PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1391824
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1391824
India Human Resource Outsourcing Market, By Type ; By Application ; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
India Human Resource Outsourcing (HRO) Market Size Set to Zoom 3.8X Touching USD 361.45 Million by 2029.
India human resource outsourcing (HRO) market is flourishing because of the growing demand for neo-sourcing, the rising need to improve HR value chain, and digitization of HRO.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India human resource outsourcing (HRO) market size at USD 94.36 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India human resource outsourcing (HRO) market size to grow at a significant CAGR of 25.09% reaching a value of USD 361.45 million by 2029. Major growth drivers for the India human resource outsourcing (HRO) market include an increasing preference of small businesses for outsourcing services, allowing them to focus on core competencies while delegating HR tasks. Emerging economies like India, with a robust business ecosystem and skilled human resources, attract multinational firms and stimulate foreign investment. Outsourcing firms focusing on transactional services, including payroll, benefits, HR compliance, and time management, contribute to the industry's growth. Outsourced HR functions enable workforce flexibility, with service providers offering adaptable packages for on-demand access to essential tools. The incorporation of artificial intelligence in services, especially in recruitment, streamlines processes, supporting market expansion. The proliferation of small firms outsourcing HR services in India further accelerates market growth. However, data security concerns and competition from global players are anticipated to restrain the overall market growth during the period in analysis.
India Human Resource Outsourcing (HRO) Market - Overview
The India human resource outsourcing (HRO) market pertains to the sector in India where companies, particularly small businesses, enlist external service providers to handle various human resource tasks. These tasks encompass payroll processing, benefits administration, HR compliance, time and attendance tracking, and recruitment services. The market is experiencing growth driven by the increasing preference of small businesses to outsource HR functions. This allows them to concentrate on their core competencies while leveraging external expertise for human resource-related activities. Furthermore, the market benefits from India's robust business ecosystem, skilled workforce, and the integration of artificial intelligence in outsourcing services, enhancing overall efficiency and contributing to the expansion of the HRO industry in the country.
Impact of COVID-19 on India Human Resource Outsourcing (HRO) Market
COVID-19 pandemic had a mixed impact on the India human resource outsourcing (HRO) market. The widespread adoption of remote work prompted a surge in demand for HRO services to manage distributed workforces. The focus shifted towards digitalization, with increased reliance on technology for recruitment, training, and employee engagement. However, uncertainties in the business environment led to a cautious approach, affecting market growth. Companies prioritized cost-cutting measures, impacting outsourcing decisions. The resilience of the HRO sector in adapting to the evolving needs of businesses, along with ongoing recovery efforts, will determine its trajectory in the post-pandemic landscape.
India Human Resource Outsourcing (HRO) Market - By Application
Based on application, the India human resource outsourcing (HRO) market is divided into BFSI, Healthcare, Information Technology, Hospitality, and Retail segments. The information technology segment holds the highest share in the India HRO market by application. It can be attributed to the industry's high reliance on skilled workforce management and the dynamic nature of IT operations. Companies in the IT sector leverage HRO services for recruitment, payroll processing, and talent management to ensure agility in adapting to technological advancements. Outsourcing HR functions allows IT firms to focus on core business activities, enhance operational efficiency, and access specialized HR expertise. As a result, the IT segment emerges as a key driver, holding the highest share in the Indian HRO market by application.
Competitive Landscape
Major players operating in the India human resource outsourcing (HRO) market include: Randstad India Private Limited, Adecco India Private Limited, ManpowerGroup Services India Private Limited, TeamLease Services Limited, Innovsource Services Pvt Ltd, Quess Corp Limited, PERSOLKELLY India Private Limited, Careernet Technologies Pvt Ltd, ABC Consultants Pvt Ltd, HCL Technologies Ltd, Infosys Ltd, and Wipro Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Human Resource Outsourcing (HRO) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Human Resource Outsourcing (HRO) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Human Resource Outsourcing (HRO) Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Need to improve HR value chain
- 3.2.1.2. Digitization of HRO
- 3.2.1.3. Growing demand for neo-sourcing
- 3.2.2. Opportunities
- 3.2.2.1. Expanding range of HRO services
- 3.2.2.2. Growing demand from SMEs
- 3.2.3. Restraints
- 3.2.3.1. Data security concerns
- 3.2.3.2. Competition from global players
- 3.2.4. Challenges
- 3.2.4.1. Talent shortage
- 3.2.4.2. Pricing pressure
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Human Resource Outsourcing (HRO) Market Overview
