continue during forecast period as well. However; healthcare sector would witness highest CAGR during forecast period owing growing awareness about health insurance policies across globe coupled with rising expenditure on healthcare sector by governments worldwide.
Product Definition:
Human resource outsourcing is the process of hiring a third party to manage specific human resources functions on behalf of a company. This can include areas such as payroll, benefits administration, and recruitment. The importance of human resource outsourcing lies in the fact that it can help companies to save time and money while also freeing up resources to focus on other aspects of their business.
Payroll Outsourcing:
Payroll outsourcing is a cost-effective method of recruiting, deploying and managing a workforce. It involves the contracting of services from an independent third party for all HR operations such as payroll & benefits administration, recruitment & relocation, training & development and labor scheduling among others. The primary objective of any organization is to reduce its operational costs while increasing its profitability.
Benefits Administration Outsourcing:
Benefits administration outsourcing is the practice of hiring a third party to administer employee benefits such as healthcare, disability insurance, life insurance, and dental plans. The primary motivation for BEO is cost-effectiveness; however, it also offers some advantages such as expertise in handling complex regulations and laws specific to each industry. Benefits administration outsourcing also helps companies avoid high costs associated with human resource management which include training & development of employees and maintaining an office environment that fosters creativity & innovation.
Application Insights:
The application segment has been further categorized into Banking, Financial Services and Insurance (BFSI), IT, telecom & media, healthcare, hospitality & tourism and retail. The BFSI sector dominated the market in 2017 with a revenue share of over 25%. This is attributed to the high dependence of various industries on human capital for their operations. For instance; without adequate skilled manpower no business can run successfully. As such learning about new technologies as well as developing existing ones is important for every organization irrespective of its size or industry type. Thus outsourcing HR functions helps organizations to focus on their core competencies while taking advantage of economies of scale associated with it.
The healthcare segment is expected to witness significant growth over the forecast period owing to factors such as an increase in demand for highly skilled labor along with technological advancements that are driving adoption across various segments including medical devices manufacturing.
Regional Analysis:
The market for human resource outsourcing in the Asia Pacific region is expected to grow at a lucrative rate over the forecast period. The growth can be attributed to various factors such as increasing number of companies opting for offshore services, rising need for cost-cutting and efficiency improvement in HR operations, and government initiatives encouraging FDI in the region.
The Middle East & Africa (MEA) is anticipated to emerge as one of the fastest-growing regions over the forecast period owing to several macroeconomic factors including high youth population with potential availability for long term employment contracts along with growing government efforts towards improving public sector workforce management capabilities are some other major factors driving regional growth.
Growth Factors:
- Increased focus on efficiency and cost-effectiveness by organizations, which is leading to the adoption of HR outsourcing services.
- Rapid globalization and the need for companies to operate in multiple countries has led to the increased demand for HR outsourcing services that can provide localized solutions.
- The proliferation of social media and mobile technologies has resulted in employees using their personal devices for work-related activities, which is driving the demand for HR outsourcing services that offer mobile capabilities.
- The aging workforce and increasing retirement rates are resulting in a shortage of qualified workers, which is prompting organizations to outsource their recruitment processes to specialized agencies.
Scope Of The Report
Report Attributes
Report Details
Report Title
Human Resource Outsourcing Market Research Report
By Type
Payroll Outsourcing, Benefits Administration Outsourcing, Multiprocess Human Resource Outsourcing, Recruitment Process Outsourcing, Learning Services Outsourcing
By Application
BFSI, Healthcare, IT, Hospitality, Retail, Other
By Companies
Accenture, ADP, IBM, Infosys, Randstad
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
179
Number of Tables & Figures
126
Customization Available
Yes, the report can be customized as per your need.
Global Human Resource Outsourcing Market Report Segments:
The global Human Resource Outsourcing market is segmented on the basis of:
Types
Payroll Outsourcing, Benefits Administration Outsourcing, Multiprocess Human Resource Outsourcing, Recruitment Process Outsourcing, Learning Services Outsourcing
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
BFSI, Healthcare, IT, Hospitality, Retail, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Accenture
- ADP
- IBM
- Infosys
- Randstad
Highlights of The Human Resource Outsourcing Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Payroll Outsourcing
- Benefits Administration Outsourcing
- Multiprocess Human Resource Outsourcing
- Recruitment Process Outsourcing
- Learning Services Outsourcing
- By Application:
- BFSI
- Healthcare
- IT
- Hospitality
- Retail
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Human Resource Outsourcing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Human resource outsourcing (HRO) is the process of contracting out the management and staffing of an organization's human resources functions. This can include everything from recruitment to employee benefits administration to performance management. HRO can be a cost-effective way for organizations to manage their human resources, as well as augment or replace in-house HR staff with specialized expertise.
