NEW YORK, Dec. 9, 2021 /PRNewswire/ -- The recruitment process outsourcing market is expected to observe maximum growth in North America during the forecast period. Businesses in the region are making significant investments in the latest technologies such as cloud computing, AI, and RPA to enhance the quality of their products and services.
Also, many businesses across industries such as healthcare, banking, and telecommunication sectors, among others are highly investing in BPO companies to focus on their key business operations, including recruitment. All these factors are expected to generate significant growth opportunities for recruitment process outsourcing service providers in North America during the forecast period.
Technavio's 120-page report analyzes the recruitment process outsourcing market by End-user (IT and telecom, Manufacturing, BFSI, Healthcare, and Others) and Geography (North America, Europe, APAC, MEA, and South America). According to the report, the market will observe an incremental growth of USD 4.55 billion between 2020 and 2025, accelerating at a CAGR of 13.51% during the forecast period.
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The recruitment process outsourcing market growth will be driven by the need for reducing operational costs by streamlining the hiring process. Businesses across the world are actively approaching recruitment process outsourcing (RPO) companies to reduce their cost per hire. RPO firms help businesses streamline the hiring process by reducing the supply-demand imbalance in the market. Outsourcing of the recruitment process also helps businesses to share the price-associated risks with their RPO partners. Such benefits are encouraging businesses to actively look out for recruitment process outsourcing firms, which is driving the growth of the market.
In addition, the increased use of neo-sourcing is expected to have an accelerating effect on the growth of the market. However, the risk of overdependence on a single vendor might reduce the growth potential in the market.
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Major Five Recruitment Process Outsourcing Companies:
Accenture Plc:
The company offers recruitment process outsourcing solutions that help HR leaders achieve business outcomes through tailored solutions that embed data and analytics, artificial intelligence, and consumer-centric digital channels into the employee experience, under the brand name Accenture.
Alexander Mann Solutions:
The company offers recruitment process outsourcing solutions that design, build, and run a fully optimized talent acquisition capability, under the brand name Alexander Mann Solutions.
Allegis Group:
The company offers recruitment process outsourcing solutions that include talent acquisition strategy development, sourcing talent mapping, screening assessments selection, program performance tracking and reporting, internal candidate management, digital recruiting and social media strategy, and many more activities, under the brand name Allegis.
AMN Healthcare Services Inc.:
The company offers recruitment process outsourcing solutions that streamline permanent workforce planning and recruitment process through one efficient, agile solution by providing technology and data intelligence that enable sustainable, long-term improvement, under the brand name AMN Healthcare.
Automatic Data Processing Inc.:
The company offers recruitment process outsourcing solutions using data, experience, and scalability to help improve quality of hire and process efficiency, while managing complex business needs and aggressive timelines, under the brand name of ADP.
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Recruitment Process Outsourcing Market End-user Outlook (Revenue, USDBn, 2020-2025)
Recruitment Process Outsourcing Market Geography Outlook (Revenue, USD Bn, 2020-2025)
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Recruitment Process Outsourcing Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.51% |
Market growth 2021-2025 |
USD 4.55 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.34 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
North America at 41% |
Key consumer countries |
US, UK, Canada, Australia, and India |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Accenture Plc, Alexander Mann Solutions, Allegis Group, AMN Healthcare Services Inc., Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., Hudson Global Inc., Infosys Ltd., International Business Machines Corp., and Randstad Sourceright EMEA B.V. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
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SOURCE Technavio
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