Recruitment Process Outsourcing Market Share, Growth and Demand by Regions till 2027
The global Recruitment Process Outsourcing (RPO) market size is anticipated to account for USD 20.8 billion by 2027. The market is estimated to register over 18.0% CAGR over the forecast duration. Increasing need to streamline the recruitment processes and reduce the overall hiring cost is driving the market growth. In addition, the emergence of digital tools and the growing adoption of innovative technologies such as AI and machine learning have further transformed the hiring processes.
Technology is projected to play a key role in future recruitment. The use of AI is gaining traction among enterprises for screening and sourcing candidates. These technological advancements reduce human errors and help automate the hiring processes. Moreover, social media platform and data-driven recruitment are gaining traction among enterprises.
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Main features of the report:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Recruitment Process Outsourcing Market.
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- To provide country level analysis of the market for segment by application, product type and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- Track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Recruitment Process Outsourcing Market.
Large organizations are increasingly adopting RPO services owing to their global expansion and diversified business. Different countries have different rules regarding recruitment processes. Outsourcing services help in adhering to different rules across the globe while recruiting. In addition, large organizations have higher budgets for recruitment, which further, drive the adoption of RPO services.
North America and Europe led the RPO market in 2019 owing to the presence of leading enterprises in the regions. In addition, the U.S. is witnessing significant growth in the manufacturing and healthcare sectors, which in turn, is anticipated to drive the recruitment needs. The Asia Pacific also offers a lucrative growth opportunity for the industry players owing to growing manufacturing and IT hubs in countries such as China and India.
Further key findings from the report suggest:
- Based on the type, the on-demand segment is projected to register the considerable growth in the market over the forecast duration.
- Depending on the service, the off-site segment held the highest share in the market of more than 65.0% in 2019.
- Large enterprises were dominant and accounted for more than 68.0% share in the market in 2019.
- On the basis of end-use, the BFSI sector held the dominant share in the market in 2019 owing to their changing business models.
COVID-19 Impact Analysis
The RPO market has been adversely affected owing to the outbreak of COVID-19. The pandemic has led to a major change in the recruitment processes, as companies are required to adhere to the social distancing norms. For example, a U.K. based recruitment service provider, Datum RPO advised its resources and clients to be proactive in screening the applicants and check for the details such as their location and past 14 days history to adhere to the COVID-19 norms. Moreover, companies are implementing advanced recruitment solutions to avoid direct in-person meeting while recruiting a candidate.
Global Recruitment Process Outsourcing Market: Key Players
IBM Corporation, Korn Ferry, Manpower Group Inc., Wilson HCG, Sevenstep, People Scout, Cielo, Inc., Pontoon Solutions, and ADP, Inc.
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