New York, USA, May 08, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global recruitment process outsourcing market is anticipated to garner a revenue of $26,392.3 million and grow at a striking CAGR of 19.1% over the analysis timeframe from 2022 to 2031.
As per our analysts, the growing applications of recruitment process outsourcing in the industrial sector to provide corporate value while reducing operational expenses are expected to fortify the growth of the recruitment process outsourcing market over the forecast period. Moreover, the use of recruitment process outsourcing to increase the scalability of organizations is predicted to create wide growth opportunities for the market throughout the estimated period. However, the lack of communication over recruitment process outsourcing may hinder the growth of the market over the forecast period.
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Segments of the Recruitment Process Outsourcing Market
The report has divided the market into segments based on type, end-use, and region.
Type: Flexible Staffing Sub-Segment to be Most Productive
The flexible staffing sub-segment is predicted to have the dominant market share over the forecast period. The flexible staffing method helps with filling open positions by enlisting temporary, part-time, or independent workers for a particular position, which is expected to amplify the growth of the market sub-segment over the estimated period.
End-Use: IT and Telecom Sub-Segment to be Most Profitable
The IT and telecom sub-segment is expected to register the highest revenue during the analysis timeframe. The increasing adoption of modern technologies in various companies across the globe to transform their day-to-day operations is expected to propel the growth of the market sub-segment during the forecast period.
Asia-Pacific Region to Have Excellent Growth Opportunities
The Asia-Pacific region of the recruitment process outsourcing market is expected to experience faster growth over the estimated period. The increasing number of new deals signed between countries in this region is expected to drive the regional growth of the market over the analysis timeframe.
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Covid-19 Impact on the Recruitment Process Outsourcing Market
The outbreak of the Covid-19 pandemic has badly affected various industries and brought numerous challenges to enterprises and organizations. Initially, it has also devastated the recruitment process outsourcing market. However, the innovative approaches taken by leading companies such as the adoption of online recruitment to maintain smooth operations have created massive growth opportunities for the market. Moreover, the increased benefits of online recruitment processes such as reduced hiring costs, increased productivity, streamlined reviewing, screening, and listing processes and many more have inclined the growth market throughout the crisis.
Key Players of the Recruitment Process Outsourcing Market
The major players of the market include
- Randstad Holdings NV
- Advantage Resourcing America Inc.
- ADP LLC
- IBM Corporation
- Orion Talent
- Hudson Global Inc.
- Kelly Outsourcing and Consulting Group
- ManpowerGroup Solutions
- Cielo Inc.
- Alexander Mann Solutions
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in July 2022, Alexander Mann Solutions, the world’s leading provider of talent acquisition and management services announced to launch of its high-volume recruitment process outsourcing solution to provide large-scale hiring to clients globally.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Recruitment Process Outsourcing Market:
- What's New in Recruitment Process Outsourcing? Exploring the Latest Developments and Trends
- Growing Applications of Recruitment Process Outsourcing in the Industrial Sector to Propel the Growth of the Global Recruitment Process Outsourcing Market by 2031
