The recruitment process outsourcing market worldwide is projected to expand with a CAGR of 13.9% during the forecast period from 2023 to 2030. The market for recruitment process outsourcing (RPO) is majorly governed by the increasing adoption of outsourcing services worldwide. Most of the companies are looking for external service providers which can help them reduce their overhead costs. Additionally, outsourcing the recruitment processes to a third-party provider enables organizations to focus on their core competencies thereby enhancing their business operations.
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The pandemic has had a significant impact on the employment scenario of every country across the globe. There have been both employment losses and a decline in working hours in 2020 due to covid 19 led lockdowns. However, the level of the impact differed across geographies. The impact of a pandemic on employment status was highest in Americas which faced the highest level of employment losses. However, the impact was comparatively lesser in Europe. European companies focused on job retention schemes which led to reduction of working hours. About 115 million jobs were lost in 2020 in comparison to 2019. Women and Youth were largely affected due to job loss in comparison to men and older employees. Unemployment rate rose to 6.5% post covid from 1.1 % precovid. This has led to significant fall of growth rate of market revenues. However, the market is expected to revive with policy responses, roll-out of vaccinations and economic progress across geographies.
As of 2021, the global recruitment process outsourcing market was dominated by the on-demand RPO segment. The segment contributed approximately 80% of the total market revenues in 2020. However, the end-to-end RPO segment is projected to grow with the highest CAGR of about 14.3% during the forecast period of 2023 to 2030.
As of 2021 the global recruitment process outsourcing market was dominated by the IT and telecommunication segment contributing over 28% of the global RPO market. The segment is followed by the ITeS & BPO and BFSI segments. Healthcare and other (including e-commerce) segments are projected to register the highest growth in the market during the forecast period of 17% and 16.2% respectively.
In 2021, the global recruitment process outsourcing (RPO) market was dominated by North America accounting to about 40% of the total market revenue. However, Asia Pacific region has emerged as a global hub for various industry verticals such as IT & telecommunication, ITeS & BPO, manufacturing, and others, since the past few years. As a result, RPO service vendors have found immense opportunities in the largest labor market of the world. Over the period of time, India has emerged one of the most lucrative destinations for IT outsourcing (including services, BPO and ITeS), manufacturing and e-commerce industry. Due to factors such as rising economic development and favorable political conditions, the overall growth across the aforementioned industry verticals is estimated to remain consistent in the coming years. Similar is the case of Southeast Asia countries, which is poised to emerge as the next largest hub for the IT industry. Since IT and telecommunication industry is the largest consumer of RPO service, Asia Pacific becomes highly lucrative for the overall RPO market. This makes the Asia Pacific region more attractive as compared to other regional segments worldwide.
The increase in the number of service providers has ensured a highly competitive market, yet the service providers of recruitment process outsourcing are highly fragmented. ManpowerGroup Solution, Randstad Holding NV, ADP, LLC and Hudson Global, Inc. are identified as the leading recruitment process outsourcing market. The global recruitment process outsourcing market is characterized by the presence of large number of players with diversified business. Thus, new service development, innovation and focus on improving client base are some of the requisite market strategies adopted by the service providers in the market.
KEY MARKET MOVEMENTS
Key Trends:
Segmentation:
By Engagement Models Type
On-demand RPO
End-to-end RPO
By End-use Industry Type
Banks, Financial Services and Insurance (BFSI)
IT & Telecommunication
IT enabled Services (ITeS) & Business Process Outsourcing (BPO)
Healthcare
Manufacturing & heavy Industries
Others (Retail, Education, Utilities etc.)
By Geography Segment
North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Latin America
