Dublin, Jan. 07, 2021 (GLOBE NEWSWIRE) -- The "HR Advisory Services Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
HR Advisory Services Global Market Report 2020-30: COVID-19 Growth and Change provides the strategists, marketers and senior management with the critical information they need to assess the global hr advisory services market.
Major players in the HR advisory market are IBM Corporation, Mckesson Corporation, Dell, Tata Consultancy Services, Infosys Limited, Accenture PLC, Aon, Deloitte Touche Tohmatsu Limited, The Adecco Group and Marsh & McLennan Companies Inc.
The global HR advisory services market is expected to increase from $85.85 billion in 2019 to $86.82 billion in 2020 at a compound annual growth rate (CAGR) of 1.12%. The slow growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $106.75 billion in 2023 at a CAGR of 7.13%.
The HR advisory market consists of the sales of HR advisory services by entities (organizations, sole traders and partnerships) that provide advice on human capital matters and/or offerings revolving around the HR function. HR advisory services are generally used by two types of clients - those aiming to improve their HR function by redesigning HR processes and those undergoing transformations such as mergers and acquisitions to ensure the new human capital is trained.
In March 2020, Aon Plc, a London-based global provider of risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing, acquired Willis Towers Watson (WTW), the UK-based risk management, insurance brokerage, and advisory company, for $30 billion. The acquisition will strengthen Aon Plc's expertise in cybersecurity, intellectual property, climate change, and health solutions. The combined entity would work together in risk, retirement, and health businesses. Willis Towers Watson (WTW) is a London-based company that helps clients around the world in 140 countries in global advisory, HR consulting and software, broking, and other solutions.
The HR advisory services market covered in this report is segmented by type into compensation consulting; benefits consulting; human resources management consulting; actuarial consulting; strategic consulting; others. It is also segmented by service into integration & deployment; support & maintenance; training & consulting and by end-use into IT services; manufacturing; financial services; mining and oil and gas; construction; others.
Cybersecurity threats for the human resource department is a major factor hindering the growth of the HR advisory services market. A cybersecurity breach is costly and equally destructive for all organizations - big or small. According to Heimdal Security, cyber-crimes costs the global economy $100 billion every year and $17 million in the USA alone. HR professionals maintain extremely private and sensitive information such as social security number, date of birth, address, and bank details. In addition to this, according to the Forrester Analytics Global Business Technographics Security Survey 2019, 52% of enterprise network security decision-makers experienced at least one data breach in the last 12 months, and 44% of breaches were caused by employees who intentionally or not, exposed sensitive data to data thieves or hackers.
Organizations across the globe are focusing on creating a digital workplace using cloud services and AI, which is gaining significant popularity in the HR advisory market. The digital workplace is a modern concept using digital transformation to align technology to achieve organizational goals with operational efficiency. Cloud services and AI are important parts of the digital workplace helping in removing geographic barriers for improved collaboration, increased productivity and employee engagement, improved decision making, and also in optimizing costs.
The use of data-driven tools and analytics for employee engagement is a major driver contributing to the growth of the HR advisory services market. Employee engagement refers to a workplace approach that results in appropriate conditions for all the employees of the company to give their best performance every day by abiding by the values of the company with an enhanced feeling of their well-being. Professionals in human resource management are relying on data analytics and AI for key decisions.
Key Topics Covered:
1. Executive Summary
2. HR Advisory Services Market Characteristics
3. HR Advisory Services Market Size and Growth
3.1. Global HR Advisory Services Historic Market, 2015 - 2019, $ Billion
3.2. Global HR Advisory Services Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
4. HR Advisory Services Market Segmentation
4.1. Global HR Advisory Services Market, Segmentation by Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Compensation consulting
- Benefits Consulting
- Human resources management consulting
- Actuarial consulting
- Strategic consulting
- Other
4.2. Global HR Advisory Services Market, Segmentation by Service, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
4.3. Global HR Advisory Services Market, Segmentation by End-Use, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- IT Services
- Manufacturing
- Financial Services
- Mining and Oil & Gas
- Construction
- Others
5. HR Advisory Services Market Regional and Country Analysis
5.1. Global HR Advisory Services Market, Split by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
- IBM Corporation
- Mckesson Corporation
- Dell
- Tata Consultancy Services
- Infosys Limited
- Accenture PLC
- Aon
- Deloitte Touche Tohmatsu Limited
- The Adecco Group
- Marsh & McLennan Companies Inc
- Willis Towers Watson
- Hay Group
- Automatic Data Processing (ADP) Inc.
- Oracle Corporation
- Kronos Incorporated
- Randstad. Manpower
- Mercer
- ManpowerGroup
- SYNERGIE
- KORN FERRY
- KRONOS
- ROBERT WALTERS
For more information about this report visit https://www.researchandmarkets.com/r/e201qu
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