Recruitment Process Outsourcing Market 2024 : Report Highlights, Industry Trends, Regional Overview And Outlook 2033

Overview and Scope

Recruitment process outsourcing (RPO) is a business strategy where an organization outsources some or all of its recruitment processes to an external service provider. The primary goal of recruitment process outsourcing is to enhance the efficiency and effectiveness of the recruitment function by leveraging the expertise and resources of a specialized third-party provider. It enables organizations to focus on their core business activities while accessing external expertise and resources to drive more efficient and effective recruitment outcomes.

Sizing and Forecast

The recruitment process outsourcing market size has grown rapidly in recent years. It will grow from $6.05 billion in 2023 to $7.00 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to focus on core competencies, globalization and talent access, rise of remote work, compliance and regulatory challenges.

The recruitment process outsourcing market size is expected to see rapid growth in the next few years. It will grow to $12.71 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to talent shortages and skill gaps, flexibility and scalability, enhanced candidate experience, data-driven decision-making, and innovations in recruitment technologies. Major trends in the forecast period include AI and automation integration, virtual recruitment platforms, enhanced employee value proposition (EVP), human-centric ai, talent pooling and pipelining.

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Segmentation & Regional Insights

The recruitment process outsourcing market covered in this report is segmented –

1) By Type: On-Demand, Function-Based, Enterprise-Based

2) By Service : On-Site, Off-Site, , , , , , , , By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises

3) By End-Use: Banking, Financial Services And Insurance, Healthcare, Manufacturing, Information Technology (IT) And Telecommunication, Education, Other End-users

North America was the largest region in the recruitment process outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the recruitment process outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The rise in remote work culture is expected to propel the growth of the recruitment process outsourcing market going forward. Remote work culture refers to the shift in organizational norms and practices that enable employees to perform their duties outside a traditional office setting, often from their homes or other remote locations. The rise in remote work culture is due to the desire for increased work-life balance, cost savings for both employers and employees and advancements in technology that enable seamless remote collaboration. Remote work eliminates geographical barriers, allowing organizations to access a larger and more diverse talent pool. Recruitment process outsourcing providers can leverage their expertise and resources to source candidates from various locations, increasing the likelihood of finding the best-fit talent for remote positions. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, around 12.7% of full-time employees worked from home in 2023, while 28.2% will use a hybrid model in the US. Further, it is expected that 32.6 million people will be working remotely by 2025. Therefore, the rise in remote work culture is driving the growth of the recruitment process outsourcing market.

Key Industry Players

Major companies operating in the recruitment process outsourcing market are Accenture Plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Ltd., Randstad N.V., The Adecco Group AG, ManpowerGroup Inc., Infosys Ltd., Allegis Group Inc., Aon Hewitt LLC, Hays plc, AMN Healthcare Services Inc., Kelly Services Inc., Pontoon Solutions Inc., Korn Ferry International, Advantage Resourcing America Inc., Alexander Mann Solutions Ltd., PeopleScout Inc, Kenexa Corporation, Sevenstep RPO LLC, Hudson Global Inc., Orion Talent LLC, Atterro Human Capital Group, Accolo Inc.

The recruitment process outsourcing market report table of contents includes: