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Global HR and Recruitment Services Market Analysis by Type, Deployment, Enterprise Size, End-User, Region and segments forecast till 2033
Market Overview
The global HR and Recruitment Services Market is presently valued at 5,090 million in 2022 and is poised to amplify with a CAGR of 12.4%, thereby amassing a valuation of USD 13,250 million over the forecast duration.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 5,090 million |
Market Forecast in 2033 | USD 13,250 million |
CAGR % 2023-2033 | 12.4% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | ADP, Inc.; Oracle Corporation; SAP SE; Ultimate Software; Workday, Inc.; IBM Corporation; Kronos, Inc.; Skill soft; and Cornerstone On Demand, Inc.; Others |
Global HR and Recruitment Services Market- Description
The process of identifying, attracting, interviewing, choosing, recruiting, and onboarding personnel is referred to as recruitment. In other words, it covers everything from identifying a staffing requirement to filling it. Recruitment is the job of a variety of individuals, depending on the size of a business. Recruiting is the act of identifying and encouraging potential job applicants to apply for an open position, whereas staffing is the process of hiring the best-qualified individuals for a job. Economic volatility is a reality in the present times and businesses must be more adaptable to market shifts.
These services include selecting and placing permanent and temporary staff, employee leasing, listing employment vacancies, and outsourcing the management of personnel-related administrative functions, such as payroll and employee benefits administration. The Indian staffing industry would be the largest in the world in the coming years. The market is predicted to grow as data analytics, machine learning, the Internet of Things (IoT), and Artificial Intelligence (AI) becomes more widely adopted. For better organizational performance, various HRM providers are formulating novel solutions that blend the latest technologies into HR systems. Solution suppliers are working on software and solutions that can be easily incorporated into mobile apps, authorizing businesses and employees to access data from their own devices.
These capabilities improvise openness across departments in organizations and offer the capability to access data at any time and from any location throughout the globe.The incorporation of predictive analytics into HR operations, coupled with advancements in IT, is projected to augment growth. With the advancement of varied human resource management (HRM) solutions, professionals may now do traditional HR tasks in less time, allowing them to be inclined more on attracting the best candidates. It includes assisting in the retention of human capital, aligning organizational strategy with individual objectives, and managing human resources in a way that promotes organizational growth.
Key Trends of the Global HR and Recruitment Services Market:
Increased Demand for Flexibility in Accessing the Data
There have been notable advancements in big data analytics and Artificial Intelligence (AI) over the last decade. These technologies are being disposed of by organizations for managing large volumes of human resource data and for attracting significant insights into the overall performance of an organization. Predictive analytics helps organizations in better decision-making and maximizing their capital by retaining human resources. Increasing demand for flexibility in accessing data pertaining to leaves, attendance, work schedule, and training modules is expected to thrust the market growth. These services offer better communication, professional assistance, online access to personal data, and evaluation of employee performance.
Talent Acquisition Teams
Talent acquisition teams are in charge of forming and communicating company branding to potential applicants. Candidates should have a good awareness of your companys culture, reputation, significant differentiators from competitors, and products and services through branding. From the initial application to the final job offer, the recruitment team must manage the applicants life cycle. In this case, effective teamwork, clear communication, and alignment of goals with the hiring manager are critical. Recruiters are increasingly embracing marketing methods to boost candidate engagement and differentiate their employer brand on the job market.
Segmental Analysis of the Global HR and Recruitment Services Management Market:
Based On Type:
Core HR
Employee Collaboration and Engagement
Recruiting
Talent Management
Workforce Planning and Analytics
Others
The core HR segment is expected to account for the dominant share in the overall market revenue during the forecast period. This is primarily due to the growing need for organizations to automate their business processes related to human resource functions.
Based On Deployment:
Hosted
On-premise
On-premise deployment is expected to remain the most widely adopted method of deploying HR professional services. This deployment method allows large-scale customization of products and services while increasing flexibility. Furthermore, it helps in improving cost-efficiency in terms of the total cost of ownership and setting up a control center in an organization for coordinating and managing various tasks of human resource management (HRM).
Based On Enterprise Size:
Large Enterprises
Small Enterprises and Medium Enterprises
Small and medium enterprises (SMEs) are anticipated to emerge as the fastest-growing segment with a CAGR of 14.0% over the forecast period. The number of SMEs operating in developing economies such as China, India, and Japan is increasing at a rapid pace, and are increasingly implementing robust solutions to optimize their business capabilities.
Based On End-User:
Academia
BFSI
Government
Healthcare
IT and Telecommunication
Manufacturing
Retail
Others
The IT and telecom segment held the largest market share in the market. An increase in the efficiency of HRM capabilities of organizations can be attributed to the growth of the IT and telecom industry and the integration of big data and machine learning into HR professional services. This is expected to further propel the segment over the forecast period.
Global HR and Recruitment Services Management Market: Geographical Analysis
The HR and Recruitment Services Management Market is further segmented into five major countries. North America, Europe, Asia-Pacific, MEA, and Latin America.
North America dominated the global market in terms of revenue. The growth of the region can be due to the concentration of multiple providers of HR professional services and solutions. Increasing complexities of business operations due to the increasing workforce are encouraging companies to automate basic human resource operations, thereby, increasing demand for these services in the region.
Global HR and Recruitment Services Market: Recent Developments
In August 2018, ADP acquired Celergo, a prominent provider of payroll management solutions. This strategic acquisition was aimed at enhancing ADPs international payroll offerings.
Global HR and Recruitment Services Market: Key Companies
ADP, Inc.
Oracle Corporation
SAP SE
Ultimate Software
Workday, Inc.
IBM Corporation
Kronos, Inc.
Skill soft
Cornerstone On Demand, Inc.
Others
Global HR and Recruitment Services Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
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