IMARC Group, a leading market research company, has recently releases report titled “Recruitment Process Outsourcing (RPO) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global recruitment process outsourcing (RPO) market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the recruitment process outsourcing (RPO) market?
The global recruitment process outsourcing (RPO) market size reached US$ 6.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.98 Billion by 2028, exhibiting a growth rate (CAGR) of 18.25% during 2023-2028.
What are recruitment process outsourcing (RPO)?
Recruitment process outsourcing (RPO) refers to the delegation of an organization's recruitment functions to an external service provider. This comprehensive approach includes a variety of services ranging from candidate sourcing, screening, and assessment to onboarding and employee retention strategies. RPO solutions are designed to streamline the hiring process, reduce time-to-fill for vacancies, and improve the quality of hires. They can also offer scalable recruitment capabilities, customizable to fluctuating hiring needs. Through advanced applicant tracking systems and data analytics, RPO providers can offer actionable insights for talent acquisition and workforce planning.
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What are the growth prospects and trends in the recruitment process outsourcing (RPO) industry?
The increasing focus on core competencies within organizations represents one of the key factors driving the market growth of RPO worldwide. In line with this, outsourcing the recruitment process allows businesses to concentrate on their primary functions, thereby enhancing overall productivity. In addition to this, advancements in data analytics and artificial intelligence are enabling more effective talent mapping and predictive analytics, is boosting the market growth.
Besides this, the need for cost reduction and operational efficiency in the recruitment cycle, which RPO effectively addresses, is significantly contributing to the market growth. Along with this, organizations are increasingly recognizing the value of a skilled and culturally aligned workforce, therefore the emphasis on quality hires is becoming a significant growth inducing factor for the RPO market. Apart from this, the rise of digital platforms specializing in HR technologies has simplified the procurement process for RPO services, is fueling the market growth. Furthermore, the growing awareness among businesses about the strategic impact of effective recruitment on organizational success is fostering the growth of the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- Alexander Mann Group Limited
- Automatic Data Processing
- Cielo Inc.
- Hudson Global Inc.
- IBM Corporation
- Korn Ferry
- ManpowerGroup
- PeopleScout Inc. (Trueblue Inc.)
- Pontoon Solutions Inc. (The Adecco Group)
- Randstad N.V.
- Sevenstep
- WilsonHCG
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- On-demand RPO
- Function-based RPO
- Enterprise RPO
Service Insights:
- On-site
- Off-site
Enterprise Size Insights:
- Small and Medium Enterprises
- Large Enterprises
End Use Insights:
- BFSI
- Healthcare
- Manufacturing
- IT and Telecom
- Education
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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