Some of the key players operating in the human resource outsourcing market are Accenture, ADP, IBM, Infosys, Randstad.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Human Resource Outsourcing Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Human Resource Outsourcing Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Human Resource Outsourcing Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Human Resource Outsourcing Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Human Resource Outsourcing Market Size & Forecast, 2018-2028
4.5.1 Human Resource Outsourcing Market Size and Y-o-Y Growth
4.5.2 Human Resource Outsourcing Market Absolute $ Opportunity
Chapter 5 Global Human Resource Outsourcing Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Human Resource Outsourcing Market Size Forecast by Type
5.2.1 Payroll Outsourcing
5.2.2 Benefits Administration Outsourcing
5.2.3 Multiprocess Human Resource Outsourcing
5.2.4 Recruitment Process Outsourcing
5.2.5 Learning Services Outsourcing
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Human Resource Outsourcing Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Human Resource Outsourcing Market Size Forecast by Applications
6.2.1 BFSI
6.2.2 Healthcare
6.2.3 IT
6.2.4 Hospitality
6.2.5 Retail
6.2.6 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Human Resource Outsourcing Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Human Resource Outsourcing Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Human Resource Outsourcing Analysis and Forecast
9.1 Introduction
9.2 North America Human Resource Outsourcing Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Human Resource Outsourcing Market Size Forecast by Type
9.6.1 Payroll Outsourcing
9.6.2 Benefits Administration Outsourcing
9.6.3 Multiprocess Human Resource Outsourcing
9.6.4 Recruitment Process Outsourcing
9.6.5 Learning Services Outsourcing
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Human Resource Outsourcing Market Size Forecast by Applications
9.10.1 BFSI
9.10.2 Healthcare
9.10.3 IT
9.10.4 Hospitality
9.10.5 Retail
9.10.6 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Human Resource Outsourcing Analysis and Forecast
10.1 Introduction
10.2 Europe Human Resource Outsourcing Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Human Resource Outsourcing Market Size Forecast by Type
10.6.1 Payroll Outsourcing
10.6.2 Benefits Administration Outsourcing
10.6.3 Multiprocess Human Resource Outsourcing
10.6.4 Recruitment Process Outsourcing
10.6.5 Learning Services Outsourcing
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Human Resource Outsourcing Market Size Forecast by Applications
10.10.1 BFSI
10.10.2 Healthcare
10.10.3 IT
10.10.4 Hospitality
10.10.5 Retail
10.10.6 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Human Resource Outsourcing Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Human Resource Outsourcing Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Human Resource Outsourcing Market Size Forecast by Type
11.6.1 Payroll Outsourcing
11.6.2 Benefits Administration Outsourcing
11.6.3 Multiprocess Human Resource Outsourcing
11.6.4 Recruitment Process Outsourcing
11.6.5 Learning Services Outsourcing
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Human Resource Outsourcing Market Size Forecast by Applications
11.10.1 BFSI
11.10.2 Healthcare
11.10.3 IT
11.10.4 Hospitality
11.10.5 Retail
11.10.6 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Human Resource Outsourcing Analysis and Forecast
12.1 Introduction
12.2 Latin America Human Resource Outsourcing Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Human Resource Outsourcing Market Size Forecast by Type
12.6.1 Payroll Outsourcing
12.6.2 Benefits Administration Outsourcing
12.6.3 Multiprocess Human Resource Outsourcing
12.6.4 Recruitment Process Outsourcing
12.6.5 Learning Services Outsourcing
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Human Resource Outsourcing Market Size Forecast by Applications
12.10.1 BFSI
12.10.2 Healthcare
12.10.3 IT
12.10.4 Hospitality
12.10.5 Retail
12.10.6 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Human Resource Outsourcing Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Human Resource Outsourcing Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Human Resource Outsourcing Market Size Forecast by Type
13.6.1 Payroll Outsourcing
13.6.2 Benefits Administration Outsourcing
13.6.3 Multiprocess Human Resource Outsourcing
13.6.4 Recruitment Process Outsourcing
13.6.5 Learning Services Outsourcing
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Human Resource Outsourcing Market Size Forecast by Applications
13.10.1 BFSI
13.10.2 Healthcare
13.10.3 IT
13.10.4 Hospitality
13.10.5 Retail
13.10.6 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Human Resource Outsourcing Market: Competitive Dashboard
14.2 Global Human Resource Outsourcing Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Accenture
14.3.2 ADP
14.3.3 IBM
14.3.4 Infosys
14.3.5 Randstad
