Global Employer of Record Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Employer of Record Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An employer of record is a third party organization that assumes all the responsibilities associated with the formal employment of staff. While the end client still manages the work and time of the employee, the EOR is the local, legal employer, and handles all of the administrative and required compliance tasks. This includes sponsoring work visas, running payroll, withholding tax and social contributions and ensuring all labor regulations are being met.

Market Overview:

The latest research study on the global Employer of Record market finds that the global Employer of Record market reached a value of USD 1821.47 million in 2022. It’s expected that the market will achieve USD 3394.05 million by 2028, exhibiting a CAGR of 10.93% during the forecast period.

Under the public background of the COVID-19 crisis, the industry is being affected by COVID-19. It is currently impossible to accurately predict the degree of control of this epidemic in various countries, and it is impossible to predict whether it will function normally for long-term economic activities.

However, historical data shows that the impact of natural disasters on the macro economy is usually short-term, and the economy often shows a V-shaped trend. Affected by the disaster and market sentiment, the economic growth rate usually drops sharply in a short period of time, but as the disaster is gradually controlled, the market sentiment returns to stability, and the temporarily suppressed consumption and investment needs will be released, resulting in Economic rebound. The outbreak of the epidemic will have a significant impact on enterprises and individuals within a certain period of time, especially on small and medium-sized enterprises and low-income families. It is necessary for the government to take targeted financial and monetary measures to help all walks of life together.

Political Factors

Political factors usually have an impact on organizations and their operating methods. Organizations need to be able to respond to current and anticipated future legislation and adjust their marketing strategies accordingly.
These are all about how and to what extent the government intervenes in the economy. This may include government policies, political stability or instability in overseas markets, foreign trade policies, tax policies, labor laws, environmental laws, trade restrictions, and so on.

Economic Factors

Economic factors have a significant impact on how an organization does business and also how profitable they are. Factors include – economic growth, interest rates, exchange rates, inflation, disposable income of consumers and businesses, and so on.
These factors can be further broken down into macro-economic and micro-economic factors. Macro-economic factors deal with the management of demand in any given economy. Governments use interest rate control, taxation policy, and government expenditure as the main mechanisms they use for this.

Social Factors

Also known as socio-cultural factors, are the areas that involve the shared belief and attitudes of the population. These factors include – population growth, age distribution, health consciousness, career attitudes, and so on. These factors are of particular interest as they have a direct effect on how marketers understand customers and what drives them.
The development of economic globalization urges enterprises to go global. Nowadays, enterprises realize that if they want to compete, they must expand into the international market. Traditionally, companies set up legal entities in foreign countries to expand new markets; However, the process of establishing an entity is expensive, complicated and time consuming. In addition, this requires valuable internal time and resources, and limits the flexibility required by the company to adapt to new markets and expand the team size. Employer of Record support the global expansion of enterprises.

Region Overview:

In 2021, the share of the Employer of Record market in North America stood at 41.93%.

Company Overview:

Workforce Logiq is one of the major players operating in the Employer of Record market, holding a share of 12.31% in 2022.

Workforce Logiq

Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, enables organizations to win and retain the talent they need to grow. With clients in 50+ countries, Workforce Logiq provides expert guidance, real-time and predictive analytics, and patented and award-winning technologies. Workforce Logiq’s universal sourcing solution addresses all elements of its clients’ acquisition and retention programs, including full-time (RPO), contingent (MSP), and freelance/ “gig” (FMS) workers. Backed by global investment firm The Carlyle Group, the company helps clients attain greater management, performance, and financial control over their talent supply chains.

Safeguard Global

For over a decade, Safeguard Global has helped hundreds of organizations pay and hire workers around the world. Today, with over 900 clients and across 15 global offices, Safeguard Global enable business success through smarter, more efficient payroll, onboarding, time and expense management, and more.
Its centralized global payroll solution gives multinationals comprehensive insights into workforce costs to help make data-driven strategic decisions, and Its industry-leading employer of record service, Global Employment Outsourcing, enables expansion into 179+ international markets in as little as two weeks.

Segmentation Overview:

As for product types, the On-Line Service segment held the largest market share in 2021.

Application Overview:

The market's largest segment by application is the segment Large Enterprises, with a market share of 59.36% in 2021.

Key Companies in the global Employer of Record market covered in Chapter 3:

ELEMENTS GLOBAL SERVICES
Velocity Global
Shield GEO Services
New Horizons Global Partners
Safeguard Global
Workforce Logiq
Globalization Partners
Universal Hires
FoxHire
IES

In Chapter 4 and Chapter 14.2, on the basis of types, the Employer of Record market from 2018 to 2029 is primarily split into:

On-Line Service
Off-Line Service

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Employer of Record market from 2018 to 2029 covers:

SMEs
Large Enterprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)