According to BlueWeave Consulting, the Global Human Resource Outsourcing (HRO) Market is expected to grow at a significant rate during the forecast period. The Global Human Resource Outsourcing (HRO) Market is projected to reach the valuation of USD249.6 billion by the year 2026 by growing at a CAGR of 9.51 % during the forecast period 2019- 2026.
The global human resource outsourcing (HRO) market is projected to proliferate, owing to the surge in need of improved HR departments, efficient operations and, and the smooth, streamlined process. The need to reconcile business operations with changing HR policy framework and labor laws are also motivating the growth of global human resource outsourcing (HRO). The rise in the technology and innovations focus on the service provider boosting the commercial success of BPaaS as an HRO service delivery model.
Increase in adoption of cloud based technologies
The key driver for the global HR Outsourcing market is increase in adoption of cloud technologies such as SaaS technology (Software as a Service). Cloud-based payroll software solutions enables companies to improve and simplify their payroll functions compared to other business technologies. Cloud-based HR payroll software solution is automated and it further improves accuracy and efficiency. This solution gives an automated update when tax rates changes. This results to provide accurate payroll solution. SaaS-based model allows distribution/sharing of high costs for hardware, software and data center operations among the customers by the vendors; thus, allowing the customers to avail top of the line infrastructure at a fraction of the initial cost.
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Companies employing temporary employees as part of their workforce achieve greater flexibility in dealing with peaks and troughs in demand. Current production patterns, geared towards custom-made, enhance the company’s need for versatile HR Outsourcing.
Human Resources Outsourcing (HRO) Market: Competitive Landscape
The major market players in the Global Human Resources Outsourcing (HRO) are Accenture, ADP, IBM, Infosys, Randstad, Adecco S.A., Paychex, Inc., Kronos, Inc., Alight Solutions, Cielo Inc., Aon Hewitt LLC (USA), Automatic Data Processing, Inc., Capita HR Solutions, Ceridian HCM, Inc., CGI Group Inc., Empower Software Solutions, Inc., Fidelity Management and Research LLC, General Outsourcing Co, Ltd., Genesys, Hewlett-Packard Company, Intuit, Inc., Mercer, LLC, Xerox Corporation, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies
The objective of the Study:
To analyze and forecast the global Human Resources Outsourcing (HRO) market size of the market, in terms of value.
To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Human Resources Outsourcing (HRO) market into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America and their leading countries.
To outline, categorized and forecast the global Human Resources Outsourcing (HRO) market based on the Type, and Application.
To examine competitive developments like technological advancement, services, and regulative framework within the global Human Resources Outsourcing (HRO) Market.
To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Scope of the Report
- Payroll Outsourcing
- Benefits Administration Outsourcing
- Multi-process Human Resource Outsourcing
- Recruitment Process Outsourcing
- Learning Services Outsourcing
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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