Global Employer of Record Services Market Growth (Status and Outlook) 2023-2029

Global Employer of Record Services Market Growth (Status and Outlook) 2023-2029

An Employer of Record (EOR) is a third-party organization that takes responsibility for all formal employment tasks on behalf of another company. The EOR allows companies to legally and efficiently engage with overseas workers either in a new country or state, without having to set up a local entity or risk violating local employment laws. Hiring an EOR gives the client’s company the opportunity to manage their time more efficiently and effectively. Employer of Record is legally responsible for paying employees, including dealing with employee taxes, benefits, insurance, visa application, and sponsorship applications and a great many other transactions and operations concerning human resources. In businesses expanding market, also come across terms: Professional Employment Organization (PEO) and Global Employment Organization (GEO). A Professional Employment Organization (PEO) also known as an International/Global PEO, allows an enterprise to hire employees in a foreign market without the need of setting up a local entity. Although quite similar to an Employer of Record, a PEO is a service firm that generally offers a more comprehensive range of HR services. A Global Employment Organization (GEO) has properties of an EOR but is more similar to a PEO, in that it allows for the administrative HR burden to be removed from a client and instead be managed by a Global Employment Organization. Some firms take Employer of Record (EOR) business same as PEO and we abide this attribution in corresponding situation.

LPI (LP Information)' newest research report, the “Employer of Record Services Industry Forecast” looks at past sales and reviews total world Employer of Record Services sales in 2022, providing a comprehensive analysis by region and market sector of projected Employer of Record Services sales for 2023 through 2029. With Employer of Record Services sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Employer of Record Services industry.

This Insight Report provides a comprehensive analysis of the global Employer of Record Services landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Employer of Record Services portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Employer of Record Services market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Employer of Record Services and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Employer of Record Services.

The global Employer of Record Services market size is projected to grow from US$ 125.4 million in 2022 to US$ 202.1 million in 2029; it is expected to grow at a CAGR of 7.1% from 2023 to 2029.

Important employer of record services players in Global Market include Adecco, Randstad and Aquent, hold a share around 10%. North America is the largest market, occupied for around 40 percent. In term of type, aggregator model is the biggest segment with around 70% market share, in terms of end users, SMEs are the largest downstream market with a share about 70%.

This report presents a comprehensive overview, market shares, and growth opportunities of Employer of Record Services market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Aggregator Model
Wholly Owned Infrastructure Model

Segmentation by application
SMEs
Large Enterprises

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Adecco
Randstad
Aquent
FoxHire
Infotree Global
Safeguard Global
Velocity Global
Globalization Partners
Shield GEO
Acumen International
Remote Team (Gusto)
Deel
Remote Technology
Elements Global Services
Papaya Global
Universal Hires
CIIC
Links International
New Horizons Global Partners
Sky Executive

Please note: The report will take approximately 2 business days to prepare and deliver.