HR Outsourcing and Consultancy Services Market Report 2024: Trends and Key Drivers

"The Business Research Company recently released a comprehensive report on the Global Human Resource (HR) Outsourcing And Consultancy Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The human resource (HR) outsourcing and consultancy service market size has grown strongly in recent years. It will grow from $49.71 billion in 2023 to $53.80 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing globalization, growth in digital transformation initiatives, increasing concerns over data privacy, growth in the use of artificial intelligence, and increasing demand for outsourcing employee onboarding.

The human resource (HR) outsourcing and consultancy service market size is expected to see strong growth in the next few years. It will grow to $74.17 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing remote work, increasing number of startups, growing adoption of recruitment analytics, growing adoption of recruitment analytics, and growing adoption of digital technologies. Major trends in the forecast period include technological advancements, the adoption of AI, cloud-based HR management systems, hybrid workforce models, and cybersecurity solutions.

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Market Drivers and Trends:

The increasing number of startups is expected to propel the growth of the human resource (HR) outsourcing and consulting services market going forward. The number of startups is increasing due to advancements in technology, increased access to funding, and a growing desire for innovative and flexible work environments. HR outsourcing and consultancy services are crucial for startups to efficiently manage HR functions, ensure compliance, and focus on core business activities while accessing specialized expertise and resources. For instance, in February 2024, according to a report published by RSM UK, a UK-based accounting and auditing company, the UK saw a remarkable 22% increase in new technology company incorporations in 2023, reaching a record high of 51,017. This surge, up from 41,972 the previous year, underscores the resilience of the UK's tech sector. Therefore, the increasing number of startups drives the human resource (HR) outsourcing and consulting service market.

Major companies operating in the human resource (HR) outsourcing and consultancy service market are developing technologically advanced services, such as comprehensive payroll services, to ensure accurate and timely employee compensation. Comprehensive payroll services encompass the full spectrum of payroll management tasks, including payroll processing, tax calculations, compliance with regulations, and benefits administration, ensuring accurate and timely employee compensation. For instance, in March 2024, ADI Langue, a Singapore-based IT outsourcing and recruitment company, launched payroll outsourcing services. The services are known for their customizable solutions tailored to diverse business needs, scalability to support organizational growth, and use of advanced technology for accurate and efficient payroll management. They prioritize compliance and data security, ensuring adherence to regulations and protection of sensitive information. Clients also benefit from dedicated support from a team of experts committed to resolving queries and enhancing the overall payroll experience.

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Major Key Players of the Market:

Accentur*e plc, International Business Machines Corporation, Randstad N.V., Adecco Group AG, ManpowerGroup Inc., Infosys Limited, Automatic Data Processing Inc., Aon Hewitt, Wipro Limited, Robert Half International Inc., Insperity Inc., Acadia Healthcare Company Inc., Ceridian HCM Holding Inc., Oasis Outsourcing Holdings Inc., XcelHR, G&A Partners, Invedus, MSI Global Transformation Solutions, CPEhr, Astron Solutions, Liquid HR, Infiniti HR, Alliant HR Outsourcing

Human Resource (HR) Outsourcing And Consultancy Service Market 2024 Key Insights:

• The human resource (HR) outsourcing and consultancy service market size is expected to see strong growth in the next few years. It will grow to $74.17 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Startup Numbers Fuel Growth In HR Outsourcing And Consulting Services
• Innovative Payroll Solutions Drive Growth In HR Outsourcing Market
• North America was the largest region in the human resource (HR) outsourcing and consultancy service market in 2023

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