HRO BPO Market Segments 2024-2033 | Size, Share And Insights

Exploring the Global HRO BPO Market: A Comprehensive Overview

Insights into HRO BPO Market: Global Trends and Analysis

HRO BPO Industry - Key Market Dynamics and Trends

The hro bpo market size has grown steadily in recent years. It will grow from $98.41 billion in 2023 to $102.08 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to cost efficiency, focus on core competencies, globalization and expansion, compliance and risk management, scalability and flexibility, focus on employee experience.

The hro bpo market size is expected to see steady growth in the next few years. It will grow to $122 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to employee well-being programs, data security and privacy concerns, strategic workforce planning, remote work support, agility in hr operations, global talent management. Major trends in the forecast period include technology integration and automation, focus on employee experience, flexible service delivery models, digital transformation,agile workforce management.

Market Overview -
Human resource outsourcing (HRO) BPO refers to a practice where an organization contracts a third-party company to manage its human resources functions. Companies use human resource outsourcing to reduce costs and free up human resource specialists to concentrate on more strategic initiatives.

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The Growing Integration Of Cloud-Based Services Fuels Expansion In The Hro Bpo Market

The growing integration of cloud-based services is expected to boost the growth of the HRO BPO market going forward. Cloud services refer to hardware, software, or platforms that are hosted by outside suppliers and made accessible to customers online. A cloud-based HR system is used to handle applicants, look up resumes, generate reports, compute payroll, keep track of performance reviews, and retain employee data. Cloud-based HR aids in the elimination of the mountains of paperwork associated with a company's fundamental HR operations. Hence, the growing integration of cloud-based services will rise the demand for HRO BPO services. For instance, according to a report published by the International Data Corporation, a US-based provider of market intelligence, advisory services, and events for the information technology industry, in 2022, For cloud deployments, including dedicated and shared environments, spending on compute and storage infrastructure items increased by 17.2% year over year to $18.3 billion in the first quarter of 2022. (1Q22). Moreover, dedicated cloud infrastructure spending increased by 20.5% from the same quarter last year to $5.9 billion in Q22. 47.8% of the customized cloud infrastructure was set up on customer premises. Therefore, the growing integration of cloud-based services is driving the growth of the HRO BPO market.

Competitive Landscape -
Major companies operating in the hro bpo market report are Cielo Inc., International Business Machines Corporation, Mercer LLC, CGI Inc., Paychex Inc., Intuit Inc., Infosys Limited, Ceridian HCM Inc., HR Service Inc., General Outsourcing Co. Ltd., Aon PLC, Adecco Group, Automatic Data Processing Inc., Capita plc, Ultimate Kronos Group, ADP LLC, Equifax Inc., Kronos Inc., NGA Human Resources, Randstad NV, Alight Solutions LLC, Empower Retirement LLC., Fidelity Investments, HCL Technologies Ltd., Hewlett Packard Enterprise Company, NorthgateArinso Inc., Wipro Limited, Genpact Limited, Zalaris ASA. .

Strategic Partnerships Drive Competitive Edge For Major Players In The Hro Bpo Market

Major companies operating in the HRO BPO market are focused on adopting strategic partnerships to gain a competitive edge in the market. Such partnerships aid in providing comprehensive human resource outsourcing services to serve different purposes, including strategic alliances, client collaboration, vendor partnerships, and more. For instance, in February 2021, Transcosmos Inc., a Japan-based company that provides business process outsourcing services, partnered with Works Human Intelligence Co. Ltd. (WHI), a Japan-based human intelligence company, to form a business process outsourcing (BPO) service designed for the HR department with Works Human Intelligence Co. Ltd. Through this collaboration, the two businesses offer BPaaS (Business Process as a Service) by integrating Transcosmos' BPO services with WHI's integrated HR system, 'COMPANY'. Through their services, Transcosmos and WHI intend to help organizations focus on high-value operations, increase operational efficiency, and mitigate potential risks to business continuity from both internal and external sources.

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Key Segments -

The hro bpo market covered in this report is segmented -

1) By Type: Professional Employer Organizations (PEOs), Administrative Service Organizations (ASOs)
2) By Service: PO, BAO, MPHRO, RPO
3) By Application: Banking, Financial Services And Insurance (BFSI), Healthcare, IT, Hospitality, Retail, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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