Global Human Resource (HR) Outsourcing And Consultancy Service Market Projected to Grow at 8.2% CAGR, Reaching $80.21 Billion by 2029

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What Will the Human Resource (HR) Outsourcing And Consultancy Service Industry Market Size Be by 2025?_x000D_
The market size for human resource (HR) outsourcing and consultancy service has significantly expanded over the past few years. Anticipated to surge from $53.8 billion in 2024 to $58.39 billion in 2025, it will exhibit a compound annual growth rate (CAGR) of 8.5%. The expansion during the historic period is linked to the rise in globalization, digital transformation initiatives, concerns over maintaining data privacy, the increasing application of artificial intelligence, and the growing need for outsourcing employee onboarding._x000D_
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What's the Long-Term Growth Forecast for the Human Resource (HR) Outsourcing And Consultancy Service Market Size Through 2029?_x000D_
It is anticipated that the market size for human resource (HR) outsourcing and consultancy service will witness robust expansion in the coming years. By 2029, the market is projected to hit $80.21 billion, with a compound annual growth rate (CAGR) of 8.3%. Factors contributing to the predicted growth during the forecast period include the rise in remote working, an increased number of startup businesses, heightened use of recruitment analytics, and the adoption of digital technologies. Rooted in the forecast period are significant trends such as technological evolution, the integration of AI, the implementation of cloud-based HR management systems, hybrid workforce structures, and cybersecurity solutions._x000D_
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What Are the Key Growth Drivers Fueling the Human Resource (HR) Outsourcing And Consultancy Service Market Expansion?_x000D_
The surge in startups is anticipated to boost the expansion of the human resource (HR) outsourcing and consulting services market. This surge in startups is due to technological advancements, increased funding availability, and an emerging demand for flexible and innovative working environments. HR outsourcing and consulting services are integral for startups, enabling them to effectively administer HR operations, ensure compliance, and concentrate on primary business tasks while tapping into specialized expertise and resources. For example, a report from RSM UK, a UK-based accounting and auditing firm, revealed in February 2024 that the number of new technology company incorporations in the UK in 2023 had seen an impressive growth of 22%, reaching an all-time high of 51,017. This jump, from 41,972 the previous year, highlights the robustness of the UK's tech sector. Therefore, the rise in startups fuels the growth of the human resource (HR) outsourcing and consulting service market._x000D_
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What Are the Key Trends Driving Human Resource (HR) Outsourcing And Consultancy Service Market Growth?_x000D_
Leading firms in the HR outsourcing and consultancy service market are evolving by creating technologically improved services such as all-inclusive payroll services. These services guarantee precise and timely compensation for employees. Full-service payroll services take care of the entire range of payroll management duties, from payroll processing and tax computations to regulatory compliance and benefits management, ensuring employees are paid correctly and on time. For example, ADI Langue, an IT outsourcing and recruitment organization in Singapore, introduced their payroll outsourcing services in March 2024. These services stand out for their adaptability to cater to a variety of business requirements, scalability to facilitate organizational growth, and utilization of sophisticated technology for accurate and efficient payroll operations. They place a high priority on regulation compliance and data security, thereby conforming to legal requirements and securing confidential information. There is also a devoted team of experts to provide support to customers, answer questions, and elevate overall payroll handling experience._x000D_
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How Is the Human Resource (HR) Outsourcing And Consultancy Service Market Segmented?_x000D_
The human resource (HR) outsourcing and consultancy service market covered in this report is segmented - _x000D_
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1) By Type: Payroll Outsourcing, Recruitment Process Outsourcing, Benefits Administration Outsourcing, Others Types_x000D_
2) By Application: Small Enterprise, Large Enterprise, Medium Enterprise_x000D_
3) By Industry Vertical: Healthcare And Pharmaceuticals, Information Technology, Financial Services, Manufacturing, Retail And Consumer Goods_x000D_
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Subsegments:_x000D_
1) By Payroll Outsourcing: Full Payroll Processing Services, Payroll Tax Compliance Services, Payroll Reporting And Analytics_x000D_
2) By Recruitment Process Outsourcing: End-To-End Recruitment Services, Talent Sourcing And Screening, Onboarding Services_x000D_
3) By Benefits Administration Outsourcing: Employee Benefits Enrollment Services, Health And Wellness Program Management, Retirement Plan Administration_x000D_
4) By Other Types: Training And Development Outsourcing, HR Compliance And Regulatory Services, Performance Management Services, Employee Relations And Engagement Services_x000D_
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Which Companies Are Leading the Charge in Human Resource (HR) Outsourcing And Consultancy Service Market Innovation?_x000D_
Major companies operating in the human resource (HR) outsourcing and consultancy service market are accenture* 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 _x000D_
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Which Regions Are Leading the Global Human Resource (HR) Outsourcing And Consultancy Service Market in Revenue?_x000D_
North America was the largest region in the human resource (HR) outsourcing and consultancy service market in 2024. The regions covered in the human resource (HR) outsourcing and consultancy service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work."

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