The HRO BPO by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s HRO BPO, 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.
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.
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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
Top Major Players:
Cielo Inc
International Business Machines Corporation
Mercer LLC
CGI Inc.
Paychex Inc
North America was the largest region in the HRO BPO market in 2023.
Major companies operating in the HRO BPO market are focused on adopting strategic partnerships to gain a competitive edge in the market. Such partnerships aid in providing comprehensive human resource outsourcing services to serve different purposes, including strategic alliances, client collaboration, vendor partnerships, and more. For instance, in February 2021, Transcosmos Inc., a Japan-based company that provides business process outsourcing services, partnered with Works Human Intelligence Co. Ltd. (WHI), a Japan-based human intelligence company, to form a business process outsourcing (BPO) service designed for the HR department with Works Human Intelligence Co. Ltd. Through this collaboration, the two businesses offer BPaaS (Business Process as a Service) by integrating Transcosmos’ BPO services with WHI’s integrated HR system, ‘COMPANY’. Through their services, Transcosmos and WHI intend to help organizations focus on high-value operations, increase operational efficiency, and mitigate potential risks to business continuity from both internal and external sources.
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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