USD 6098.9 million
Report ID: SQSG45B2015 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 63 | Figures: 75
Global Recruitment Process Outsourcing Market size was valued at USD 6098.9 million in 2021 and is poised to grow from USD 6502.65 million in 2022 to USD 11578.13 million by 2030, growing at a CAGR of 6.62% in the forecast period (2023-2030).
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.
Global Market Size
USD 6098.9 million
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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.
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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 Driver
Recruitment Process Outsourcing Market Restraint
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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 Global Recruitment Process Outsourcing Market
Recruitment Process Outsourcing Market Recent Development
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.
|Market size value in 2021||USD 6098.9 million|
|Market size value in 2030||USD 6502.65 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
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Product ID: SQSG45B2015