Published on : Mar 06, 2017
ALBANY, NY, March 06, 2017: The report sheds light on several key factors such as market opportunities, supply and demand dynamics, value chain analysis, and market attractiveness, apart from market forecasts.
Increasing deployment of neo-sourcing is one of the key growth drivers of the market. Neo-sourcing has garnered significance as it enables the integration of BPO and IT outsourcing. It also offers advantages such as increased employee morale, efficiency, productivity, low costs, optimization, and time efficiency. The evolution of BPO models by several outsourcing companies has also been aiding market growth.
Based on geography, the global recruitment process outsourcing market has been segmented into Asia Pacific (APAC), the Americas, and Europe, the Middle East, and Africa (EMEA). In 2016, the Americas held the maximum share in the global market for recruitment process outsourcing. The rising adoption of recruitment process outsourcing in North America on account of its benefits such as significant cost reductions, greater co-ordination between HR and overall business, and easy access to technology has been propelling the market in this region.
The countries of APAC are slated for solid growth as the demand for recruitment process outsourcing increases. Argentina, Brazil, and other nations in South America are also poised for considerable growth as multi-country recruitment process outsourcing deals are rising in number.
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By services, the global market for recruitment process outsourcing has been segmented into two major categories – blended recruitment process outsourcing and multi-country recruitment process outsourcing. Of these, blended recruitment process outsourcing attained the maximum share in the global market and is expected to continue to hold its prominence. Blended workforce services is a mixture of temporary and permanent hiring processes. It also offers business, strategic, and financial benefits.
On the basis of end-use industry, healthcare, energy, manufacturing, BFSI, telecom, and services are the major segments. The BFSI sector dominated the end-use segment in 2016, attaining maximum market share. The growing volume of investments aimed at launching new products and services, amelioration of cost efficiency, and meeting consumer demands are some factors driving the growth of this segment.
Some of the major companies operating in the global market for recruitment process outsourcing are ManpowerGroup, IBM, Randstad Sourceright, ADP, KellyOCG, Accenture, Allegis Global Solutions, Infosys, Alexander Mann Solutions, Pontoon Solutions, Hudson, Hays, and Futurestep. The global recruitment process outsourcing market appears to be highly fragmented in terms of competition owing to the presence of numerous market players. A number of start-ups have been sprouting over the last few years, further raising the competition between market players. Regional vendors are striving to keep up with the intensified level of competition by directly competing with leading players.
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