27 May 2019, The global human
resource outsourcing market is subject to witness a substantial growth
due to the increasing demand for outsourcing activities associated with human
resource services such as recruitment, payroll, training and development,
employee policies, compensation and compliance management.
The other human resource services such as pension and health benefits
administration are outsourced as well. Organizations tend to outsource human
resource related services in order to limit operational costs and improve
business productivity. Globally, the market is predicted
to generate massive revenue over next seven years, providing numerous
opportunities for market players to invest for research and development in the
human resource outsourcing market.
Growing demand for optimization of various business
processes related to human resource services are expected to stimulate the
growth of the market over the forecast period. Growing importance towards
adoption of organizational-level align strategic planning and increasing
adoption of advanced operational strategies are expected to boost the growth of
human resource outsourcing market over the next seven years.
However, factors such as growing complexity of the
applications portfolio and unfavorable government policies are expected to
limit market growth to certain extent. Yet, easy availability of skilled &
cheaper talent-pool in overseas market and aligning human resource services to
meet the end-goal are estimated to foster market expansion in the near future.
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Use of social media as a recruitment platform is
considered as key contributing factor for the rapid growth of human resource
outsourcing market in the recent years. Number of organizations prefer social
media platform to source and advertise for job vacancies, thus generating
crucial leads for the suitable candidate. Payroll outsourcing organization are
tapping onto social networking sites in order to search and screen potential
talent pool. Organization are able to perform necessary checks on professional
and personal history of potential candidate to verify credentials and to obtain
an insight into their personality.
The market is broadly categorized into six major segments
based on the application type such as banking, financial services and insurance
(BFSI), government sector, telecommunication sector, energy & utilities
sector, manufacturing sector and healthcare sector. The banking, financial services
and insurance (BFSI) is considered as one of the fastest growing segment in the
market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to increase in the number of research & development
activities in the region and existence of well-established industrial
infrastructure in the region. Asia-Pacific region is predicted to hold major
market share in the human resource outsourcing market with massive growth in
forecast period.
Countries such as India, China, Malaysia, Japan, and
Singapore are leading the Asia-Pacific market with increasing outsourcing
activities, availability of skilled & cheaper talent pool, and significant
investment by leading industry players considering potential growth
opportunities in the region.
The key players in the human resource outsourcing market
are Accenture PLC, IBM Co., APC by Schneider Electric, Inc., Cisco Systems,
Inc., CA Technologies, Inc., Hewlett-Packard Co., BMC Software Co., Dell, Inc.,
NetScouts Systems, Inc., Fujitsu, Ltd., and Tata Consultancy Services Ltd.
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