NEW
YORK, June 6, 2024 /PRNewswire/ -- The
global recruitment process outsourcing market size is
estimated to grow by USD
11.41 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 18.68%
during the forecast period. The Recruitment Process
Outsourcing (RPO) market is experiencing significant growth due to
the integration of data analytics and artificial intelligence. HR
teams are utilizing vast amounts of data to make informed
recruitment decisions, with tools like people analytics and
recruitment analytics playing crucial roles. Data sources extend
beyond traditional qualifications to include personality traits,
with platforms like LinkedIn's Talent Insights employing big data
analytics for enhanced statistical hiring. AI enhances candidate
engagement through real-time communication and onboarding support,
reducing the need for HR interaction and fostering market
expansion.
![Technavio has announced its latest market research report titled Global recruitment process outsourcing market 2024-2028 Technavio has announced its latest market research report titled Global recruitment process outsourcing market 2024-2028](https://mma.prnewswire.com/media/2431032/Recruitment_Process_Outsourcing_Market.jpg)
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the snapshot
of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (IT and
telecom, Manufacturing, BFSI, Healthcare, and Others), Type (Large
enterprises and SMEs), and Geography (North America, APAC, Europe,
Middle East and Africa, and South America)
|
Region
Covered
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Accenture Plc, Adecco
Group AG, Alexander Mann Solutions, Allegis Group, AMN Healthcare
Services Inc., Automatic Data Processing Inc., Cielo Inc., Deloitte
Touche Tohmatsu Ltd., Hays Plc, Hudson Global Inc., Infosys Ltd.,
International Business Machines Corp., Kelly Services Inc., Korn
Ferry, ManpowerGroup Inc., Orion ICS LLC, PeopleScout Inc.,
Randstad Sourceright EMEA B.V., TrueBlue Inc., and
WilsonHCG
|
Key Market Trends Fueling Growth
The Recruitment Process Outsourcing (RPO) market is experiencing
significant growth, with businesses increasingly relying on RPO
services to manage their hiring needs. This trend is driven by the
benefits RPO offers, such as cost savings, improved efficiency, and
access to a larger talent pool. RPO providers use advanced
technologies like AI and machine learning to streamline the
recruitment process, making it more effective and productive.
Additionally, RPOs offer customized solutions tailored to
specific industries and companies, ensuring a better fit for the
organization's hiring needs. Overall, the RPO market is poised for
continued growth as more businesses recognize the value of
outsourcing their recruitment processes.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Market Challenges
• The reliance
of organizations on a sole Recruitment Process Outsourcing (RPO)
vendor for all recruitment activities can negatively impact
business operations. Risk of confidential information exposure and
strained relationships due to demanding behavior from RPO firms are
concerns. Effective communication between RPO firms and clients is
crucial to mitigate failures and strengthen partnerships.
Overreliance on a single RPO vendor may hinder market growth during
the forecast period.
• The
Recruitment Process Outsourcing (RPO) market faces several
challenges. Talent acquisition and retention are key concerns,
requiring advanced technologies and strategies. Consistent with
this, the need for cost-effective solutions and efficient processes
is paramount. The use of technology, such as AI and machine
learning, can streamline processes and improve candidate
selection.
• However, the
integration of these technologies with existing HR systems can be
complex. Additionally, cultural fit and compliance with labor laws
in various regions pose challenges. The RPO market must adapt to
these challenges to provide effective and efficient solutions for
businesses.
Research report provides comprehensive data on
impact of trend, driver and challenges - Download a
Sample Report
Segment Overview
- End-user
- 1.1 IT and telecom
- 1.2 Manufacturing
- 1.3 BFSI
- 1.4 Healthcare
- 1.5 Others
- Type
- 2.1 Large enterprises
- 2.2 SMEs
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 IT and telecom- The global recruitment
process outsourcing market is experiencing growth due to the
adoption of just-in-time recruitment and SMAC technology.
Just-in-time recruitment allows for faster response to client
needs, optimizing resources, and tapping potential candidates.
Wipro Infotech, for instance, implemented this approach to hire 900
people and secure larger projects. SMAC technology, such as
Cognizant's cloud-based applicant-tracking system, offers benefits
like language support, cost reduction, and social media
integration. Despite the challenges posed by the COVID-19 pandemic,
the market is expected to recover as businesses resume operations
and focus on hiring again.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Recruitment Process Outsourcing (RPO) market is experiencing
significant growth due to the increasing adoption of Artificial
Intelligence (AI) and Machine Learning (ML) technologies. RPO
providers are assisting HR departments and resourcing teams in
managing recruitment-related operations, from candidate sourcing
and screening to offer execution.
A written agreement between the HR department and the
third-party RPO provider is crucial for the successful
implementation of RPO services. The use of RPO suppliers enables
organizations to access a larger pool of skilled workers, reducing
the nightmare scenario of hiring freezes and backlogs. Job posting
and recruitment are essential functions of RPO, ensuring that the
right candidates are identified and selected for various roles
within an organization.
Market Research Overview
The Recruitment Process Outsourcing (RPO) market refers to the
practice of outsourcing the recruitment process to third-party
service providers. This market has gained significant traction due
to the benefits it offers, such as cost savings, improved
efficiency, and access to a larger talent pool. RPO providers use
various technologies and methodologies, including applicant
tracking systems, social media recruiting, and artificial
intelligence, to streamline the recruitment process.
The RPO market caters to various industries and sectors,
including IT, finance, healthcare, and retail. The services offered
by RPO providers range from end-to-end recruitment solutions to
project-based recruitment support. The market is expected to grow
at a steady pace due to the increasing demand for flexible and
efficient recruitment solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- IT And Telecom
- Manufacturing
- BFSI
- Healthcare
- Others
- Type
-
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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