Human Resource Outsourcing (HRO)

Human Resource Outsourcing (HRO)


Global Human Resource Outsourcing (HRO) Market to Reach $65.3 Billion by 2030
The global market for Human Resource Outsourcing (HRO) estimated at US$44.3 Billion in the year 2023, is expected to reach US$65.3 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. Payroll Services, one of the segments analyzed in the report, is expected to record a 5.3% CAGR and reach US$31 Billion by the end of the analysis period. Growth in the Benefits Administration Services segment is estimated at 6.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $13.4 Billion, While China is Forecast to Grow at 5.5% CAGR
The Human Resource Outsourcing (HRO) market in the U.S. is estimated at US$13.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$11.5 Billion by the year 2030 trailing a CAGR of 5.5% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.3% and 4.8% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 5.5% CAGR.

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What to Expect from the Global Economy in 2024
Edgy geopolitics, and economic instability caused by monetary policy tightening and ensuing higher interest rates will create a tumultuous landscape for 2024. Several factors will continue to exert pressure on the path to recovery including hostilities in the Middle East and increasingly common climate disasters. Among the risks, several positives are also taking shape such as growing signs of disinflation and easing of anxiety over stubborn inflation, supply chain normalization and price moderation despite volatility in energy costs. Elections across several G21 jurisdictions, notably in India and the United States, will have potential ramifications for capital flows and investment strategies. While India emerges as a compelling destination in the global investment landscape, U.S, based tech firms will continue to dominate, fueled by a dynamic ecosystem of talent and capital. Tech opportunities in Silicon Valley and beyond remain attractive for investors seeking high-growth prospects supported largely by a resilient albeit slowing domestic economy and conducive regulatory environment. Europe will continue to battle tight monetary policy and recession risks with U.K. having the most challenging outlook and running the greatest risk of recession in 2024. China remains a wild card with hope for growth in the country underpinned by government spending and improvements in consumer spending. The volatile environment will offer both opportunities and challenges for investors and businesses alike. Embracing volatility as a catalyst for growth together with agility and strategic foresight in navigating investment decisions will remain important for survival.

Select Competitors (Total 188 Featured) -
  • Accenture Plc
  • ADP LLC
  • Aon Hewitt
  • Ceridian HCM, Inc.
  • CGI Group, Inc.
  • Cielo, Inc.
  • Equifax, Inc.
  • General Outsourcing Co., Ltd.
  • IBM Corp.
  • Infosys BPM Ltd.
  • Intuit, Inc.
  • Kronos, Inc.
  • Mercer, LLC
  • NGA Human Resources
  • Paychex, Inc.
  • Randstad Holding NV
  • The ADECCO Group
  • Ultimate Software Group, Inc.
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
World Market Trajectories
Global Economic Update
Human Resource Outsourcing (HRO) - Global Key Competitors Percentage Market Share in 2024 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Advances in HR Technology Propel Growth in Human Resource Outsourcing Market
Increasing Demand for Cost Reduction Expands Addressable Market Opportunity
Technological Innovations in Talent Management Generate Demand for Advanced HRO Services
Growth in Remote Working Trends Drives Adoption of HRO Solutions
Rising Focus on Core Business Activities Strengthens Business Case for HR Outsourcing
Adoption of Cloud-Based HR Platforms Spurs Growth in HRO Market
Impact of Workforce Globalization Expands the Market for HRO Services
Advances in Payroll and Benefits Administration Sustain Growth in HRO Market
Integration with AI and Machine Learning Drives Market Expansion in HR Analytics
4. GLOBAL MARKET PERSPECTIVE
TABLE 1: World Human Resource Outsourcing (HRO) Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
TABLE 2: World Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 3: World Historic Review for Human Resource Outsourcing (HRO) by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 4: World 16-Year Perspective for Human Resource Outsourcing (HRO) by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2024 & 2030
TABLE 5: World Recent Past, Current & Future Analysis for Payroll Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 6: World Historic Review for Payroll Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 7: World 16-Year Perspective for Payroll Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 8: World Recent Past, Current & Future Analysis for Benefits Administration Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 9: World Historic Review for Benefits Administration Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 10: World 16-Year Perspective for Benefits Administration Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 11: World Recent Past, Current & Future Analysis for Education & Training Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 12: World Historic Review for Education & Training Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 13: World 16-Year Perspective for Education & Training Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 14: World Recent Past, Current & Future Analysis for Recruitment Process Outsourcing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 15: World Historic Review for Recruitment Process Outsourcing by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 16: World 16-Year Perspective for Recruitment Process Outsourcing by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
TABLE 17: World Recent Past, Current & Future Analysis for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 18: World Historic Review for Other Service Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 19: World 16-Year Perspective for Other Service Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
III. MARKET ANALYSIS
UNITED STATES
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
TABLE 20: USA Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 21: USA Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 22: USA 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
CANADA
TABLE 23: Canada Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 24: Canada Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 25: Canada 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
JAPAN
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
TABLE 26: Japan Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 27: Japan Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 28: Japan 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
CHINA
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
TABLE 29: China Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 30: China Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 31: China 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
EUROPE
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
TABLE 32: Europe Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
TABLE 33: Europe Historic Review for Human Resource Outsourcing (HRO) by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 34: Europe 16-Year Perspective for Human Resource Outsourcing (HRO) by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2024 & 2030
TABLE 35: Europe Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 36: Europe Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 37: Europe 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
FRANCE
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
TABLE 38: France Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 39: France Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 40: France 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
GERMANY
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
TABLE 41: Germany Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 42: Germany Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 43: Germany 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
ITALY
TABLE 44: Italy Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 45: Italy Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 46: Italy 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
UNITED KINGDOM
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
TABLE 47: UK Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 48: UK Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 49: UK 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
REST OF EUROPE
TABLE 50: Rest of Europe Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 51: Rest of Europe Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 52: Rest of Europe 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
ASIA-PACIFIC
Human Resource Outsourcing (HRO) Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
TABLE 53: Asia-Pacific Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 54: Asia-Pacific Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 55: Asia-Pacific 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
REST OF WORLD
TABLE 56: Rest of World Recent Past, Current & Future Analysis for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types - Independent Analysis of Annual Sales in US$ Million for the Years 2023 through 2030 and % CAGR
TABLE 57: Rest of World Historic Review for Human Resource Outsourcing (HRO) by Service Type - Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
TABLE 58: Rest of World 16-Year Perspective for Human Resource Outsourcing (HRO) by Service Type - Percentage Breakdown of Value Sales for Payroll Services, Benefits Administration Services, Education & Training Services, Recruitment Process Outsourcing and Other Service Types for the Years 2014, 2024 & 2030
IV. COMPETITION

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