SAN FRANCISCO, Sept. 3, 2020 /PRNewswire/ -- 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.
Key suggestions from the report:
- 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
Read 124 page research report with ToC on "Recruitment Process Outsourcing Market Size, Share & Trends Analysis Report By Type (On-demand, Enterprise), By Service (On-site, Off-site), By Enterprise Size, By End Use, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/recruitment-process-outsourcing-rpo-market
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.
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)
- RPO Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- RPO End-Use Outlook (Revenue, USD Million, 2016 - 2027)
- IT & Telecom
- RPO Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South America
- 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
- Korn Ferry
- PeopleScout (TrueBlue Company)
- Pontoon Solutions
- Randstad N.V.
Find more research reports on Communication Services Industry, by Grand View Research:
- Business Process Outsourcing Market – Enhanced operational efficiency, improved customer service, innovation, and flexibility are some other factors that will bolster market growth over the forecast period.
- Customer Experience Management Market – Surging demand for personalized experience by customers across different industries is one of the key trends in escalating market growth.
- Mobile Marketing Market – Increasing use of smartphones to access online content coupled with the growing trend of location-based mobile marketing are expected to drive the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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