Recruitment Process Outsourcing Market to Reach $26.4 Billion, Globally, by 2031 at 19.1% CAGR: Allied Market Research
Allied Market Research
Updated 5 min read
Allied Market Research
Growing adoption of cloud and web-based services and software solutions has helped in the efficiency of recruitment process outsourcing, and it offers analytics and reporting feature that facilitates detailed insights and real-time reporting for easy decision making. These factors drive the global recruitment process outsourcing market.
Portland, OR , March 09, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Recruitment Process Outsourcing Marketby Type (Permanent Staffing, Flexible Staffing, Others), by End-user (BFSI , IT and Telecom , ITES and BPO , Healthcare , Manufacturing, Retail and E-Commerce , Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global recruitment process outsourcing industry was valued at $4.8 billion in 2021 and is estimated to generate $26.4 billion by 2031, witnessing a CAGR of 19.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Growing adoption of cloud and web-based services and software solutions has helped in the efficiency of recruitment process outsourcing, and it offers analytics and reporting feature that facilitates detailed insights and real-time reporting for easy decision making.
Opportunities
Many SMEs frequently face workforce challenges, such as sickness and dismissals, dealing with poor performance, where recruitment process outsourcing removes these problems
Restraints
The written agreement between the parties should outline all of the conditions of the outsourcing, including duties for data protection and confidential information risk, it is sometimes simpler to implement the provisions of an employment contract than the terms of a consultancy agreement
Covid-19 Scenario
The outbreak of the COVID-19 pandemic negatively impacted the recruitment process outsourcing market. There has been a significant change in recruitment procedures due to the pandemic and the need for businesses to follow the social distance standards.
With the number of layoffs experienced globally during the pandemic, the recruitment-to-employee termination ratio suffered a significant hit in the market.
The flexible tapping segmentto grab lion’s share during the forecast period
Based on type, the flexible tapping segment contributed to the largest share of around two-thirds of the global recruitment process outsourcing market in 2021, and is expected to maintain a noteworthy growth during the forecast period. The same segment is projected to witness the fastest CAGR of 19.6% from 2022 to 2031. This is because, flexible staffing involves replacing some of an organization's regular and permanent employees with staff or workforce.
The IT and telecom to dominate the market during the forecast period
Based on end user, the IT and telecom segment contributed to the largest of nearly one-third of the global outsourcing market in 2021, and is expected to maintain its leadership in terms of revenue during the forecast period. Moreover, the same segment is projected to witness the fastest CAGR of 20.3% from 2022 to 2031. IT and telecommunications are essential components of corporate environment. Companies all across the world have used technological advancements to transform their day-to-day operations.
North Americato achieve the largest revenue by 2031
Based on region, market in North America was the largest in 2021, accounting for more than two-fifths of the global outsourcing market and is likely to maintain its dominance during the forecast timeframe. However, market in Asia-Pacific is likely to show the fastest CAGR of 21.0% during the forecast period. As APAC has expanded, so has the demand for personnel, and as a result, workforce management systems have evolved.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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