EXECUTIVE ENGAGEMENTS
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19092
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1909
Interactions with Platform & by Email
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382
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DATE
APR 2021
TABLES
63
PAGES
281
EDITION
16
PRICE
USD $5600
HIGHLIGHTS
Amid the COVID-19 crisis, the global market for Human Resource Outsourcing (HRO) estimated at US$32.8 Billion in the year 2020, is projected to reach a revised size of US$45.8 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027. Payroll Services, one of the segments analyzed in the report, is projected to record a 4.1% CAGR and reach US$21.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Benefits Administration Services segment is readjusted to a revised 5.2% CAGR for the next 7-year period.
The Human Resource Outsourcing (HRO) market in the U.S. is estimated at US$9.7 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.2 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 4.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.
In the global Education & Training Services segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.5 Billion in the year 2020 will reach a projected size of US$3.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.1 Billion by the year 2027.
SELECT PLAYERS
Accenture Plc; ADP LLC; Aon Hewitt; Ceridian HCM, Inc.; CGI Group, Inc.; Cielo, Inc.; Equifax, Inc.; General Outsourcing Co., Ltd.; IBM Corp.; Infosys BPM Ltd.; Intuit, Inc.; Kronos, Inc.; Mercer, LLC; NGA Human Resources; Paychex, Inc.; Randstad Holding NV; The ADECCO Group; Ultimate Software Group, Inc.
SEGMENTS
» Service Type (Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing, Other Service Types)
GEOGRAPHIES
» World » United States » Canada » Japan » China » Europe » France » Germany » Italy » United Kingdom » and Rest of Europe » Asia-Pacific » Rest of World
TABLE OF CONTENTS
| I. METHODOLOGY |
| II. EXECUTIVE SUMMARY |
| 1. MARKET OVERVIEW |
| Influencer Market Insights |
| World Market Trajectories |
| Recent Market Activity |
| A Prelude |
| HRO - A Rapidly Growing BPO Segment |
| Snapshots |
| Growth Drivers |
| Growth Restraints |
| Market Outlook |
| Growth Opportunities in Service Segments |
| Emerging Markets to Drive Future Growth |
| Cost Reduction: Finding Favor Again in Difficult Times |
| Need for Regulatory Compliance Drives Adoption of HRO Services |
| Lowering Risk Levels & Simpler HRO Engagements - Key Growth Drivers |
| Multi-Process HRO (MPHRO): Favorable Prospects in the Long Run |
| Shift towards Cloud-based Platforms Drives MPHRO Market |
| More Organizations Gravitate towards HR Outsourcing |
| Factors Creating Need for HR Outsourcing |
| Future of HR Outsourcing |
| Key Considerations |
| Sourcing Strategy/Model: Means to Achieve Business Process |
| Impact of Covid-19 and a Looming Global Recession |
| 2. FOCUS ON SELECT PLAYERS |
| Accenture Plc (Ireland) |
| Adecco Group AG (Switzerland) |
| ADP LLC (USA) |
| Aon Hewitt (USA) |
| Cielo, Inc. (USA) |
| Ceridian HCM, Inc. (USA) |
| CGI Group, Inc. (Canada) |
| Equifax, Inc. (USA) |
| General Outsourcing Co., Ltd. (Thailand) |
| Infosys BPM Ltd. (India) |
| International Business Machines Corporation (USA) |
| Intuit, Inc. (USA) |
| Kronos, Inc. (USA) |
| Mercer, LLC (UK) |
| NGA Human Resources (UK) |
| Paychex, Inc. (USA) |
| Randstad Holding NV (The Netherlands) |
| Ultimate Software Group, Inc. (USA) |
| 3. MARKET TRENDS & DRIVERS |
| Noteworthy Trends Influencing the HR Outsourcing Market |
| Continuous Adoption of Services Propels HRO Industry |
| Cloud - The Preferred Platform for HRO |
| BPaaS - A Growing Trend |
| Cloud-Based Recruitment Software Rises in Popularity |
| HRO Analytics Gain Prominence in HR Management & Administration |
| Predictive Analytics - An Indispensable tool for HR |
| Robotic Automation Makes In Roads in HRO Industry |
| Trend towards Process Convergence |
| Moving to a 'Transformational-Transfer' Model |
| Focus Grows on Small and Mid-Size Companies |
| Select HR Outsourcing Trends Related to Small Businesses |
| HR BPO Redefines HR Profession |
| End-to-End Services: Rise in HRO |
| Demographic Changes Support HRO Growth |
| Selective Approach Finds Favor |
| Offshore HR BPO: Driving Cost-Effectiveness |
| Focus on Business Process Improvement Gains Momentum |
| PEO Concept Gains Strength |
| Benefits and Drawbacks of PEO |
| Recruitment Process Outsourcing - Gaining Wider Attention |
| Factors Driving Growth in the RPO Market |
| Key Recruitment Process Functions Outsourced by Order of Importance |
| RPO Sector Registers Growth in Number of Deals |
| Offshoring of RPO Services Picks Up Pace |
| Talent Acquisition - Changing Definition of RPOs |
| Digitization of Talent Acquisition Process |
| Payroll Outsourcing Services Rise in Adoption |
| Multi-Country Payroll Outsourcing - A High Growth Market |
| Benefits Administration: Offering Potential Growth Opportunities for Outsourcing |
| Trend towards Health & Welfare Services Drives Growth in BAO |
| Workforce Management Outsourcing Gains Pace |
