Recruitment Process Outsourcing Market Size, Share, Growth Analysis, By Type(On-dem, RPO, Function-based RPO, Enterprise RPO), By Service(On-site, Cloud), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45B2105 | Region: Global | Published Date: April, 2024
Pages: 165 |Tables: 63 |Figures: 75

Recruitment Process Outsourcing Market Insights

Recruitment Process Outsourcing Market size was valued at USD 6098.9 million in 2019 and is poised to grow from USD 6502.65 million in 2023 to USD 11578.13 million by 2031, growing at a CAGR of 6.62% in the forecast period (2024-2031).

A company engages in recruitment process outsourcing (RPO) when it outsources all or a portion of its permanent hiring to a third party. In most cases, a provider serves as an outsourced HR or resourcing department for a business, offering a comprehensive hiring solution while onsite with the client. RPO is a subset of the Business Process Outsourcing (BPO) business in which a company outsources all or some of its recruitment-related operations to a third-party provider. Candidate screening, offer execution, job posting, and other crucial steps in the recruitment process are mostly covered by the vendors' RPO services.

RPO should not be confused with staffing services, since the latter entails competent management of the hiring process and accountability for the outcomes. RPO is a type of outsourcing when a company outsources all or a portion of its hiring procedures to an outside company. For your company, it primarily serves as an extension of the human resources department. There are several advantages to outsourcing to a skilled provider. It's a great way to maximize recruitment efforts that your human resources team might not have the time or capacity to do on their own.

RPO services are quickly gaining popularity since they enable the client company to focus on its core business operations and provide a significant decrease in overhead. The two main services provided by their suppliers are off-site and on-site. The general recruitment process outsourcing market is being fueled by consumers' increased preference for off-site services as a result of rapid globalization. Services for outsourcing the recruitment process have become a significant tool for reducing the rising attrition rate in a number of industrial sectors. A growing number of organisations are starting to select RPO services to specialize in their core competencies and cost reduction. Over the past few years, the global RPO market has benefited greatly from this trend. Additionally, the need for such services has increased due to the rise in the number of recent graduates and postgraduates. The use of cloud-based and web-based services and software is growing in popularity today, which helps to streamline RPO and, as a result, will help the recruitment process outsourcing industry grow. For fresh new businesses eager to enter the recruitment process outsourcing sector, this trend also offers enormous prospects. Selectivity, on the other hand, is a significant difficulty for service providers. They frequently find it challenging to understand the profile that the employer seeks and to be willing to adapt the approach to meet those expectations.

US Recruitment Process Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 6098.9 million

Largest Segment

Cloud

Fastest Growth

Cloud

Growth Rate

6.62% CAGR

Global Recruitment Process Outsourcing (RPO) Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)

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Recruitment Process Outsourcing Market Segmental Analysis

The global recruitment process outsourcing market has been segmented based on type, service, and region. Based on type, the recruitment process outsourcing market is segmented into on-demand RPO, function-based RPO, and enterprise RPO. Based on the service, the recruitment process outsourcing market is segmented into on-site and cloud. Based on region, the recruitment process outsourcing rpo market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Recruitment Process Outsourcing Market Analysis by Type

The on-demand recruitment process outsourcing market has a revenue share of over 25%. SMEs are becoming aware of the advantages provided by RPO providers and are appropriately utilizing the services for their hiring requirements. Due to financial restrictions, SMEs frequently favor affordable hiring practices. By offering adaptable, scalable, and affordable services on demand, on-demand RPO achieves this goal. Based on business demand, the firm can use this strategy to scale up or scale down its recruiting capabilities. As a result, the on-demand recruitment process outsourcing market is expanding and is anticipated to increase rapidly over the forecast period.

Business involvement RPO is a comprehensive outsourced recruitment solution typically offered for multi-year contracts. It is also known as full-scale or end-to-end recruitment process outsourcing. It is a flexible system that offers functions including candidate sourcing, screening, interview scheduling, onboarding, monitoring, and interviewing. This frees up enterprises to concentrate on their main business operations by lessening the burden of talent pooling. Fortune 500 firms in the developed economies of the U.S. and the U.K. have a high need for a full-scale RPO model for hiring against particular competencies.

