The global recruitment process outsourcing (RPO) market size is anticipated to account for USD 20.8 billion by 2027, according to a new report by Million Insights. The market is estimated to register over 18.0% CAGR over the forecast duration. Increasing need to streamline the recruitment processes and reduce the overall hiring cost is driving the market growth. In addition, the emergence of digital tools and the growing adoption of innovative technologies such as AI and machine learning have further transformed the hiring processes.
Technology is projected to play a key role in future recruitment. The use of AI is gaining traction among enterprises for screening and sourcing candidates. These technological advancements reduce human errors and help automate the hiring processes. Moreover, social media platform and data-driven recruitment are gaining traction among enterprises.
Large organizations are increasingly adopting RPO services owing to their global expansion and diversified business. Different countries have different rules regarding recruitment processes. Outsourcing services help in adhering to different rules across the globe while recruiting. In addition, large organizations have higher budgets for recruitment, which further, drive the adoption of RPO services.
North America and Europe led the RPO market in 2019 owing to the presence of leading enterprises in the regions. In addition, the U.S. is witnessing significant growth in the manufacturing and healthcare sectors, which in turn, is anticipated to drive the recruitment needs. The Asia Pacific also offers a lucrative growth opportunity for the industry players owing to growing manufacturing and IT hubs in countries such as China and India.
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Further key findings from the report suggest:
• Based on the type, the on-demand segment is projected to register the considerable growth in the market over the forecast duration.
• Depending on the service, the off-site segment held the highest share in the market of more than 65.0% in 2019.
• Large enterprises were dominant and accounted for more than 68.0% share in the market in 2019.
• On the basis of end-use, the BFSI sector held the dominant share in the market in 2019 owing to their changing business models.
Million Insights has segmented the global recruitment process outsourcing market based on type, service, enterprise size, end-use and region:
RPO Type Outlook (Revenue, USD Million, 2016 - 2027)
• On-demand RPO
• Function-based RPO
• Enterprise RPO
RPO Service Outlook (Revenue, USD Million, 2016 - 2027)
RPO Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
• Small & Medium Enterprises (SMEs)
• Large Enterprises
RPO End-Use Outlook (Revenue, USD Million, 2016 - 2027)
• IT & Telecom
RPO Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South America
• The Middle East & Africa
List of Key Players of Recruitment Process Outsourcing (RPO) Market
• ADP, Inc.
• Alexander Mann Solutions
• Cielo, Inc.
• Hudson Global Inc.
• IBM Corporation
• Korn Ferry
• PeopleScout (TrueBlue Company)
• Pontoon Solutions
• Randstad N.V.