Recruitment Process Outsourcing Market Statistics: 2031
The global recruitment process outsourcing market was valued at $4.8 billion in 2021, and is projected to reach $26.4 billion by 2031, growing at a CAGR of 19.1% from 2022 to 2031. An RPO strategy is tuned to flex when firms experience peaks and troughs in staffing. If a firm is expanding or launching a new department, it requires more personnel, however if it is reducing or implementing a hiring freeze. RPO providers have systems in place to respond to any circumstance. They may scale their recruitment crew up and down as required. At the end of the day, the client pays for what they get, which is properly filled vacancies. RPO suppliers are adaptable and can fit any circumstance.
The lack of appropriately skilled workers necessary to fill critical firm roles is a key issue that is being faced by the worldwide employment market today. Without the assistance of an RPO provider, sourcing of the much-needed personnel, to accomplish company goals and objectives, may become a nightmare. Although the written agreement between the parties should outline all of the conditions of the outsourcing, including duties for data protection and confidential information risk, it is sometimes simpler to implement the provisions of an employment contract than the terms of a consultancy agreement, which are expected to hinder the recruitment process outsourcing market's growth.
Small and medium-sized businesses are turning to RPO services to transition from traditional HR tasks to strategic decision-making processes. RPO is getting more popular as firms place a larger emphasis on talent acquisition and workforce planning to address human resource concerns. Large companies, on the other hand, want a single solution to manage all of their HR demands. Such powerful RPO services have already been offered in the industry by major market competitors. To achieve a competitive advantage in the market, RPO suppliers are working on developing specialized and diversified service offerings. Companies may avoid the high expenses associated with traditional recruiting tactics such as advertising, job boards, and headhunters by outsourcing the recruitment process.
The key players profiled in recruitment process outsourcing industry report include Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global Inc., IBM Corporation, Randstad Holdings NV, ADP LLC, Advantage Resourcing America Inc., Orion Talent, Kelly Outsourcing and Consulting Group, and Cielo Inc.
The RPO Market is segmented on the basis of type, end user, and region. By type, the market is fragmented into Permanent Staffing, Flexible Staffing, and others. By end user, the market is classified into BFSI, IT & telecom, ITES & BPO, healthcare, manufacturing, retail & e-commerce, and others . By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The RPO Market is segmented into Type and End-user.
By type, the flexible staffing segment dominated the recruitment process outsourcing market in 2021. Flexible staffing is a type of work that comprises temporary, contract, and on-call positions. One consequence of flexible hiring is that it results in lower average compensation and fewer employee benefits. Flexible staffing, on the other hand, gives workplace flexibility while also lowering firm personnel expenditures. Employees with school and family commitments benefit from flexible work options. Workers who are willing to give up permanent full-time positions to spend more time with their families and participate in non-work activities benefit from flexible staffing. These are expected to be the major factors affecting the recruitment process outsourcing market size during the forecast period.
By end user, the IT and telecom segment dominated the global recruitment process outsourcing market share in 2021. The growth of this segment can be attributed to the use of recruitment process outsourcing for international telecommunications corporations. IT and telecom are essential components of today's corporate environment. Companies all across the world have used technological advancements to transform their day-to-day operations. Efficient telephony has tremendously aided businesses in making better use of their time. Time has always been an important factor in the success of any company. The IT and telecom sectors are bound to create a scope of growth for the segment during the forecast period.
By region, Asia-Pacific dominated the global recruitment process outsourcing industry in 2021 and is projected to remain the fastest-growing segment during the forecast period. The statistics for Asia Pacific (APAC) are astounding. The area is home to more than 60% of the world's population and three of the world's ten largest economies, two of which (India and China) are the world's fastest-growing significant economies. As APAC has expanded, so has the demand for personnel, and as a result, workforce management systems have evolved. It may be difficult to successfully roll out a labor management solution across borders, especially in APAC, where the legal climate and cultural subtleties around recruiting and employment differ greatly from country to country.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the recruitment process outsourcing market forecast, segments, current trends, estimations, and dynamics of the recruitment process outsourcing market analysis from 2021 to 2031 to identify the prevailing recruitment process outsourcing market opportunities.
