The global recruitment process outsourcing market is accounted to US$ 4.16 Bn in 2018 and is expected to grow at a CAGR of 29.1% during the forecast period 2019 – 2027, to account to US$ 40.57 Bn by 2027. Recruitment process outsourcing module is adopted in a wide range of industries such as manufacturing, retail, hospitality, and construction. Availability of enormous size of job seekers and simplification of human resource operations are positively impacting the market in developed and developing regions. North American countries witness significant growth in a number of wide variety of industries, which demand huge employment have been beneficial for recruitment process outsourcing service providers. Further, growth in the manufacturing and retail industry across the globe have been boosting the recruitment process outsourcing market over the years.
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North America led the recruitment process outsourcing market globally followed by Europe and Asia Pacific region. Owing to the fact, that the industries in the continent are creating substantial job opportunities; several recruitment agencies, recruitment process outsourcing companies, and managed service providers are establishing their businesses in the countries. This is facilitating the recruitment companies to increase their annual revenues. In recent years the majority of human resource departments in the region have outsourced their hiring procedures in order to simplify other processes in the organization. This practice has showcased significant growth in the number of recruitment process outsourcing (RPO) companies which are consistently introducing new products and services, which has helped the recruitment process outsourcing market to propel over the years in North America.
The global recruitment process outsourcing market has been segmented on the basis of type and industry. The recruitment process outsourcing market by type has been segmented into the technical staff, sales & marketing, office/admin support, and others. Additionally, the global recruitment process outsourcing market has been segmented by industries into manufacturing, construction, retail, IT, hospitality, BFSI, oil & gas, telecom, and others. The recruitment process outsourcing service providers are heavily influenced by the significant growth in the manufacturing and retail sector, while the market is anticipated to witness growth with the increasing employment opportunity in the IT, telecom and BFSI industries across the globe.
Market Key Players:
- SevenStep RPO
- Kites Consulting
- Randstad Sourceright
- ManpowerGroup Solutions
- Alexander Mann
- Adam Recruitment
- Proven SA
- Talent Hunters
- TASC Outsourcing
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This post was originally published on Commerce Gazette