Employer of Record Services market was valued at US$ 132.1 million in 2022 and is anticipated to reach US$ 196 million by 2029, witnessing a CAGR of 6.8% - valuates reports

The global Employer of Record Services market was valued at US$ 132.1 million in 2022 and is anticipated to reach US$ 196 million by 2029, witnessing a CAGR of 6.8% during the forecast period 2023-2029.

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An Employer of Record (EOR) is a third-party organization that takes responsibility for all formal employment tasks on behalf of another company. The EOR allows companies to legally and efficiently engage with overseas workers either in a new country or state, without having to set up a local entity or risk violating local employment laws. Hiring an EOR gives the client's company the opportunity to manage their time more efficiently and effectively. Employer of Record is legally responsible for paying employees, including dealing with employee taxes, benefits, insurance, visa application, and sponsorship applications and a great many other transactions and operations concerning human resources. In businesses expanding market, also come across terms: Professional Employment Organization (PEO) and Global Employment Organization (GEO). A Professional Employment Organization (PEO) also known as an International/Global PEO, allows an enterprise to hire employees in a foreign market without the need of setting up a local entity. Although quite similar to an Employer of Record, a PEO is a service firm that generally offers a more comprehensive range of HR services. A Global Employment Organization (GEO) has properties of an EOR but is more similar to a PEO, in that it allows for the administrative HR burden to be removed from a client and instead be managed by a Global Employment Organization. Some firms take Employer of Record (EOR) business same as PEO and we abide this attribution in corresponding situation.
The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Important employer of record services players in Global Market include Adecco, Randstad and Aquent, hold a share around 10%. North America is the largest market, occupied for around 40 percent. In term of type, aggregator model is the biggest segment with around 70% market share, in terms of end users, SMEs are the largest downstream market with a share about 70%.

This report aims to provide a comprehensive presentation of the global market for Employer of Record Services, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Employer of Record Services.
The Employer of Record Services market size, estimations, and forecasts are provided in terms of and revenue ($ millions), considering 2022 as the base year, with history and forecast data for the period from 2018 to 2029. This report segments the global Employer of Record Services market comprehensively. Regional market sizes, concerning products by type, by application, and by players, are also provided.

Segment by Type
Aggregator Model
Wholly Owned Infrastructure Model

Segment by Application
SMEs
Large Enterprises

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