Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global recruitment process outsourcing market size was valued at USD 5.48 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 18.5% from 2020 to 2027.
The global Recruitment Process Outsourcing Market size is expected to reach USD 20.8 billion by 2027, registering a CAGR of 18.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for streamlined recruitment processes and new hiring methodologies have augmented the growth prospects of the Recruitment Process Outsourcing (RPO) market. The emergence of the digital recruitment strategy is expected to provide a new horizon to hiring processes in terms of creating requirements that stand out, improved career site interference, and an efficient user interface.
In the coming decades, technology is expected to play a vital role in enhancing the recruitment process. HR automation is paving the way for a new age of recruitment by innovating hiring solutions across organizations. Many organizations are already using Artificial Intelligence (AI) for sourcing and screening candidates. The use of such advancements reduces human errors, manual workload, and smoothens the overall HR process. Moreover, the use of data-driven tools, mobile application platforms, and social media recruitment marketing simplifies the hiring process.
With the evolving relationship between Recruitment Process Outsourcing (RPO) providers and organizations, the complete talent solution is likely to become the main focus of the organization. RPO is not just limited to hiring people but also includes the management of people, processes, technology, and the talent acquisition strategy. RPO offers exceptional communication experience to the candidate by providing consistent, transparent, and honest feedback that can help the organization’s reputation sterling. It also helps in amplifying the employer brand of the organization.
North America and Europe dominated the RPO market, whereas South America and the Middle East regions occupied relatively smaller revenue share, in 2019. Factors such as economic crisis, currency depreciation, and language barriers limit the growth of outsourced hiring activities in South America. Most employers in the Middle East have their in-house recruitment teams and RPO is yet to make inroads in the region. However, the current market scenario is expected to change in these regions owing to international brands entering the regional market. Real-estate and mega construction projects in the Middle East are expected to provide significant traction to the RPO market growth in the near future.
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Recruitment Process Outsourcing Market Report Highlights
- In terms of type, the on-demand RPO segment is expected to register significant growth over the forecast period owing to the rising demand for cost-effective and limited recruiting services
- The provision of off-site RPO services is a scalable business model and can attract international talent on a large scale. The off-site service segment dominated the market in 2019
- In an attempt to streamline the hiring process and build a strong employer brand, the adoption of recruitment process outsourcing services and solutions in small and medium enterprises is likely to increase over the forecast period
- The development of labor-intensive industries in the Asia Pacific region is expected to accelerate the growth of the regional market
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Recruitment Process Outsourcing Market Segmentation
Grand View Research has segmented the global recruitment process outsourcing market based on type, service, enterprise size, end-use, and region:
RPO Type Outlook (Revenue, USD Million, 2016 – 2027)
- On-demand RPO
- Function-based RPO
- Enterprise RPO
RPO Service Outlook (Revenue, USD Million, 2016 – 2027)
RPO Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
RPO End-Use Outlook (Revenue, USD Million, 2016 – 2027)
- BFSI
- Healthcare
- Manufacturing
- IT & Telecom
- Education
- Others
RPO Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Europe
- Asia Pacific
- South America
- The Middle East & Africa
List of Key Players of Recruitment Process Outsourcing (RPO) Market
- ADP, Inc.
- Alexander Mann Solutions
- Cielo, Inc.
- Hudson Global Inc.
- IBM Corporation
- ManpowerGroup
- Korn Ferry
- PeopleScout (TrueBlue Company)
- Pontoon Solutions
- Randstad N.V.
- Sevenstep
- WilsonHCG
Browse Related Reports @
Business Process Outsourcing Market: https://www.grandviewresearch.com/industry-analysis/business-process-outsourcing-bpo-market
Legal Process Outsourcing Market: https://www.grandviewresearch.com/industry-analysis/legal-process-outsourcing-lpo-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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