| Learning Outsourcing Services - Fulfilling Training Requirements |
| Market Challenges |
| Challenges in HR Transformation |
| HRMS: A Competitor for HRO Market |
| 4. GLOBAL MARKET PERSPECTIVE |
| World Current & Future Analysis for Human Resource Outsourcing (HRO) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| World Historic Review for Human Resource Outsourcing (HRO) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| World 15-Year Perspective for Human Resource Outsourcing (HRO) by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2012, 2020 & 2027 |
| World Current & Future Analysis for Payroll Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| World Historic Review for Payroll Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| World 15-Year Perspective for Payroll Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027 |
| World Current & Future Analysis for Benefits Administration Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| World Historic Review for Benefits Administration Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| World 15-Year Perspective for Benefits Administration Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027 |
| World Current & Future Analysis for Education & Training Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| World Historic Review for Education & Training Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| World 15-Year Perspective for Education & Training Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027 |
| World Current & Future Analysis for Recruitment Process Outsourcing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| World Historic Review for Recruitment Process Outsourcing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| World 15-Year Perspective for Recruitment Process Outsourcing by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027 |
| World Current & Future Analysis for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| World Historic Review for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| World 15-Year Perspective for Other Service Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2012, 2020 & 2027 |
| Market Outlook |
| III. MARKET ANALYSIS |
| UNITED STATES |
| USA Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| USA Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| USA 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| CANADA |
| Canada Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Canada Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Canada 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| JAPAN |
| Japan Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Japan Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Japan 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| CHINA |
| China Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| China Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| China 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| EUROPE |
| Europe Current & Future Analysis for Human Resource Outsourcing (HRO) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR |
| Europe Historic Review for Human Resource Outsourcing (HRO) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Europe 15-Year Perspective for Human Resource Outsourcing (HRO) by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2012, 2020 & 2027 |
| Europe Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Europe Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Europe 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| FRANCE |
| France Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| France Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| France 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| GERMANY |
| Germany Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Germany Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Germany 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| ITALY |
| Italy Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Italy Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Italy 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| UNITED KINGDOM |
| UK Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| UK Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| UK 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| REST OF EUROPE |
| Rest of Europe Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Rest of Europe Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Rest of Europe 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| ASIA-PACIFIC |
| Asia-Pacific Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Asia-Pacific Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Asia-Pacific 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| REST OF WORLD |
| Rest of World Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR |
| Rest of World Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2012 through 2019 and % CAGR |
| Rest of World 15-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2012, 2020 & 2027 |
| IV. COMPETITION |
| Total Companies Profiled: 188 |
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