Increasing Dependence To Fulfill Tasks To Hamper Growth Of Global Human Resource Outsourcing Market

MarketResearchReports.biz has recently announced the inclusion of a new market research report to its comprehensive collection of research studies. The research report, titled “Global Human Resource Outsourcing Market 2016-2020,” offers an in-depth analysis of the market, focusing on the product segmentation, major geographical segments, major growth drivers, barriers, and vendor analysis.

According to the research report, the global market for human resource outsourcing is projected to register a progressive 12.74% between 2016 and 2020. The growing adoption of cloud-based human resource outsourcing is projected to create potential opportunities for the major players operating in the market worldwide.

Human resource outsourcing is a relatively new concept wherein a contracting enterprise tasks an external service provider with some or all of its core HR duties, including payroll, recruitment, employee policies, pension and health benefits administration, compensation and benefits administration, training and development, and compliance management. This is done primarily to cut down on costs and enhance business productivity. Cost reduction is one of the major factors fuelling the growth of the global market for human resource outsourcing. However, the loss of control over HR operations is causing several companies to reconsider outsourcing HR operation. This is adversely impacting the growth plans of major players in the market.

By end use, the global market for human resource outsourcing has been divided into manufacturing, BFSI, services, and others. In 2015, the BFSI segment dominated the market, accounting for a 35% share in the global market for human resource outsourcing. The present economic volatility worldwide is exerting a lot of pressure on financial organizations to redefine their operating models and business policies, which might include HR outsourcing. In addition, the growing awareness regarding human resource outsourcing and rising costs owing to employment regulations and changing labor laws are some of the key factors expected to augment the growth the BFSI segment in the global market for human resourcing outsourcing.

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In 2015, the Americas dominated the market, holding a 44% share in the global market for human resource outsourcing. The rapid growth of this region can be attributed to the growing need to reduce some costs in HR activities, including payroll and recruitment services. The North America market for human resource outsourcing is expected to contribute significantly throughout the forecast period, owing to the growing need for better alignment between businesses and HR, managing compliance, and access to the required skills and innovative technology.

Furthermore, the research study covers the vendor analysis and throws light on the competitive landscape of the global market for human resource outsourcing. The prominent players operating in the market include IBM, Accenture, ADP, Northgate Information Solutions, and Aon Hewitt. Detailed profiles of these players have been included in the scope of the research report along with a SWOT analysis to offer a clear picture of the market. Some of the other key players mentioned in the research study are HCL, Affiliated Computer Services, General Outsourcing, Paychex, HP, ExcellerateHRO, Adecco, and MidlandHR.

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