Overview and Scope
Human resource outsourcing (HRO) BPO refers to a practice where an organization contracts a third-party company to manage its human resources functions. Companies use human resource outsourcing to reduce costs and free up human resource specialists to concentrate on more strategic initiatives.
Sizing and Forecast
The hro bpo market size has grown steadily in recent years. It will grow from $98.41 billion in 2023 to $102.08 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to cost efficiency, focus on core competencies, globalization and expansion, compliance and risk management, scalability and flexibility, focus on employee experience.
The hro bpo market size is expected to see steady growth in the next few years. It will grow to $122 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to employee well-being programs, data security and privacy concerns, strategic workforce planning, remote work support, agility in hr operations, global talent management. Major trends in the forecast period include technology integration and automation, focus on employee experience, flexible service delivery models, digital transformation,agile workforce management.
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Segmentation & Regional Insights
The hro bpo market covered in this report 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 2023. The regions covered in the hro bpo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing integration of cloud-based services is expected to boost the growth of the HRO BPO market going forward. Cloud services refer to hardware, software, or platforms that are hosted by outside suppliers and made accessible to customers online. A cloud-based HR system is used to handle applicants, look up resumes, generate reports, compute payroll, keep track of performance reviews, and retain employee data. Cloud-based HR aids in the elimination of the mountains of paperwork associated with a company’s fundamental HR operations. Hence, the growing integration of cloud-based services will rise the demand for HRO BPO services. For instance, according to a report published by the International Data Corporation, a US-based provider of market intelligence, advisory services, and events for the information technology industry, in 2022, For cloud deployments, including dedicated and shared environments, spending on compute and storage infrastructure items increased by 17.2% year over year to $18.3 billion in the first quarter of 2022. (1Q22). Moreover, dedicated cloud infrastructure spending increased by 20.5% from the same quarter last year to $5.9 billion in Q22. 47.8% of the customized cloud infrastructure was set up on customer premises. Therefore, the growing integration of cloud-based services is driving the growth of the HRO BPO market.
Key Industry Players
Major companies operating in the HRO BPO market are focused on developing advanced HRO BPO services to gain competitive advantage. Advanced HRO (Human Resources Outsourcing) BPO (Business Process Outsourcing) services encompass cutting-edge solutions that optimize and streamline HR functions through technology-driven processes, ensuring efficient talent management, payroll, and compliance. For instance, in January 2023, LiquidX Inc., a US-based financial technology solutions provider, in partnership with Broadridge Financial Solutions, a US-based fintech company, developed InBlock TradeOps, a business process outsourcing (BPO) service. HRO BPO providers can use InBlock TradeOps to automate and optimize the payroll process for their clients. With InBlock TradeOps, Broadridge’s outsourcing capabilities are combined with LiquidX’s technology to provide back and middle office solutions for the trade finance industry. The first comprehensive solution to concentrate on lending and investing in this credit asset class valued at trillions of dollars, InBlock TradeOps, removes all operational obstacles.
The hro bpo market report table of contents includes:
1. Executive Summary
2. HRO BPO Market Characteristics
3. HRO BPO Market Trends And Strategies
4. HRO BPO Market – Macro Economic Scenario
5. Global HRO BPO Market Size and Growth
….
31. Global HRO BPO Market Competitive Benchmarking
32. Global HRO BPO Market Competitive Dashboard
33. Key Mergers And Acquisitions In The HRO BPO Market
34. HRO BPO Market Future Outlook and Potential Analysis
35. Appendix
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