Recruitment Process Outsourcing Market Report
Recruitment Process Outsourcing Market by Type (Permanent Staffing, Flexible Staffing, and Others), End User (BFSI, IT & Telecom, ITES & BPO Healthcare, Manufacturing, Retail & E-commerce, and others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031
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Global Recruitment Process Outsourcing Market Analysis
The Global Recruitment Process Outsourcing Market Size was $4,809.7 million in 2021 and is predicted to grow with a CAGR of 19.1%, by generating a revenue of $26,392.3 million by 2031.
Global Recruitment Process Outsourcing Market Synopsis
Recruitment Process Outsourcing is the outsourcing of all or some company hiring activities. RPO includes entering into a contract with an external source that is expected to manage the recruiting on the company's behalf. . Most companies’ hiring requirements change every year, on the basis of established targets and goals. In these cases, determining the exact number of employees needed for maximum workplace efficiency might be difficult. This is something that a reputable RPO firm can foresee and manage with ease. Long-term success requires firms to swiftly adjust to the ever-changing business landscape. When there are delays in employing the talented and imaginative individuals required to achieve objectives, exceeding, or at least keeping up with rival enterprises becomes a severe issue. Outsourcing the process to an independent RPO provider can alleviate this problem by delivering the greatest quality, job-specific hiring alternatives in the least amount of time, which is anticipated to drive market expansion during the forecast period.
Recruitment process outsourcing might be a suitable alternative for a firm looking for strategic solutions to handle its hiring needs. One of the security risks that firms face when outsourcing their recruiting procedures is the possibility that potential workers are not fully verified by the recruitment agency. With recruiting firms often dealing with thousands of applications daily, it is impossible and illogical to expect each potential applicant to be carefully evaluated. These factors are projected to hamper the growth of the recruitment process outsourcing market.
RPO is a workforce solution in which a company outsources all or a portion of its permanent recruitment activities to an outside firm. Although the idea of outsourcing the hiring process is not new, its use has been continuously growing, especially in industries that hire in large quantities. Today's RPO providers leverage novel sourcing techniques, recruitment technology, and talent analytics to offer businesses with the employees they require. They support businesses in finding, screening, engaging, hiring, and onboarding the best employees while fostering business agility.
According to regional analysis, the Asia-Pacific Recruitment Process Outsourcing market accounted for the highest revenue in 2021 and is expected to remain the dominant sector during the forecast period. The rate of growth in Asia-Pacific is notably faster than that of other regions. The volume of new deals has also increased significantly during the past few years due to the fact that many deals involving Asia-Pacific are multi-country in nature.
Recruitment Process Outsourcing Overview
According to the Recruitment Process Outsourcing Association, recruitment process outsourcing (RPO) is a type of business process outsourcing (BPO) in which an employer transfers all or a portion of its hiring procedures to an outside service provider (RPOA). An RPO provider may offer its own resources or take over the company's personnel, technology, working methods, and reporting. In every instance, RPO is very different from service providers such as staffing firms and contingent/retained search providers as it takes ownership of the planning and management of the hiring process as well as accountability for the outcomes.
COVID-19 Impact on Global Recruitment Process Outsourcing Market
The effects of COVID-19 on businesses are unavoidable; they have negatively impacted everything from the economy to the ability of enterprises and organizations to survive in a challenging period. Companies look for innovative approaches to maintain smooth operations. Hiring someone to maintain everything is a difficult task. The recruitment process finds the open positions, issues a call for applications, evaluates the job requirements, reviews the applications, screens, & lists, and chooses the best applicant for the position. Organizations are using COVID-19's fairway, and their employees are working remotely. Web-based technology is used in electronic recruiting, also known as online recruitment, to find, assess, choose, and onboard job candidates.
It is a system that aids a business with online processes and recruitment chores to increase productivity, decreases time-to-fill, lowers hiring costs, and enhances the overall talent profile of an organization. Getting someone to take care of everything is a challenging task. In the recruitment process, open positions are identified, a call for applications is issued, the job requirements are assessed, applications are reviewed, screened, & listed, and the best candidate is selected for the position.
Growing Applications of Recruitment Process Outsourcing in Industrial Sector to Drive the Market Growth
RPO is necessary to continuously provide corporate value while reducing operational expenses whenever possible. As a result, organizations are aggressively pursuing RPO services in order to lower the cost per hiring. When a company grows into a new product category or area of the world, recruiting must increase significantly. Similarly, during economic downturns, worker retrenchment is required. Such inequalities are costly for any business. To address such market asymmetries, RPO partners expedite the recruiting process.
