Employer of Record Market Size Will Grow 6.8% by 2029 | Valuates Reports

News provided by

Sep 19, 2023, 10:15 ET

BANGALORE, India., Sept. 19, 2023 /PRNewswire/ -- Employers of Record Market are Segmented by Type (Aggregator Model, Wholly Owned Infrastructure Model), by Application (SMEs, Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2029.

The global Employer of Record Platform market was valued at USD 4450.5 million in 2022 and is anticipated to reach USD 6604.4 million by 2029, witnessing a CAGR of 6.8% during the forecast period 2023-2029.

Fully considering the economic change by this health crisis, the Aggregator Model accounting for 67.55% of the Employer of Record global market in 2021, is projected to value USD 4616.76 Million by 2028, growing at a revised 7.31% CAGR in the post-COVID-19 period (2022-2028).

Get Free Sample Report: https://reports.valuates.com/request/sample/QYRE-Auto-7D9395/Global_Employer_of_Record

Major Factors Driving the Growth Of Employer of Record Market:

One of the first and most significant advantages that businesses experience when utilizing EOR services is the capacity to reach international marketplaces. With EOR, businesses may quickly recruit remote workers from anywhere in the globe, which can significantly speed up their company's expansion.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-7D9395/global-employer-of-record

TRENDS INFLUENCING THE GROWTH OF EMPLOYER OF RECORD MARKET:

Although there are many advantages to creating teams abroad (cheap labor, a broader talent pool, and workplace diversity), many business owners are hesitant to hunt for talent abroad due to the difficulties involved in establishing a corporate organization abroad. Waiting for the embassy's clearance to begin commercial operations overseas might take months in nations with a high degree of bureaucracy. Business owners have been in limbo for a while, unsure of whether they should keep attempting to break in or concentrate on hiring local people and give up on a worldwide office. This factor is expected to drive the growth of the Employer of Record Market.

International enterprises frequently experience costly litigation as a result of failing to understand local trade and labor rules. It takes a lot of time to keep track of paperwork, manage benefits, process payments, and terminate employee contracts. Business owners who try to manage a large number of duties on their own find that they are unable to devote enough time to developing the company's key competencies, such as enhancing the product, developing strategy, and cultivating deep relationships with customers or partners. Employing an employer of records allows business owners to transfer accountability from their company to a vendor. Since the organization is listed as the employer of record in all official documents, contracts, and tax filings, it will be responsible for any mistakes made. This factor is expected to drive the growth of the Employer of Record Market.

For administrative and occasionally tax reasons, many nations require foreign firms or investors to incorporate a corporation domestically. As the EOR serves as the locally registered entity, this is already the case with an employer of record. As a result, companies won't have to waste time learning how to register a business in the destination nation or shelling out the necessary money. However, it's possible that the true benefit comes from the fact that the already-registered EOR is in charge of all legal decisions, rules, and administrative duties, freeing Companies to concentrate on expansion rather than red tape. This factor is expected to drive the growth of the Employer of Record Market.

RPA technology helps organizations create better talent strategies and is crucial to the efficiency and improvements in employee record systems. Companies are seeking innovative strategies to engage specialists and provide novel services for less money. Artificial intelligence is integrated with RPA characteristics. Companies may standardize their processes and save unnecessary IT expenditures with the help of AI and ML. In order to satisfy the needs of end users, market participants offer cutting-edge products that are integrated with RPA. Employers of record market participants are anticipated to include RPA with employer of record, including recruitment software and application tracking system, in employee record solutions as a consequence of the favorable outcomes of RPA integrated into employer of record. This factor is expected to drive the growth of the Employer of Record Market.

Any multinational corporation thinking about expanding internationally requires the proper personnel to make the endeavor successful, and sometimes that means recruiting locally. Employees are a company's most valuable asset, and how they are used will determine whether the growth plan succeeds or fails. Companies may decide to engage locals who are well-versed in the local market instead of sending foreigners to a new nation. This factor is expected to drive the growth of the Employer of Record Market.

Buy Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-7D9395/global-employer-of-record/1

EMPLOYER OF RECORD MARKET SHARE:

The region with the biggest growth throughout the predicted period will be Asia-Pacific. The expansion of small and medium-sized businesses through partnerships, funding, and investments is anticipated to speed up the market's expansion in this area. The need for personnel record solutions in the sector is anticipated to be facilitated by the usage of technologies like cloud, AI, and ML.

Buy Regional Report: https://reports.valuates.com/market-reports/QYRE-Auto-7D9395/global-employer-of-record/8

Key Players:

Adecco
Randstad
Aquent
FoxHire
Infotree Global
Safeguard Global
Velocity Global
Globalization Partners
Shield GEO
Acumen International
Elements Global Services
Papaya Global
Universal Hires
CIIC
Links International
New Horizons Global Partners
Sky Executive

Buy Company Profiles:

https://reports.valuates.com/market-reports/QYRE-Auto-7D9395/global-employer-of-record/11

Buy Now for Single User + Covid-19 Impact : https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-7D9395 &lic=single-user

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

SIMILAR REPORTS

- Professional Employer Organizations Market Revenue reached about 21 Billion USD in 2017 from 14 Billion USD in 2013 all around the world, with a CAGR of 11%.

- Employee Engagement and Feedback Software market size was valued at USD 813 Million, the market is forecasted to reach USD 3571 Million by 2028, growing at CAGR of 21.6% between 2022 and 2028.

- Employee Recognition Software Market

- SMEs Employee Engagement Software Market

- Employee Engagement Software Market

- Meal Vouchers and Employee Benefits Solutions Market

- Employee Gamification Software Market

- Employment Screening and Verification Market

- Employee Handbook Software market is projected to reach USD 235.6 million in 2029, increasing from USD 175 million in 2022, with the CAGR of 4.3% during the period of 2023 to 2029.

- Pre-Employment Drug Testing Service Market

- Employment Drug Testing Service Market

- Employee File Management Software Market

- Employee Experience Management Software market is projected to reach USD 372.5 million in 2029, increasing from USD 279 million in 2022, with the CAGR of 4.2% during the period of 2023 to 2029.

- Employee Monitoring Tool Market

- Brand Advocacy Software Market

- 4K UST Projectors market was valued at USD 926.8 million in 2022 and is anticipated to reach USD 4597.1 million by 2029, witnessing a CAGR of 25.4% during the forecast period 2023-2029.

- Visa Outsourcing Services market was valued at USD 2086.2 million in 2022 and is anticipated to reach USD 4389.7 million by 2029, witnessing a CAGR of 13.2% during the forecast period 2023-2029.

- Employee Engagement Platform Market

- Employee Benefits Consulting Service Market

- Employee Background Checks Software Market

- Digital Employee Experience (DEX) Management Software Market

- Pre-Employment Medical Examination Solution Market

Click here to see related reports on Employer of record market

ABOUT US:

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

CONTACT US:
Valuates Reports
[email protected]
For U.S. Toll-Free Call 1-(315)-215-3225
For IST Call +91-8040957137
WhatsApp: +91-9945648335
Website: https://reports.valuates.com
Blog: https://valuatestrends.blogspot.com/
https://reports.valuates.com/sitemap/html/reports/1
https://reports.valuates.com/sitemap/html/reports/2
https://reports.valuates.com/sitemap/html/reports/3