Human Resources Outsourcing (HRO) Market Size, By Vehicle Type (Hatchback, Sedan, SUV, and Others), By Fuel Type (Petrol, Diesel, Electric, and Others), and By Engine Capacity (Less than 2500cc, 2500-5000cc, and Greater than 5000cc), and By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Published:
March 2020
Report Code:
BWC19403
Available Format:
PDF PDF Icon
Pages:
180

human resources outsourcing (hro) market bwc19403

Human Resources Outsourcing (HRO) Market Forecast and Trends

The global Human Resources Outsourcing (HRO) market is anticipated to grow nearly at a CAGR of 9.51% to reach US$ 249.6 Billion by 2026. The global human resource outsourcing (HRO) market is projected to grow rapidly, powered by companies ' increasing need to improve HR departments ' operational efficiency, cut costs, streamline processes, and step up compliance management. Market growth is also motivated by the need to reconcile business operations with changing HR policy framework and labor laws.

The rising technology innovation focus of the service provider is promoting the commercial success of BPaaS as a HRO service delivery model. Benefits of HRO responsible for increased willingness to outsource HR functions include reduced exposure to risks posed by ever-changing labor and employment laws; cost-effective access to professional skills; increased efficiency in the handling of critical but non-core functions such as enforcement, payroll and employee management; versatility and agility; decreased internal emphasis on employee performance and organs; Few of HRO's robustly growing sectors include outsourcing of recruiting processes, outsourcing of payroll and administration of benefits. A key market trend is the increasing prominence of cloud computing and the increase in HR services offered as a service under the Software.

Global Human Resources Outsourcing (HRO) Market Overview:

Human Resources Outsourcing (HRO) is one of the main outsourcing business process (BPO) markets. Companies that lack financial, human, and technological resources to handle critical human resource (HR) management functions generally opt out of HR services. HRO has become increasingly important as the HR department plays a critical role in the overall satisfaction of employees in any company. Companies benefit from cost savings as well as performance improvements by outsourcing traditional HR roles such as learning management, training, salary planning, performance management, and succession planning. Organizations with less workforce strength are also willing to focus on outsourcing their human resource functions as service providers build appropriate outsourcing models that match the company, providing benefits to employee productivity. Human Resource Outsourcing (HRO) is a flexible and effective approach to cost management that allows an organization's core resources to focus on strategic projects rather than performing transactional activities in HR operations.

Growth drivers

Increase in adoption of cloud based technologies

The key driver for the global HR Outsourcing market is increase in adoption of cloud technologies such as SaaS technology (Software as a Service). Cloud-based payroll software solutions enables companies to improve and simplify their payroll functions compared to other business technologies. Cloud-based HR payroll software solution is automated and it further improves accuracy and efficiency. This solution gives an automated update when tax rates changes. This results to provide accurate payroll solution. SaaS-based model allows distribution/sharing of high costs for hardware, software and data center operations among the customers by the vendors; thus, allowing the customers to avail top of the line infrastructure at a fraction of the initial cost.

Increased flexibility

Companies employing temporary employees as part of their workforce achieve greater flexibility in dealing with peaks and troughs in demand. Current production patterns, geared towards custom-made, enhance the company's need for versatile HR Outsourcing.

Restraints

Lack of Comprehensive Solution Provider

Service providers ' maturity spectrum is a lack of options for truly global HRO solutions. On a global scale, there are very few vendors offering comprehensive solutions despite local enforcement and regulatory requirements, differing market conditions, challenges in delivering uniform employee experience, and difficulties in reporting inclusively.

Global Human Resources Outsourcing (HRO) Market: Type

On the basis of the type, the HRO market is segmented into Payroll Outsourcing, Benefits Administration Outsourcing, Multi-process Human Resource Outsourcing, Recruitment Process Outsourcing, Learning Services Outsourcing and Others. Payroll segmented expected to dominate the global HRO market with significant growth rate during forecast period of 2019-2026. The demand for the cloud based payroll system is increasing globally. The cloud based HR payroll software and solution service provides better access. Moreover, the cloud based service will allow business outsourced payroll systems to scale with their employee reductions and increases.


Global Human Resources Outsourcing (HRO) Market: Application

Based on applications, HRO global market segmented into BFSI, Healthcare, IT, Hospitality, Retail and Others. 9.03% application segment anticipated to witness significant growth rate during forecast period of 2019-2026. IT segment is leading due Increase in adoption of cloud based technologies, Need for efficient management system. So that the company can focus on their core business hassle-free and the cloud based HR payroll software and solution service provides better access. Moreover, the cloud based service will allow business outsourced payroll systems to scale with their employee reductions and increases.  This solution can be accessed by mobile device.

Global Human Resources Outsourcing (HRO) Market: Regional insights

By geography, the global Human Resources Outsourcing (HRO) Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America expected to dominate the global HRO market and anticipated to witness lucrative growth rate with a higher CAGR during the forecast period. In North America, software vendors mainly provide payroll services and collaborate with payroll outsourcing providers to deliver services in other countries.


Human Resources Outsourcing (HRO) Market: Competitive Landscape

The major market players in the Global Human Resources Outsourcing (HRO) are Accenture, ADP, IBM, Infosys, Randstad, Adecco S.A., Paychex, Inc., Kronos, Inc., Alight Solutions, Cielo Inc., Aon Hewitt LLC (USA), Automatic Data Processing, Inc., Capita HR Solutions, Ceridian HCM, Inc., CGI Group Inc., Empower Software Solutions, Inc., Fidelity Management and Research LLC, General Outsourcing Co, Ltd., Genesys, Hewlett-Packard Company, Intuit, Inc., Mercer, LLC, Xerox Corporation, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies

The objective of the Study:

To analyze and forecast the global Human Resources Outsourcing (HRO) market size of the market, in terms of value.

To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Human Resources Outsourcing (HRO) market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America and their leading countries.

To outline, categorized and forecast the global Human Resources Outsourcing (HRO) market based on the Type, and Application.

To examine competitive developments like technological advancement, services, and regulative framework within the global Human Resources Outsourcing (HRO) Market.

To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

By Type

·         Payroll Outsourcing

·         Benefits Administration Outsourcing

·         Multi-process Human Resource Outsourcing

·         Recruitment Process Outsourcing

·         Learning Services Outsourcing

·         Others

By Applications

·         BFSI

·         Healthcare

·         IT

·         Hospitality

·         Retail

·         Others

By Region:

·         Asia Pacific

·         North America

·         Europe

·         Middle East & Africa

·         Latin America

Business Questions answer by the report

·         How will the market drivers, restraints and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with a detailed classification?

·         Which segment dominates the market or region and one will be the fastest growing and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority and that is why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

·         With five additional company detail analysis

·         Additional country analysis

·         Detailed segment analysis

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