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Growing of Lack of communication Over Recruitment Process Outsourcing to Restrain the Market Growth
Many temporary employment companies and remote recruiters refer to themselves as RPO service providers when they are not. Hiring them appears to be a cost-effective solution as they may even be successful for entry-level employment. However, it may not always be effective in the long run, especially when searching for senior and executive-level positions that demand highly skilled and well-matched applicants. As recruitment process outsourcing involves more than just filling unfilled positions, it is vital to undertake due diligence on the service provider prior to outsourcing.
The use of Recruitment Process Outsourcing to increase scalability drives excellent Opportunities
There are no organizations that can avoid the time-consuming process of recruiting. It entails a multitude of stages, from initial screening to many rounds of assessment and background checking.HR personnel is unable to keep up with industry trends, necessitating the outsourcing of the employment process to RPO providers who use technology-based platforms. These internet platforms save hiring time by around 40%. Companies have built an effective selection process that promotes the brand and minimizes recruiting time using AI, video interviewing, and selection methodologies.
To know more about global Recruitment Process Outsourcing market opportunities, get in touch with our analysts here.
Global Recruitment Process Outsourcing Market, by Type
By type, the market has been divided into permanent staffing, flexible staffing, and others. Among these, the flexible staffing segment accounted for the highest market share in 2021 whereas the flexible staffing segment is estimated to show the fastest growth during the forecast period.
Global Recruitment Process Outsourcing Market Size, by Type, 2021
Source: Research Dive Analysis
By type, the flexible staffing segment is anticipated to have a dominant market share and generate a revenue of million in 2021. As the name implies, flexible staffing involves replacing some of an organization's regular and permanent employees with staff or workforce. It is a method that aids in filling open positions by enlisting temporary, part-time, or independent workers for a particular position.
The Permanent Staffing segment is anticipated to show the fastest growth and shall generate a revenue in million in 2021. As a result, permanent employees are more devoted to the company or the business. Owing to its advantages and benefits, it is sought after by many job seekers. Permanent hiring is therefore common in the public sector. The hiring organizations should consider their needs and make staffing decisions accordingly.
Global Recruitment Process Outsourcing Market, by end-use
By end user, the market is divided into BFSI, IT & Telecom, ITES & BPO, Healthcare, Manufacturing, Retail & E-Commerce, and others. Among these, the IT & Telecom segment accounted for highest revenue share in 2021.
Global Recruitment Process Outsourcing Market Share, by End User, 2021
Source: Research Dive Analysis
The IT and Telecom segment is anticipated to have a dominant market share and generate a revenue of million in 2021. IT and telecommunications are essential components of corporate environment. Companies all across the world have used technological advancements to transform their day-to-day operations. Efficient telephony has tremendously aided businesses in making better use of their time. Time has always been an important factor in the success of any company. It can decide a company's success or failure.
Global Recruitment Process Outsourcing Market, Regional Insights
The Recruitment Process Outsourcing market was analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Global Recruitment Process Outsourcing Market Size & Forecast, by Region, 2021-2031 ($ Million)
Source: Research Dive Analysis
The Market for Recruitment Process Outsourcing in Asia-Pacific is expected to be the Most Dominant
RPO is expanding in Asia-Pacific at a rate that is significantly faster than that of other regions. It is expanding as a result of the recent, sharp increase in the number of new deals signed. While value-added services are still not widely used in Asia-Pacific, there are hints that they are "leapfrogging" to incorporate components such as analytics (to reduce early hire attrition).
The rate of growth in Asia-Pacific is notably faster than that of other regions. The volume of new deals has increased significantly during the past few years due to the fact that many deals involving the Asia-Pacific are multi-country in nature,
Competitive Scenario in the Global Recruitment Process Outsourcing Market
Product and mergers and Acquisitions are common strategies followed by major market players. According to Everest Group of company, the Recruitment Process Outsourced (RPO) sector is one of the outsourcing segments that is expanding the quickest right now, with growth continuously exceeding 15% over the previous three years. Despite the fact that RPO solutions have been gradually changing for almost 20 years, the adoption of next-generation technologies is predicted to surge and drastically alter the RPO market landscape in the near future, adding fuel to the flames of an already flaming RPO market.