- The market research is offered along with information related to recruitment process outsourcing market growth key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the recruitment process outsourcing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global recruitment process outsourcing market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global recruitment process outsourcing market trends, key players, market segments, application areas, and market growth strategies.
Recruitment Process Outsourcing Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 26.4 billion |
 Growth Rate | CAGR of 19.1% |
 Forecast period | 2021 - 2031 |
 Report Pages | 260 |
 By Type |
|
 By End-user |
|
 By Region |
|
 Key Market Players | ManpowerGroup, ADP, Inc., alexander mann solutions, ibm corporation, sevensteps uk, Randstad N.V., pontoon solutions, Cielo, Inc., Korn Ferry, wilsonhcg |
Analyst Review
An RPO provider's primary goal in a competitive market is to employ the best talent. RPO firms are recognized for sourcing and screening the appropriate applicant based on years of experience and competence in recruiting for organizations of all sizes and sectors. To get the greatest outcomes, they perform a thorough recruitment procedure. Furthermore, they provide a talent pool for quickly replacing a vacant job in a corporation. Businesses may have to turn to the passive talent pool due to corporate competitiveness. RPO suppliers have a large database of people from all around the world who are suitable for various tasks.
However, RPO service providers must implement certain fundamental regulations regarding employee information security throughout the firm. In the U. S., for example, the Health Insurance Portability and Accountability Act (HIPAA) compels businesses to protect their clients' information from being abused. Similarly, the General Data Protection Regulation (GDPR), which applies to enterprises in the European Union, requires companies to protect data processed through any system or software. RPO is growing popular as firms place a greater emphasis on talent acquisition and workforce planning to manage human resource challenges. Large corporations, on the other hand, desire a single solution to handle all of their HR needs. Major market players have previously provided such powerful RPO services. RPO providers are attempting to provide specialized, diverse, and specialized service offerings in order to get a competitive advantage in the market. The RPOs construct talent pools to guarantee that whenever a new role becomes available, a ready-made pipeline of talent is available to join a client's organization, which is anticipated to provide remunerative opportunities for key players to maintain the pace of the recruitment process outsourcing market in the upcoming years.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market by the end of 2031, followed by Europe, North America, and LAMEA. Rapid industrialization and urbanization are the key factors responsible for leading position of Asia-Pacific and North America in the global recruitment process outsourcing market.
With diverse applications of recruitment process outsourcing market to provide more innovative talent sourcing, recruitment process outsourcing (RPO) companies are focused on technology adoption and social media integration. The most successful RPO organizations have already embraced big data, cloud, SaaS, and mobile technology. The implementation of ATS, computerized CV screening for keywords, and self-scheduling interviews are viewed as crucial element for improving applicant quality while controlling costs is estimated to generate excellent opportunities in the recruitment process outsourcing market.
Growth in recruitment process outsourcing in the production of technology adoption is anticipated to boost the recruitment process outsourcing market in the upcoming years.
The use of recruitment process outsourcing in IT and telecom is a key component of today's corporate environment. Companies all over the world have used technology improvements to change their day-to-day processes, which is expected to boost the adoption of recruitment process outsourcing.
IT and telecom segment of the end user acquired the maximum share of the global recruitment process outsourcing market in 2021.
Asia-Pacific is expected to provide more business opportunities for the global recruitment process outsourcing market in future.
Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global Inc., IBM Corporation, Randstad Holdings NV, ADP LLC, Advantage Resourcing America Inc., Orion Talent, Kelly Outsourcing and Consulting Group, and Cielo Inc are the leading market players active in the recruitment process outsourcing market.
The major growth strategies adopted by recruitment process outsourcing market players are investment and agreement.
Healthcare and IT & telecom are the major the major customers in the global recruitment process outsourcing market.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global recruitment process outsourcing market from 2021 to 2031 to determine the prevailing opportunities.
Loading Table Of Content...
