Human Resource Outsourcing Market Overview, Analysis, and Business Opportunities
12 June 2019, The global human resource outsourcing market is subject to witness a substantial growth due to the increasing demand for outsourcing activities associated with human resource services such as recruitment, payroll, training and development, employee policies, compensation and compliance management.
The other human resource services such as pension and health benefits administration are outsourced as well. Organizations tend to outsource human resource related services in order to limit operational costs and improve business productivity. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the human resource outsourcing market.
Growing demand for optimization of various business processes related to human resource services are expected to stimulate the growth of the market over the forecast period. Growing importance towards adoption of organizational-level align strategic planning and increasing adoption of advanced operational strategies are expected to boost the growth of human resource outsourcing market over the next seven years.
However, factors such as growing complexity of the applications portfolio and unfavorable government policies are expected to limit market growth to certain extent. Yet, easy availability of skilled & cheaper talent-pool in overseas market and aligning human resource services to meet the end-goal are estimated to foster market expansion in the near future.
Use of social media as a recruitment platform is considered as key contributing factor for the rapid growth of human resource outsourcing market in the recent years. Number of organizations prefer social media platform to source and advertise for job vacancies, thus generating crucial leads for the suitable candidate. Payroll outsourcing organization are tapping onto social networking sites in order to search and screen potential talent pool. Organization are able to perform necessary checks on professional and personal history of potential candidate to verify credentials and to obtain an insight into their personality.
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The market is broadly categorized into six major segments based on the application type such as banking, financial services and insurance (BFSI), government sector, telecommunication sector, energy & utilities sector, manufacturing sector and healthcare sector. The banking, financial services and insurance (BFSI) is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to increase in the number of research & development activities in the region and existence of well-established industrial infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the human resource outsourcing market with massive growth in forecast period.
Countries such as India, China, Malaysia, Japan, and Singapore are leading the Asia-Pacific market with increasing outsourcing activities, availability of skilled & cheaper talent pool, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the human resource outsourcing market are Accenture PLC, IBM Co., APC by Schneider Electric, Inc., Cisco Systems, Inc., CA Technologies, Inc., Hewlett-Packard Co., BMC Software Co., Dell, Inc., NetScouts Systems, Inc., Fujitsu, Ltd., and Tata Consultancy Services Ltd.
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