Source: Research Dive Analysis
Some of the leading Recruitment Process Outsourcing market players are Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global Inc., IBM Corporation, Randstad Holdings NV, ADP LLC, Advantage Resourcing America Inc., Orion Talent, Kelly Outsourcing and Consulting Group, and Cielo Inc.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by End User
Key Companies Profiled
Q1. What is the size of the global Recruitment Process Outsourcing market?
A. The size of the global Recruitment Process Outsourcing market was over $4,809.7 million in 2021 and is projected to reach $26,392.3 million by 2031.
Q2. Which are the major companies in the Recruitment Process Outsourcing market?
A. Alexander Mann Solutions, ManpowerGroup Solutions and Hudson Global Inc., are some of the key players in the global Recruitment Process Outsourcing market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. Asia-Pacific possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific Recruitment Process Outsourcing market?
A. Asia-Pacific Recruitment Process Outsourcing market is anticipated to have the highest growth rate during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Product and merge acquisition are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. Alexander Mann Solutions, ManpowerGroup Solutions, and Hudson Global Inc. are the companies investing more on R&D activities for developing new products and technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on Global Recruitment Process Outsourcing Market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on Recruitment Process Outsourcing market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Recruitment Process Outsourcing Market Analysis, by Type
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region
5.2.3.Market share analysis, by country
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region
5.3.3.Market share analysis, by country
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region
5.4.3.Market share analysis, by country
5.5.Research Dive Exclusive Insights
6.Recruitment Process Outsourcing Market Analysis, by End-use
6.1.1.Definition, key trends, growth factors, and opportunities
6.1.2.Market size analysis, by region
6.1.3.Market share analysis, by country
6.2.IT and Telecom
6.2.1.Definition, key trends, growth factors, and opportunities
6.2.2.Market size analysis, by region
6.2.3.Market share analysis, by country
6.3.ITES and BPO
6.3.1.Definition, key trends, growth factors, and opportunities
6.3.2.Market size analysis, by region
6.3.3.Market share analysis, by country
6.4.1.Definition, key trends, growth factors, and opportunities
6.4.2.Market size analysis, by region
6.4.3.Market share analysis, by country
6.5.Manufacturing Retail and E-Commerce
6.5.1.Definition, key trends, growth factors, and opportunities
6.5.2.Market size analysis, by region
6.5.3.Market share analysis, by country
6.6. Retail and E-Commerce
6.6.1.Definition, key trends, growth factors, and opportunities
6.6.2.Market size analysis, by region
6.6.3.Market share analysis, by country
6.7.1.Definition, key trends, growth factors, and opportunities
6.7.2.Market size analysis, by region
6.7.3.Market share analysis, by country
6.8.Research Dive Exclusive Insights
7.Recruitment Process Outsourcing Market, by Region
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
126.96.36.199.Market size analysis, by Type
188.8.131.52.Market size analysis, by End-user
7.1.4.Research Dive Exclusive Insights
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
126.96.36.199.Market size analysis, by Type
188.8.131.52.Market size analysis, by End-user
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
7.2.6.Rest of Europe
126.96.36.199.Market size analysis, by Type
188.8.131.52.Market size analysis, by End-user
7.2.7.Research Dive Exclusive Insights
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
126.96.36.199.Market size analysis, by Type
188.8.131.52.Market size analysis, by End-user
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
7.3.6.Rest of Asia Pacific
126.96.36.199.Market size analysis, by Type
188.8.131.52.Market size analysis, by End-user
7.3.7.Research Dive Exclusive Insights
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
126.96.36.199.Market size analysis, by Type
188.8.131.52.Market size analysis, by End-user
184.108.40.206.Market size analysis, by Type
220.127.116.11.Market size analysis, by End-user
7.4.5.Rest of LAMEA
18.104.22.168.Market size analysis, by Type
22.214.171.124.Market size analysis, by End-user
7.4.6.Research Dive Exclusive Insights
8.1.Top winning strategies, 2021
8.3.Market share analysis, 2021
9.1.Alexander Mann Solutions
9.3.Hudson Global Inc
9.5.Randstad Holdings NV
9.7.Advantage Resourcing America Inc.
9.9.Kelly Outsourcing and Consulting Group.
10.1.Parent & peer market analysis
10.2.Premium insights from industry experts
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