DUBLIN, Sept. 5, 2022 /PRNewswire/ -- The "Recruitment Process Outsourcing (RPO) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The recruitment process outsourcing market worldwide is projected to expand with a CAGR of 13.9% during the forecast period from 2022 to 2030. The market for recruitment process outsourcing (RPO) is majorly governed by the increasing adoption of outsourcing services worldwide.
Most of the companies are looking for external service providers which can help them reduce their overhead costs. Additionally, outsourcing the recruitment processes to a third-party provider enables organizations to focus on their core competencies thereby enhancing their business operations.
Outsourcing recruitment processes enables business organizations to hire candidates as per their requirements without bearing any cost internally. Furthermore, the demand for RPO services has witnessed strong growth due to their tremendous advantages over traditional methods of recruitment. Due to these factors, the recruitment process outsourcing market is expected to witness high growth during the forecast period.
Global Recruitment Process Outsourcing Market, By Engagement Model
As of 2021, the global recruitment process outsourcing market is dominated by the on-demand RPO segment. The segment contributed approximately 80% of the total market revenues in 2020. The dominance of the segment is majorly attributed to the low cost and better flexibility of the service. As a result, the segment is estimated retain its dominant position in the market throughout the forecast period. However, end-to-end RPO segment is projected to grow with the highest CAGR of about 14.3% during the forecast period of 2022 to 2030.
Global Recruitment Process Outsourcing Market, By Industry Vertical
As of 2021, the global recruitment process outsourcing market is dominated by the IT and telecommunication segment. In 2021, the segment accounted for a market share, in terms of revenue, of over 28% in the global RPO market. The segment is followed by the ITeS & BPO and BFSI segments. These are among the industry verticals requiring large workforce and massive recruitment. Thus, these are the most prominent segments for RPO service vendors and are expected to retain the leading position in the market throughout the forecast period. Healthcare and others (including e-commerce) segments are projected to register the highest growth in the market during the forecast period of 17% and 16.2% respectively.
Global Recruitment Process Outsourcing Market, By Geography
In 2021, the global recruitment process outsourcing (RPO) market was dominated by North America accounting to about 40% of the total market revenue. North America is among the first adopters of RPO services with strong penetration in small and medium as well as large enterprises. Additionally, due to presence of large number of major RPO vendors in the region, North America is predicted to hold its dominant position in the global market throughout the forecast period.
Markets Remains Highly Fragmented
The increase in the number of service providers has ensured a highly competitive market, yet the service providers of recruitment process outsourcing are highly fragmented. ManpowerGroup Solution, Randstad Holding NV, ADP, LLC and Hudson Global, Inc. are identified as the leading recruitment process outsourcing market. The global recruitment process outsourcing market is characterized by the presence of large number of players with diversified business. Thus, new service development, innovation and focus on improving client base are some of the requisite market strategies adopted by the service providers in the market.
Key Topics Covered:
2. Executive Summary
3. Recruitment Process Outsourcing (RPO) Market: Business Outlook & Market Dynamics
4. Recruitment Process Outsourcing (RPO) Market: By Engagement Model, 2020-2030, USD (Million)
5. Recruitment Process Outsourcing (RPO) Market: By Industry Vertical, 2020-2030, USD (Million)
6. North America Recruitment Process Outsourcing (RPO) Market, 2020-2030, USD (Million)
7. UK and European Union Recruitment Process Outsourcing (RPO) Market, 2020-2030, USD (Million)
8. Asia Pacific Recruitment Process Outsourcing (RPO) Market, 2020-2030, USD (Million)
9. Latin America Recruitment Process Outsourcing (RPO) Market, 2020-2030, USD (Million)
10. Middle East and Africa Recruitment Process Outsourcing (RPO) Market, 2020-2030, USD (Million)
11. Company Profile
Alexander Mann Solutions
Hudson Global Inc.
Randstad Holdings NV
Advantage Resourcing America Inc.
Kelly Outsourcing and Consulting Group
The Adecco Groupm Allegis Group
For more information about this report visit https://www.researchandmarkets.com/r/dij13l
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