Global Recruitment Process Outsourcing (RPO) Market by Service, 2021 (%)

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Recruitment Process Outsourcing Market Regional Insights

North America has accounted for a significant percentage of the global recruitment process outsourcing market. The area holds the distinction of being one of the first to use RPO services. The residence of numerous significant market participants fuels the region's development. The rising demand for RPO services in nations like France, Germany, the United Kingdom, and the Netherlands is the main factor fueling the expansion of the Europe region.

Due to the increasing penetration of small and medium-sized businesses and the increasing attention of large multinational corporations on increasing their presence in this region, Asia Pacific is emerging as a prospective market for RPO. The region's expansion is also being fueled by the improved economic conditions in nations like China and India.

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Recruitment Process Outsourcing Market Dynamics

Recruitment Process Outsourcing Market Driver

  • Services for outsourcing the recruitment process have become an important tool for reducing the rising attrition rate in a number of industrial sectors. More organizations have started to choose RPO services more frequently to concentrate on their core skills and cost reduction. Over the past few years, this tendency has significantly boosted the global RPO market. Additionally, there is a greater need for these services due to the rising number of recent graduates and postgraduates.
  • Additionally, the growing use of cloud-based and web-based software and services has streamlined RPO, which has benefited the recruitment process outsourcing market's expansion. Additionally, this pattern offers fantastic chances for new competitors wishing to enter the market for recruitment process outsourcing.

Recruitment Process Outsourcing Market Restraint

  • Service providers face a significant difficulty with selectivity. They frequently struggle to understand the profile that the company is looking for and to modify the procedure to meet their criteria.

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Recruitment Process Outsourcing Market Competitive Landscape

There are players in the recruitment process outsourcing market at the international, regional, and national levels. These businesses offer a wide range of services that are catered to different industries. Existing participants in the RPO market are being forced by the entry of new vendors to distinguish their solutions based on industries, skill sets, client organization size, high volume or specialty hiring, and geographic regions. The RPO business model is anticipated to change in the near future as a result of additional shared service center consolidation, an increase in blended services, and a rise in customized solutions to satisfy client requirements. It is anticipated that cutting-edge tools and technology will have a significant impact on how competitively the market's players are positioned.

Top Players in the Recruitment Process Outsourcing Market

  • Accenture plc
  • IBM Corporation
  • ManpowerGroup Solutions
  • Hudson Global, Inc.
  • Korn Ferry
  • Allegis Global Solutions
  • Randstad Sourceright
  • Alexander Mann Solutions
  • Hays plc
  • Pontoon Solutions
  • Seven Step RPO
  • PeopleScout
  • Adecco Group
  • Cielo Talent
  • Pinstripe, Inc.
  • WilsonHCG
  • Yoh, A Day & Zimmermann Company
  • Futurestep, a Korn Ferry Company
  • Allegis Group
  • TalentRISE for Executive Search.

Recruitment Process Outsourcing Market Recent Development

  • In August 2022, Cielo continues global expansion, and opens new office in India.
  • In March 2022, Kelly® Strengthens RPO practice with the acquisition of RocketPower.

Recruitment Process Outsourcing Key Market Trends

  • Employers are now looking at multi-Country RPOs who offer services in several geographic regions due to the rising demand for RPO services from multinational corporations. Due to the intense competition in the hiring market, it is getting harder for businesses to find top personnel, particularly for high-skilled positions. As a result, businesses are starting to see the advantages of investing in RPO service providers. Global businesses in these areas are looking for multi-country RPOs that can offer global governance and processes. RPO service providers are investigating the potential to increase process efficiencies by offshore and dispersing work through support offices established throughout the world in light of these changes. A more significant worldwide customer base can be served by existing RPOs and new entrants thanks to the Multi-Country RPO concept.

