The HRO BPO Global Market Report 2023, provides comprehensive information on the HRO BPO market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s HRO BPO Global Market Report 2023, the market size is expected to grow from $94.34 billion in 2022 to $98.34 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global HRO BPO market size is expected to reach $112.50 billion in 2027 at a CAGR of 3.4%.
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Product innovation is the key trend gaining popularity in the HRO BPO market. Major companies operating in the HRO BPO market are focusing on developing innovative products. For instance, in August 2020, Unicorn HRO, a US-based company offering fully integrated and configurable human resources, and payroll solutions, launched a new payroll and human resources (HR) service for non-profit organizations. This service is unique as it makes use of Unicorn HRO’s iCON platform, an integrated cloud-based solution that centrally manages human resources tasks like talent management, payroll, benefits, and time and attendance. The new service is anticipated to simplify the coordination of payroll, tax services, and other HR duties like workforce management, time and attendance, and ACA compliance for non-profits. Additionally, personnel can examine and control their information, such as benefits, timesheets, and pay stubs, by having extensive employee self-service capabilities available.
The HRO BPO market 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
North America was the largest region in the HRO BPO market in 2022.
The table of contents in TBRC’s HRO BPO market report includes:
1. Executive Summary
2. HRO BPO Market Characteristics
3. HRO BPO Market Trends And Strategies
4. HRO BPO Market – Macro Economic Scenario
5. HRO BPO Market Size And Growth
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26. Africa HRO BPO Market
27. HRO BPO Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The HRO BPO Market
29. HRO BPO Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Cielo Inc
- International Business Machines Corporation
- Mercer LLC
- CGI Inc
- Paychex Inc
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