Global Recruitment Process Outsourcing (RPO) Market to Reach US$ 10.67 Bn by 2022
According to a new market research report published by Credence Research “Recruitment Process Outsourcing (RPO) (On-demand RPO and End-to-end RPO) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2015 – 2022” the global recruitment process outsourcing (RPO) market was valued at US$ 3,537.2 Mn in 2014 and is estimated to expand with a CAGR of 14.4% from 2015 to 2022.
Browse the full Recruitment Process Outsourcing (RPO) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022, report at: http://www.credenceresearch.com/report/recruitment-process-outsourcing-rpo-market
Market Insights
Recruitment process outsourcing (RPO) refers to an outsourced service where the client organization handovers all or some of the recruitment processes to a third-party (RPO) vendor. The most significant factor fueling the market growth is the reduction in overhead costs of the client organizations. Additionally, outsourcing recruitment processes makes hiring much easier, faster and productive as compared to the traditional recruitment processes. This has made large number of companies across the world turn towards adoption of RPO in recent years. Due to rising penetration of the overall outsourcing concept, the RPO market is expected to witness strong growth in the coming years.
RPO is popular majorly in North America and Europe where the adoption of these services dates back to early 2000’s. However, Asia Pacific is estimated to emerge as the highest growing market for RPO, in terms of revenue and adoption, in the coming years. The demand for RPO service is majorly governed by the rising number of business enterprises coupled with the need for productive recruitment. Due to strong growth across various industrial sectors in countries such as China, India and some of the Southeast Asia countries, the RPO market in Asia Pacific is expected to expand nearly fourfold by 2022.
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Competitive Insights:
The global recruitment process outsourcing market is highly consolidated in nature with few major players contributing to over eighty percent of the total market revenue. Some of the major players in RPO market are ManpowerGroup Solutions, Alexander Mann Solutions, Hudson Global, Randstad Holding NV, Kenexa Corporation and others. Nevertheless, these players witness significant penetration challenges due to presence of local/regional players. Most of the global RPO vendors have partnered/acquired the regional players in order to establish their presence in concerned markets. Additionally, due to increasing popularity of RPO services, more number of regional players are expected to emerge in the coming years making the market further competitive.
Key Trends:
Acquisition of small and medium scale RPO vendors; partnership with regional RPO vendors
Shift towards countries/regions with major labor shortage
Offering customized and low cost solutions in order to compete with the local players
Focus on emerging economies such as India, China, Brazil, Argentina and some of the Eastern Europe countries
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