Recruitment Process Outsourcing Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, by insulation insight, the liquid segment dominated the global recruitment process outsourcing rpo market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the global recruitment process outsourcing market owing to the region's dvanced technological development and level of technical knowledge.

Report Metric Details
Market size value in 2019 USD 6098.9 million
Market size value in 2031 USD 11578.13 million
Growth Rate 6.62%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Type
    • On-dem, RPO, Function-based RPO, Enterprise RPO
  • Service
    • On-site, Cloud
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Accenture plc
  • IBM Corporation
  • ManpowerGroup Solutions
  • Hudson Global, Inc.
  • Korn Ferry
  • Allegis Global Solutions
  • Randstad Sourceright
  • Alexander Mann Solutions
  • Hays plc
  • Pontoon Solutions
  • Seven Step RPO
  • PeopleScout
  • Adecco Group
  • Cielo Talent
  • Pinstripe, Inc.
  • WilsonHCG
  • Yoh, A Day & Zimmermann Company
  • Futurestep, a Korn Ferry Company
  • Allegis Group
  • TalentRISE for Executive Search.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Recruitment Process Outsourcing Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Recruitment Process Outsourcing Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Recruitment Process Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Recruitment Process Outsourcing Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Recruitment Process Outsourcing Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Recruitment Process Outsourcing Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Recruitment Process Outsourcing Market size was valued at USD 6098.9 million in 2019 and is poised to grow from USD 6502.65 million in 2023 to USD 11578.13 million by 2031, growing at a CAGR of 6.62% in the forecast period (2024-2031).

There are players in the recruitment process outsourcing market at the international, regional, and national levels. These businesses offer a wide range of services that are catered to different industries. Existing participants in the RPO market are being forced by the entry of new vendors to distinguish their solutions based on industries, skill sets, client organization size, high volume or specialty hiring, and geographic regions. The RPO business model is anticipated to change in the near future as a result of additional shared service center consolidation, an increase in blended services, and a rise in customized solutions to satisfy client requirements. It is anticipated that cutting-edge tools and technology will have a significant impact on how competitively the market's players are positioned. 'Accenture plc', 'IBM Corporation', 'ManpowerGroup Solutions', 'Hudson Global, Inc.', 'Korn Ferry', 'Allegis Global Solutions', 'Randstad Sourceright', 'Alexander Mann Solutions', 'Hays plc', 'Pontoon Solutions', 'Seven Step RPO', 'PeopleScout', 'Adecco Group', 'Cielo Talent', 'Pinstripe, Inc.', 'WilsonHCG', 'Yoh, A Day & Zimmermann Company', 'Futurestep, a Korn Ferry Company', 'Allegis Group', 'TalentRISE for Executive Search.'

Services for outsourcing the recruitment process have become an important tool for reducing the rising attrition rate in a number of industrial sectors. More organizations have started to choose RPO services more frequently to concentrate on their core skills and cost reduction. Over the past few years, this tendency has significantly boosted the global RPO market. Additionally, there is a greater need for these services due to the rising number of recent graduates and postgraduates.

Employers are now looking at multi-Country RPOs who offer services in several geographic regions due to the rising demand for RPO services from multinational corporations. Due to the intense competition in the hiring market, it is getting harder for businesses to find top personnel, particularly for high-skilled positions. As a result, businesses are starting to see the advantages of investing in RPO service providers. Global businesses in these areas are looking for multi-country RPOs that can offer global governance and processes. RPO service providers are investigating the potential to increase process efficiencies by offshore and dispersing work through support offices established throughout the world in light of these changes. A more significant worldwide customer base can be served by existing RPOs and new entrants thanks to the Multi-Country RPO concept.

North America has accounted for a significant percentage of the global recruitment process outsourcing market. The area holds the distinction of being one of the first to use RPO services. The residence of numerous significant market participants fuels the region's development. The rising demand for RPO services in nations like France, Germany, the United Kingdom, and the Netherlands is the main factor fueling the expansion of the Europe region.

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