Operators in the global HR and recruitment services sector are sensitive to shifts in corporate investment and job growth, hence industry performance is strongly correlated with the economic cycle. The sector is also vulnerable to the outsourcing of services for career counselling, outplacement, and other employment-related tasks. The demand for human resources (HR) and recruitment services is also influenced by other variables, such as the outsourcing of previously internal personnel functions.
The recruitment services segment consists of sales of employment services and associated items by firms (organisations, sole proprietors, partnerships) that publish employment openings and refer or place candidates for employment; offer executive search, recruiting, and placement services; supply workers to clients' enterprises for brief periods of time to replenish the client's workforce; or offer client human resources and human resource management services. Markets for executive search services, temporary help services, professional employer organisations, and employment placement agencies make up the segments of the employment services market.
The global HR and recruitment service market was worth USD 5.09 Billion in 2022 and is poised to amplify with a CAGR of 12.4%, thereby amassing a valuation of USD 13.25 Billion by 2030.
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Segmental Analysis Of Global HR And Recruitment Services Management Market:
Based On Type:
• Core HR
• Employee Collaboration and Engagement
• Recruiting
• Talent Management
• Workforce Planning and Analytics
• Others
The core HR segment is expected to account for the dominant share in the overall market revenue during the forecast period. This is primarily due to the growing need of organizations to automate their business processes related to human resource functions.
Based On Deployment:
• Hosted
• On-premise
On-premise deployment is expected to remain the most widely adopted method of deploying HR professional services. This deployment method allows largescale customization of products and services while increasing flexibility. Furthermore, it helps in improving cost-efficiency in terms of the total cost of ownership and setting up a control centre in an organization for coordinating and managing various tasks of human resource management (HRM).
Based On Enterprise Size:
• Large Enterprises
• Small Enterprises and Medium Enterprises
Small and medium enterprises (SMEs) are anticipated to emerge as the fastest-growing segment with a CAGR of 14.0% over the forecast period. The number of SMEs operating in developing economies such as China, India, and Japan is increasing at a rapid pace and are increasingly implementing robust solutions to optimize their business capabilities.
Based On End-User:
• Academia
• BFSI
• Government
• Healthcare
• IT and Telecommunication
• Manufacturing
• Retail
• Others
Global HR and Recruitment Services Management Market: Geographical Analysis
The HR and Recruitment Services Management Market is further segmented into five major countries. North America, Europe, Asia-Pacific, MEA and Latin America.
North America dominated the global market in terms of revenue. Growth of the region can be due to the concentration of multiple providers of HR professional services and solutions. Increasing complexities of business operations due to the increasing workforce are encouraging companies to automate basic human resource operations, thereby, increasing demand for these services in the region.
Global HR and Recruitment Services Management Market: Competitive Landscape
ADP, Inc.; Oracle Corporation; SAP SE; Ultimate Software; Workday, Inc.; IBM Corporation; Kronos, Inc.; Skill soft; and Cornerstone On Demand, Inc. are some of the leading participants in the market. In August 2018, ADP acquired Celergo, a prominent provider of payroll management solutions. This strategic acquisition was aimed at enhancing ADP’s international payroll offerings.
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Frequently Asked Questions (FAQ):
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