Dublin, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The "HR Advisory Services Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
This report describes and evaluates the global HR advisory services market. It covers 2016-2021, termed the historic period, and the forecast periods of 2021-2026 and 2026-2031.
The global HR advisory services market reached a value of nearly $148.6 billion in 2021. The market is expected to grow from $148.6 billion in 2021 to $206.1 billion in 2026 at a rate of 6.8 %. The market is then expected to grow at a CAGR of 8.0% from 2026 and reach $302.8 billion in 2031.
Growth in the historic period resulted from strong economic growth in emerging markets, increased mergers and acquisitions, globalization, and a rise in research and development (R&D) investments. Factors that negatively affected growth in the historic period were an increase in unemployment rate, the COVID-19 pandemic, privacy and security issues, and accounting scandals.
Going forward, data analytics and AI, rising urbanization, technological advancements, and increasing focus on customer satisfaction will drive market growth. Factors that could hinder the growth of the HR advisory services market in the future include cyber security threats and higher costs.
The HR advisory services market is segmented by type into compensation consulting, benefits consulting, actuarial consulting, and strategic and other consulting. The compensation consulting was the largest segment of the HR advisory services market by type, accounting for $ 59.9 billion or 40.3% of the total market in 2021. The benefits consulting market is expected to be the fastest-growing segment going forward at a CAGR of 7.3%.
The HR advisory services market is segmented by service into integration and deployment, support and maintenance, and training and consulting. Support and maintenance was the largest segment of the HR advisory services market by service, accounting for $ 59.5 million or 40.1% of the total market in 2021. Training and Consulting market is expected to be the fastest-growing segment going forward at a CAGR of 7.0%.
The HR advisory services market is segmented by end-user into IT services, manufacturing, financial services, mining and oil & gas, construction, other services and others. Financial services was the largest segment of the HR advisory services market by services, accounting for $ 40.7 billion or 27.4% of the total market in 2021. The financial services market is expected to be the fastest-growing segment going forward at a CAGR of 7.8%.
North America was the largest region in the global HR advisory services market, accounting for 28.8% of the total in 2021. It was followed by Western Europe and Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the HR advisory services market will be Western Europe and Middle East, where growth will be at CAGRs of 10.4% and 8.3% respectively during 2021-2026.
The global HR advisory services market is highly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 2.0% of the total market in 2020. Major players in the market include Marsh & McLennan Companies Inc., Willis Towers Watson, Accenture, Aon Hewitt, McKinsey & Company, Boston Consulting Group, Korn Ferry, KPMG LLP, Bain & Company, and Deloitte Consulting LLP.
The top opportunities in the HR advisory services market segmented by type will arise in the compensation consulting, which will gain $21.8 billion of global annual sales by 2026. The top opportunities in the HR advisory services market segmented by services will arise in the support & maintenance segment, which will gain $21.8 billion of global annual sales by 2026. The top opportunities in the HR advisory services market segmented by end use will arise in financial services segment, which will gain $18.5 billion of global annual sales by 2026. The HR advisory services market size will gain the most in USA at $14.4 billion.
Market-trend-based strategies for the HR advisory services market include that HR advisory services companies are increasing emphasis on employee's mental health in HR advisory services due to several factors, such as anxiety, loneliness, effected social life, job insecurity. HR advisory services companies should increase reliance on data-driven insights to work out better results and increase the efficiency of employees.
HR advisory services companies should increase new learning and development mediums to accelerate new ways to learn online. HR advisory services companies should increase micro surveys replacing lengthy surveys to garner quick, real-time insights from respondents. HR advisory services providers should focus on AI powered market research for reduced costs and faster delivery for efficient, accurate and low-cost data collection.
Competitor strategies for the HR advisory services include expanding footprint and enhancing customer experience, growth strategy focused on expanding geographic presence, forming partnership with big companies, and strengthening business by investing more into business.
To take advantage of the opportunities, this report recommends the HR advisory services companies to focus on new learning and development mediums, focus on improving HR decision making through data-driven insights, expand in emerging markets, focus on expanding through mergers and acquisitions, provide competitively priced offerings, implement dynamic pricing, promote consumer-focused products/services via social media, continue to focus on business-to-business (B2B) promotions, focus on partnerships with other companies and focus on fast-growing end-use industries.
Key Topics Covered:
1. HR Advisory Services Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
6.1.1. Segmentation By Geography
6.1.2. Segmentation By Type
6.1.3. Segmentation By Service
6.1.4. Segmentation By End-User
7. HR Advisory Services Market Characteristics
7.1. Segmentation By Type
7.1.1. Compensation Consulting
7.1.2. Benefits Consulting
7.1.3. Actuarial Consulting
7.1.4. Strategic And Other Consulting
7.2. Segmentation By Service
7.2.1. Integration And Deployment
7.2.2. Support And Maintenance
7.2.3. Training And Consulting
7.3. Segmentation By End-User
7.3.1. IT Services
7.3.2. Manufacturing
7.3.3. Financial Services
7.3.4. Mining And Oil & Gas
7.3.5. Construction
7.3.6. Other Services
7.3.7. Others
8. HR Advisory Services Market Trends And Strategies
8.1. Increasing Emphasis on Employees Mental Health
8.2. Reliance on Data-Driven Insights
8.3. New Learning And Development Mediums
8.4. Micro Surveys Replacing Lengthy Surveys
8.5. AI Powered Market Research For Reduced Costs And Faster Delivery
8.6. Increase In Development Of Employee Engagement Platforms
9. Impact Of COVID-19 On HR Advisory Services Market
9.1. Introduction
9.2. Impact Of COVID-19 on Work Force
9.3. Impact On Organizational Culture
9.4. Impact On Rewards and Compensation
9.5. Impact Of COVID-19 Data-Driven Decision Making
9.6. Future Outlook
10. Global HR Advisory Services Market Size And Growth
10.1. Market Size
10.2. Historic Market Growth, 2016 - 2021, Value ($ Billion)
10.2.1. Drivers Of The Market 2016 - 2021
10.2.2. Restraints On The Market 2016 - 2021
10.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Billion)
10.3.1. Drivers Of The Market 2021 - 2026
10.3.2. Restraints On The Market 2021 - 2026
11. Global HR Advisory Services Market Segmentation
11.1. Global HR Advisory Services Market, Segmentation By Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
11.2. Global HR Advisory Services Market, Segmentation By Service, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
11.3. Global HR Advisory Services Market, Segmentation By End-User, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
12. HR Advisory Services Market, Regional And Country Analysis
12.1. Global HR Advisory Services Market, By Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
12.2. Global HR Advisory Services Market, By Country, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Billion)
Companies Mentioned
- Marsh & McLennan Companies, Inc.
- Willis Towers Watson
- Accenture
- Aon Hewitt
- McKinsey & Company
For more information about this report visit https://www.researchandmarkets.com/r/dqo6qw
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