Recruitment Process Outsourcing Market Size Is Set To Grow By USD 11.41 Bilion From 2024-2028, Cost Reduction By Streamlining The Hiring Process Boost The Market- Technavio
Recruitment Process Outsourcing Market Size Is Set To Grow By USD 11.41 Bilion From 2024-2028, Cost Reduction By Streamlining The Hiring Process Boost The Market- Technavio . (MENAFN - PR Newswire) 
  
  
 
 NEW YORK, Nov. 25, 2024 /PRNewswire/ -- The globalrecruitment process outsourcing market size is estimated to grow by USD 11.41 billion from 2024-2028, according to ...
América - MenaFN
(MENAFN- PR Newswire) NEW YORK, Nov. 25, 2024 /PRNewswire/ -- The global

recruitment process outsourcing

size is estimated to grow by USD 11.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of

18.68%

during the forecast period. Cost reduction by streamlining the hiring process

is driving market growth,

with a trend towards

emergence of data analytics and artificial intelligence. However,

risk of overdependence on a single vendor

poses a challenge. Key market players include Accenture Plc, Adecco Group AG, Alexander Mann Solutions, Allegis Group, AMN Healthcare Services Inc., Automatic Data Processing Inc., Cielo Inc., Deloitte Touche Tohmatsu Ltd., Hays Plc, Hudson Global Inc., Infosys Ltd., International Business Machines Corp., Kelly Services Inc., Korn Ferry, ManpowerGroup Inc., Orion ICS LLC, PeopleScout Inc., Randstad Sourceright EMEA B.V., TrueBlue Inc., and WilsonHCG., ADP, Inc., IBM Corporation, Pontoon Solutions, Sevenstep, Fortune Media IP Limited Continue Reading







Technavio has announced its latest market research report titled Global recruitment process outsourcing market 2024-2028 Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Recruitment Process Outsourcing Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 18.68% Market growth 2024-2028 USD 11414.6 million Market structure Fragmented YoY growth 2022-2023 (%) 15.28 Regional analysis North America, APAC, Europe, Middle East and Africa, and South America Performing market contribution North America at 38% Key countries US, UK, Canada, Australia, and India, Germany, France, China, Japan, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, UAE Key companies profiled Accenture Plc, Adecco Group AG, Alexander Mann Solutions, Allegis Group, AMN Healthcare Services Inc., Automatic Data Processing Inc., Cielo Inc., Deloitte Touche Tohmatsu Ltd., Hays Plc, Hudson Global Inc., Infosys Ltd., International Business Machines Corp., Kelly Services Inc., Korn Ferry, ManpowerGroup Inc., Orion ICS LLC, PeopleScout Inc., Randstad Sourceright EMEA B.V., TrueBlue Inc., and WilsonHCG, ADP, Inc., IBM Corporation, Pontoon Solutions, Sevenstep, Fortune Media IP Limited

Market Driver

The Recruitment Process Outsourcing (RPO) market is experiencing significant growth due to the integration of data analytics and artificial intelligence. HR teams are utilizing vast amounts of data to make informed recruitment decisions, with tools like people analytics and recruitment analytics playing crucial roles. Data sources extend beyond traditional qualifications to include personality traits, with platforms like LinkedIn's Talent Insights employing big data analytics for enhanced statistical hiring. AI enhances candidate engagement through real-time communication and onboarding support, reducing the need for HR interaction and fostering market expansion.



The Recruitment Process Outsourcing (RPO) market is experiencing significant growth, with businesses increasingly relying on RPO services to manage their hiring needs. This trend is driven by the benefits RPO offers, such as cost savings, improved efficiency, and access to a larger talent pool. RPO providers use advanced technologies like AI and machine learning to streamline the recruitment process, making it more effective and productive. Additionally, RPOs offer customized solutions tailored to specific industries and companies, ensuring a better fit for the organization's hiring needs. Overall, the RPO market is poised for continued growth as more businesses recognize the value of outsourcing their recruitment processes.



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Market

Challenges



The reliance of organizations on a sole Recruitment Process Outsourcing (RPO) vendor for all recruitment activities can negatively impact business operations. Risk of confidential information exposure and strained relationships due to demanding behavior from RPO firms are concerns. Effective communication between RPO firms and clients is crucial to mitigate failures and strengthen partnerships. Overreliance on a single RPO vendor may hinder market growth during the forecast period. The Recruitment Process Outsourcing (RPO) market faces several challenges. Talent acquisition and retention are key concerns, requiring advanced technologies and strategies. Consistent with this, the need for cost-effective solutions and efficient processes is paramount. The use of technology, such as AI and machine learning, can streamline processes and improve candidate selection. However, the integration of these technologies with existing HR systems can be complex. Additionally, cultural fit and compliance with labor laws in various regions pose challenges. The RPO market must adapt to these challenges to provide effective and efficient solutions for businesses.

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Segment Overview



This recruitment process outsourcing market report extensively covers market segmentation by





1.1 IT and telecom

1.2 Manufacturing

1.3 BFSI

1.4 Healthcare 1.5 Others



2.1 Large enterprises 2.2 SMEs



3.1 North America

3.2 APAC

3.3 Europe

3.4 Middle East and Africa 3.5 South America

1.1

IT and telecom-

The global recruitment process outsourcing market is experiencing growth due to the adoption of just-in-time recruitment and SMAC technology. Just-in-time recruitment allows for faster response to client needs, optimizing resources, and tapping potential candidates. Wipro Infotech, for instance, implemented this approach to hire 900 people and secure larger projects. SMAC technology, such as Cognizant's cloud-based applicant-tracking system, offers benefits like language support, cost reduction, and social media integration. Despite the challenges posed by the COVID-19 pandemic, the market is expected to recover as businesses resume operations and focus on hiring again.

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Research Analysis

The Recruitment Process Outsourcing (RPO) market is experiencing significant growth due to the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies. RPO providers are assisting HR departments and resourcing teams in managing recruitment-related operations, from candidate sourcing and screening to offer execution. A written agreement between the HR department and the third-party RPO provider is crucial for the successful implementation of RPO services. The use of RPO suppliers enables organizations to access a larger pool of skilled workers, reducing the nightmare scenario of hiring freezes and backlogs. Job posting and recruitment are essential functions of RPO, ensuring that the right candidates are identified and selected for various roles within an organization.

Market Research Overview

The Recruitment Process Outsourcing (RPO) market refers to the practice of outsourcing the recruitment process to third-party service providers. This market has gained significant traction due to the benefits it offers, such as cost savings, improved efficiency, and access to a larger talent pool. RPO providers use various technologies and methodologies, including applicant tracking systems, social media recruiting, and artificial intelligence, to streamline the recruitment process. The RPO market caters to various industries and sectors, including IT, finance, healthcare, and retail. The services offered by RPO providers range from end-to-end recruitment solutions to project-based recruitment support. The market is expected to grow at a steady pace due to the increasing demand for flexible and efficient recruitment solutions.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation



End-user



IT And Telecom



Manufacturing



BFSI



Healthcare

Others

Type



Large Enterprises

SMEs

Service

Geography



North America



APAC



Europe



Middle East And Africa South America



7

Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:

[email protected]

Website:



SOURCE Technavio

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(MENAFN - PR Newswire) 
  
  
 
 NEW YORK, Nov. 25, 2024 /PRNewswire/ -- The globalrecruitment process outsourcing market size is estimated to grow by USD 11.41 billion from 2024-2028, according to ...
Recruitment Process Outsourcing Market Size Is Set To Grow By USD 11.41 Bilion From 2024-2028, Cost Reduction By Streamlining The Hiring Process Boost The Market- Technavio