The global recruitment process outsourcing market size is expected to reach USD 20.8 billion by 2027, registering a CAGR of 18.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising demand for streamlined recruitment processes and new hiring methodologies have augmented the growth prospects of the Recruitment Process Outsourcing (RPO) market. The emergence of the digital recruitment strategy is expected to provide a new horizon to hiring processes in terms of creating requirements that stand out, improved career site interference, and an efficient user interface.
In
the coming decades, technology is expected to play a vital role in enhancing
the recruitment process. HR automation is paving the way for a new age of
recruitment by innovating hiring solutions across organizations. Many
organizations are already using Artificial Intelligence (AI) for
sourcing and screening candidates. The use of such advancements reduces human
errors, manual workload, and smoothens the overall HR process. Moreover, the
use of data-driven tools, mobile application platforms, and social media
recruitment marketing simplifies the hiring process.
With
the evolving relationship between Recruitment Process Outsourcing (RPO) providers
and organizations, the complete talent solution is likely to become the main
focus of the organization. RPO is not just limited to hiring people but also
includes the management of people, processes, technology, and the talent
acquisition strategy. RPO offers exceptional communication experience to the
candidate by providing consistent, transparent, and honest feedback that can
help the organization's reputation sterling. It also helps in amplifying the
employer brand of the organization.
North
America and Europe dominated the RPO market, whereas South America and the
Middle East regions occupied relatively smaller revenue share, in 2019. Factors
such as economic crisis, currency depreciation, and language barriers limit the
growth of outsourced hiring activities in South America. Most employers in the
Middle East have their in-house recruitment teams and RPO is yet to make
inroads in the region. However, the current market scenario is expected to
change in these regions owing to international brands entering the regional
market. Real-estate and mega construction projects in the Middle East are
expected to provide significant traction to the RPO market growth in the near
future.
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Recruitment Process
Outsourcing Market Report Highlights
- In terms of type, the
on-demand RPO segment is expected to register significant growth over the
forecast period owing to the rising demand for cost-effective and limited
recruiting services
- The provision of off-site
RPO services is a scalable business model and can attract international
talent on a large scale. The off-site service segment dominated the market
in 2019
- In an attempt to streamline
the hiring process and build a strong employer brand, the adoption of
recruitment process outsourcing services and solutions in small and medium
enterprises is likely to increase over the forecast period
- The development of
labor-intensive industries in the Asia Pacific region is expected to
accelerate the growth of the regional market
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Recruitment Process
Outsourcing Market Segmentation
Grand View Research has segmented
the global recruitment process outsourcing market based on type, service,
enterprise size, end-use, and region:
RPO Type Outlook
(Revenue, USD Million, 2016 - 2027)
- On-demand RPO
- Function-based RPO
- Enterprise RPO
RPO Service Outlook
(Revenue, USD Million, 2016 - 2027)
- On-site
- Off-site
RPO Enterprise Size
Outlook (Revenue, USD Million, 2016 - 2027)
- Small & Medium
Enterprises (SMEs)
- Large Enterprises
RPO End-Use Outlook
(Revenue, USD Million, 2016 - 2027)
- BFSI
- Healthcare
- Manufacturing
- IT & Telecom
- Education
- Others
RPO Regional
Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- The Middle East & Africa
List of Key Players
of Recruitment Process Outsourcing (RPO) Market
- ADP, Inc.
- Alexander Mann Solutions
- Cielo, Inc.
- Hudson Global Inc.
- IBM Corporation
- ManpowerGroup
- Korn Ferry
- PeopleScout (TrueBlue
Company)
- Pontoon Solutions
- Randstad N.V.
- Sevenstep
- WilsonHCG
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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