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 company’s 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 applicant’s 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 ADP’s 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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1.
Global HR And Recruitment Services Market
Introduction and Market Overview
1.1. Objectives
of the Study
1.2. HR And Recruitment Services Market Definition & Description
1.3. Global
HR And Recruitment Services Market Scope and Market Estimation
1.3.1. Global
HR And Recruitment Services Market Size, Revenue (US$ Mn), Market CAGR (%),
Market forecast (2023-2033)
1.3.2. Global
HR And Recruitment Services Market Revenue Share (%) and Growth Rate (Y-o-Y)
from 2019-2033
1.4. Market
Segmentation
1.4.1. Type
of Global HR And Recruitment Services Market
1.4.2. Deployment
of Global HR And Recruitment Services Market
1.4.3. Enterprise
Size HR And Recruitment Services Market
1.4.4. End
User HR And Recruitment Services Market
1.4.5. Region
of Global HR And Recruitment Services Market
2.
Executive
Summary
2.1. Global
HR And Recruitment Services Market
Industry Trends under COVID-19 Outbreak
2.1.1. Global
COVID-19 Status Overview
2.1.2. Influence
of COVID-19 Outbreak on Global HR And
Recruitment Services Market Industry Development
2.2. Market
Dynamics
2.2.1. Drivers
2.2.2. Limitations
2.2.3. Opportunities
2.2.4. Impact
Analysis of Drivers and Restraints
2.3. Pricing
Trends Analysis & Average Selling Prices (ASPs)
2.4. Key
Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
2.5. Porter’s
Five Forces Analysis
2.5.1. Bargaining
Power of Suppliers
2.5.2. Bargaining
Power of Buyers
2.5.3. Threat
of Substitutes
2.5.4. Threat
of New Entrants
2.5.5. Competitive
Rivalry
2.6. Value
Chain / Ecosystem Analysis
2.7. PEST
Analysis
2.8. Russia-Ukraine
War Impacts Analysis
2.9. Economic
Downturn Analysis
2.10. Market
Investment Opportunity Analysis (Top Investment Pockets), By Segments & By
Region
3.
Global
HR And Recruitment Services Market Estimates & Historical Trend Analysis
(2020 - 2022)
4.
Global
HR And Recruitment Services Market Estimates & Forecast Trend Analysis, By Type
4.1. Global
HR And Recruitment Services Market Revenue (US$ Mn) Estimates and Forecasts, By
Type, 2023 to 2033
4.1.1. Core
HR
4.1.2. Employee
Collaboration and Engagement
4.1.3. Recruiting
4.1.4. Talent
Management
4.1.5. Workforce
Planning and Analytics
4.1.6. Others
5.
Global
HR And Recruitment Services Market Estimates & Forecast Trend Analysis, By Deployment
5.1. Global
HR And Recruitment Services Market Revenue (US$ Mn) Estimates and Forecasts, By
Deployment, 2023 to 2033
5.1.1. Hosted
5.1.2. On-premise
6.
Global
HR And Recruitment Services Market Estimates & Forecast Trend Analysis, By Enterprise Size
6.1. Global
HR And Recruitment Services Market Revenue (US$ Mn) Estimates and Forecasts, By
Enterprise Size, 2023 to 2033
6.1.1. Large
Enterprises
6.1.2. Small
Enterprises and Medium Enterprises
7.
Global
HR And Recruitment Services Market Estimates & Forecast Trend Analysis, By End User
7.1. Global
HR And Recruitment Services Market Revenue (US$ Mn) Estimates and Forecasts, By
End User, 2023 to 2033
7.1.1. Academia
7.1.2. BFSI
7.1.3. Government
7.1.4. Healthcare
7.1.5. IT and
Telecommunication
7.1.6. Manufacturing
7.1.7. Retail
7.1.8. Others
8.
Global
HR And Recruitment Services Market Estimates & Forecast Trend Analysis, by Region
8.1. Global
HR And Recruitment Services Market Revenue (US$ Mn) Estimates and Forecasts, by
Region, 2023 to 2033
8.1.1. North
America
8.1.2. Europe
8.1.3. Asia
Pacific
8.1.4. Middle
East & Africa
8.1.5. South
America
9.
North America HR
And Recruitment Services Market:
Estimates & Forecast Trend Analysis
9.1. North
America HR And Recruitment Services Market Assessments & Key Findings
9.1.1. North
America HR And Recruitment Services Market Introduction
9.1.2. North
America HR And Recruitment Services Market Size Estimates and Forecast (US$
Million) (2023 to 2033)
9.1.2.1. Based On Type
9.1.2.2. Based On Deployment
9.1.2.3. Based On Enterprise Size
9.1.2.4. Based On End-User
9.1.2.5. By
Country
9.1.2.5.1. The
U.S.
