The global recruitment process outsourcing (RPO) market size is anticipated to account for USD 20.8 billion by 2027, according to a new report by Million Insights. The market is estimated to register over 18.0% CAGR over the forecast duration. Increasing need to streamline the recruitment processes and reduce the overall hiring cost is driving the market growth. In addition, the emergence of digital tools and the growing adoption of innovative technologies such as AI and machine learning have further transformed the hiring processes.
Technology is projected to play a key role in future recruitment. The use of AI is gaining traction among enterprises for screening and sourcing candidates. These technological advancements reduce human errors and help automate the hiring processes. Moreover, social media platform and data-driven recruitment are gaining traction among enterprises.
Large organizations are increasingly adopting RPO services owing to their global expansion and diversified business. Different countries have different rules regarding recruitment processes. Outsourcing services help in adhering to different rules across the globe while recruiting. In addition, large organizations have higher budgets for recruitment, which further, drive the adoption of RPO services.
Market Share Insights
The global market is characterized by the presence of several regional and international players. Leading market players are IBM Corporation, Korn Ferry, Manpower Group Inc., Wilson HCG, Sevenstep, People Scout, Cielo, Inc., Pontoon Solutions, and ADP, Inc. among others. These companies provide diversified services and take care of various recruitment needs. However, with the entry of new players in the market, existing players are focusing on diversifying their product portfolio. It is estimated that the rise in the blended services and tailored solutions are projected to transform the RPO industry. In addition, market players are also focusing on mergers & acquisitions to gain competitive advantages over their peers. For example, Permira Holdings Limited made an acquisition of Cielo, Inc. in December 2019 to consolidate its position in the market.
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Regional Insights
In 2019, North America held the largest share in the recruitment process outsourcing market with more than 42.0%. The United States was the leading shareholder in the region and projected to maintain its dominance over the forecast duration. The country's economy is returning to normalcy and the demand for a skilled workforce is increasing. Healthcare sector is one of the highest growing sectors in the country while the manufacturing sector is witnessing robust growth. As estimated by the U.S. Bureau of Labor Statistics (BLS), from 2018 to 2028, there would be around 8.4 million jobs in the U.S. Therefore, growing job opportunity and rising manufacturing and healthcare sectors are projected to drive the demand for recruitment outsourcing in the region.
Canada, on the other hand, has a significant share in the market with its four provinces Alberta, Ontario, Quebec, and British Columbia generating considerable employment opportunities. These provinces together account for almost 50.0% share in the Canadian market and mostly outsource their recruitment needs. Mexico is also generating increasing demand for staffing solutions and anticipated to offer lucrative growth opportunity for the market over the next few years.
The Asia Pacific is anticipated to register noticeable growth owing to the expansion of multinational companies in countries such as India and China. India is considered a talent hub with a huge number of working professionals and a large population in the age group of 25 to 35. In addition, several multinational companies are aiming to set their footprint in the country owing to the availability of low cost and effective workforce. Thus, Asia Pacific offers a lucrative opportunity for the growth of the market.
COVID-19 Impact Analysis
The RPO market has been adversely affected owing to the outbreak of COVID-19. The pandemic has led to a major change in the recruitment processes, as companies are required to adhere to the social distancing norms. For example, a U.K.-based recruitment service provider, Datum RPO advised its resources and clients to be proactive in screening the applicants and check for the details such as their location and past 14 days history to adhere to the COVID-19 norms. Moreover, companies are implementing advanced recruitment solutions to avoid direct in-person meetings while recruiting a candidate.
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