Los Angeles, December 26, 2019 - QY Research has introduced a new report titled, “Global Recruitment Process Outsourcing (RPO) Market, Report, History Forecast 2014 - 2025,” to provide an exhaustive market analysis on the Global Recruitment Process Outsourcing. Various industries such as construction, hospitality, manufacturing, and retail has adopted the process of outsourcing recruitment which is thriving the growth of overall market. The report states that the global Recruitment Process Outsourcing (RPO) market was valued at US$ 5.1 Bn in 2018 and is predicted to touch US$ 15.4 Bn by 2025. The market is anticipated to rise at a colossal CAGR of 17.0% from 2019 to 2025.
Increasing Efficiency in Recruitment Process in Companies to Boost the Growth of the Market
High demand for quality hiring and efficiency in recruitment functions in companies, organizations, and institutes is creating an opportunity for Recruitment Process Outsourcing (RPO) services. The increasing number of literacy rates has resulted in growing unemployment along with high competition in terms of talent acquisition providing ample scope for the Recruitment Process Outsourcing (RPO) market. RPO service providers are responsible for hired candidates adding accountability and increasing the trust factor, which is likely to foster the growth of the market.
Flexible Workforce Segment to Capture Remarkable Share of the Market
The Global Recruitment Process Outsourcing (RPO) market is segmented into product and application segments. Based on the product, the market is segregated into a flexible workforce and a permanent workforce. Companies are keen to cut operational costs to increase profit margins leading to high demand for part-time workers, temporary employees, and contract workers, which is anticipated to boost the growth of the overall product segment. Based on application segment, the market is segmented into telecom, healthcare, energy, BFSI and manufacturing.
Increasing Hiring Drives in MNCs and Small & Medium Size Organizations to Foster the Growth of the Market in the Asia-Pacific Region
The Asia-Pacific region is witnessing a rising number of multinational companies, small and medium size organizations. The Human Resource departments of above mentioned organizations in Asia Pacific region have lack of resources, which impelled them to hire the services of outsourcing recruitment. This factor is responsible for unprecedented growth of the market in the Asia Pacific region.
Talent Building & Skill Development: Primary Focus of the Key Players
The report offers company profiling of the major players operating in the Recruitment Process Outsourcing (RPO) market are Adecco, Randstand, Manpowergroup, Alexander Mann Solutions, KORN FERRY, Allegis Group, KellyOCG, ADP, Hudson, and Hays. Top players of the market are inclined to provide requirement based talent and are also involved in talent building and skill development activities by collaborating with other companies.
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