9.1.2.5.2. Canada
9.1.2.5.3. Mexico
10. Europe
HR
And Recruitment Services Market:
Estimates & Forecast Trend Analysis
10.1. Europe
HR And Recruitment Services Market Assessments & Key Findings
10.1.1. Europe
HR And Recruitment Services Market Introduction
10.1.2. Europe
HR And Recruitment Services Market Size Estimates and Forecast (US$ Million) (2023
to 2033)
10.1.2.1. Based On Type
10.1.2.2. Based On Deployment
10.1.2.3. Based On Enterprise Size
10.1.2.4. Based On End-User
10.1.2.5. By
Country
10.1.2.5.1.
Germany
10.1.2.5.2.
U.K.
10.1.2.5.3.
France
10.1.2.5.4.
Italy
10.1.2.5.5.
Spain
10.1.2.5.6.
Russia
10.1.2.5.7.
Rest of Europe
11. Asia
Pacific HR
And Recruitment Services Market:
Estimates & Forecast Trend Analysis
11.1. Asia
Pacific Market Assessments & Key Findings
11.1.1. Asia
Pacific HR And Recruitment Services Market Introduction
11.1.2. Asia
Pacific HR And Recruitment Services Market Size Estimates and Forecast (US$
Million) (2023 to 2033)
11.1.2.1. Based On Type
11.1.2.2. Based On Deployment
11.1.2.3. Based On Enterprise Size
11.1.2.4. Based On End-User
11.1.2.5. By
Country
11.1.2.5.1.
China
11.1.2.5.2.
Japan
11.1.2.5.3.
India
11.1.2.5.4.
Australia
11.1.2.5.5.
South Korea
11.1.2.5.6.
ASEAN
11.1.2.5.7.
Rest of Asia Pacific
12. Middle
East & Africa HR And Recruitment Services Market: Estimates & Forecast Trend Analysis
12.1. Middle
East & Africa Market Assessments & Key Findings
12.1.1. Middle East & Africa HR And Recruitment Services Market
Introduction
12.1.2. Middle East & Africa HR And Recruitment Services Market Size Estimates
and Forecast (US$ Million) (2023 to 2033)
12.1.2.1. Based On Type
12.1.2.2. Based On Deployment
12.1.2.3. Based On Enterprise Size
12.1.2.4. Based On End-User
12.1.2.5. By
Country
12.1.2.5.1.
U.A.E.
12.1.2.5.2.
Saudi Arabia
12.1.2.5.3.
Egypt
12.1.2.5.4.
South Africa
12.1.2.5.5.
Rest of Middle East & Africa
13. South
America HR And Recruitment Services Market: Estimates & Forecast Trend Analysis
13.1. South
America Market Assessments & Key Findings
13.1.1. South
America HR And Recruitment Services Market Introduction
13.1.2. South America
HR And Recruitment Services Market Size Estimates and Forecast (US$ Million) (2023
to 2033)
13.1.2.1. Based On Type
13.1.2.2. Based On Deployment
13.1.2.3. Based On Enterprise Size
13.1.2.4. Based On End-User
13.1.2.5. By
Country
13.1.2.5.1.
Brazil
13.1.2.5.2.
Argentina
13.1.2.5.3.
Colombia
13.1.2.5.4.
Rest of South America
14. Competition
Landscape
14.1. Global
HR And Recruitment Services Market Competition Matrix & Benchmarking, by
Leading Players / Innovators / Emerging Players / New Entrants
14.2. Global
HR And Recruitment Services Market Concentration & Company Market Shares
(%) Analysis, 2022
15. Company
Profiles
15.1. ADP, Inc.
15.1.1. Company
Overview & Key Stats
15.1.2. Financial
Performance & KPIs
15.1.3. Product
Portfolio
15.1.4. Business
Strategy & Recent Developments
* Similar details would be provided for all the
players mentioned below
15.2. Oracle Corporation
15.3. SAP SE
15.4. Ultimate Software
15.5. Workday, Inc.
15.6. IBM Corporation
15.7. Kronos, Inc.
15.8. Skill soft
15.9. Cornerstone On Demand, Inc.
15.10. Others**
16. Research Methodology
16.1. External
Transportations / Databases
16.2. Internal
Proprietary Database
16.3. Primary
Research
16.4. Secondary
Research
16.5. Assumptions
16.6. Limitations
16.7. Report
FAQs
17. Research Findings & Conclusion
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Conclusion
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