- 4.1. Market Size & Forecast, 2019-2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Employee Relations and Compliance
- 4.2.1.2. Payroll Services
- 4.2.1.3. Workers' Compensation
- 4.2.1.4. Employee Benefits
- 4.2.1.5. Talent Acquisition
- 4.2.1.6. Employee Screening and Background Verification
- 4.2.1.7. Pre-Employment Skill Tests
- 4.2.1.8. Sexual Harassment Prevention Training
- 4.2.2. By Application
- 4.2.2.1. BFSI
- 4.2.2.2. Healthcare
- 4.2.2.3. Information Technology
- 4.2.2.4. Hospitality
- 4.2.2.5. Retail
- 4.2.2.6. Other
- 4.2.3. By Region
- 4.2.3.1. North India
- 4.2.3.2. South India
- 4.2.3.3. East India
- 4.2.3.4. West India
- 4.2.1. By Type
5. North India Human Resource Outsourcing (HRO) Market
- 5.1. Market Size & Forecast, 2019-2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Application
6. South India Human Resource Outsourcing (HRO) Market
- 6.1. Market Size & Forecast, 2019-2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Application
7. East India Human Resource Outsourcing (HRO) Market
- 7.1. Market Size & Forecast, 2019-2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Application
8. West India Human Resource Outsourcing (HRO) Market
- 8.1. Market Size & Forecast, 2019-2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Application
9. Competitive Landscape
- 9.1. List of Key Players and Their Offerings
- 9.2. India Human Resource Outsourcing (HRO) Company Market Share Analysis, 2022
- 9.3. Competitive Benchmarking, By Operating Parameters
- 9.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Human Resource Outsourcing (HRO) Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 11.1. Randstad India Private Limited
- 11.2. Adecco India Private Limited
- 11.3. ManpowerGroup Services India Private Limited
- 11.4. TeamLease Services Limited
- 11.5. Innovsource Services Pvt Ltd
- 11.6. Quess Corp Limited
- 11.7. PERSOLKELLY India Private Limited
- 11.8. Careernet Technologies Pvt Ltd
- 11.9. ABC Consultants Pvt Ltd
- 11.10. HCL Technologies Ltd
- 11.11. Infosys Ltd
- 11.12. Wipro Ltd
- 11.13. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
- 13.1. Qualitative Research
- 13.1.1. Primary & Secondary Research
- 13.2. Quantitative Research
- 13.3. Market Breakdown & Data Triangulation
- 13.3.1. Secondary Research
- 13.3.2. Primary Research
- 13.4. Breakdown of Primary Research Respondents, By Region
- 13.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
- Figure 1 India Human Resource Outsourcing (HRO) Market Segmentation
- Figure 2 India Human Resource Outsourcing (HRO) Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 India Human Resource Outsourcing (HRO) Market Size, By Value (USD Billion), 2019-2029
- Figure 5 India Human Resource Outsourcing (HRO) Market Share, By Type, By Value, 2019-2029
- Figure 7 India Human Resource Outsourcing (HRO) Market Share, By End Use, By Value, 2019-2029
- Figure 8 India Human Resource Outsourcing (HRO) Market Share, By Region, By Value, 2019-2029
- Figure 10 North India Human Resource Outsourcing (HRO) Market Size, By Value (USD Billion), 2019-2029
- Figure 11 North India Human Resource Outsourcing (HRO) Market Share, By Type, By Value, 2019-2029
- Figure 12 North India Human Resource Outsourcing (HRO) Market Share, By End Use, By Value, 2019-2029
- Figure 13 South India Human Resource Outsourcing (HRO) Market Size, By Value (USD Billion), 2019-2029
- Figure 14 South India Human Resource Outsourcing (HRO) Market Share, By Type, By Value, 2019-2029
- Figure 15 South India Human Resource Outsourcing (HRO) Market Share, By End Use, By Value, 2019-2029
- Figure 16 East India Human Resource Outsourcing (HRO) Market Size, By Value (USD Billion), 2019-2029
- Figure 17 East India Human Resource Outsourcing (HRO) Market Share, By Type, By Value, 2019-2029
- Figure 18 East India Human Resource Outsourcing (HRO) Market Share, By End Use, By Value, 2019-2029
- Figure 19 West India Human Resource Outsourcing (HRO) Market Size, By Value (USD Billion), 2019-2029
- Figure 20 West India Human Resource Outsourcing (HRO) Market Share, By Type, By Value, 2019-2029
- Figure 21 West India Human Resource Outsourcing (HRO) Market Share, By End Use, By Value, 2019-2029
List of Tables
- Table 1 India Human Resource Outsourcing (HRO) Market Size, By Type, By Value, 2019-2029
- Table 2 India Human Resource Outsourcing (HRO) Market Size, By End Use, By Value, 2019-2029
- Table 3 India Human Resource Outsourcing (HRO) Market Size, By Region, By Value, 2019-2029
- Table 4 North India Human Resource Outsourcing (HRO) Market Size, By Type, By Value, 2019-2029
- Table 5 North India Human Resource Outsourcing (HRO) Market Size, By End Use, By Value, 2019-2029
- Table 6 South India Human Resource Outsourcing (HRO) Market Size, By Type, By Value, 2019-2029
- Table 7 South India Human Resource Outsourcing (HRO) Market Size, By End Use, By Value, 2019-2029
- Table 8 East India Human Resource Outsourcing (HRO) Market Size, By Type, By Value, 2019-2029
- Table 9 East India Human Resource Outsourcing (HRO) Market Size, By End Use, By Value, 2019-2029
- Table 10 West India Human Resource Outsourcing (HRO) Market Size, By Type, By Value, 2019-2029
- Table 11 West India Human Resource Outsourcing (HRO) Market Size, By End Use, By Value, 2019-2029
- Table 12 Randstad India Private Limited Company Overview
- Table 13 Randstad India Private Limited Financial Overview
- Table 14 Adecco India Private Limited Company Overview
- Table 15 Adecco India Private Limited Financial Overview
- Table 16 ManpowerGroup Services India Private Limited Company Overview
- Table 17 ManpowerGroup Services India Private Limited Financial Overview
- Table 18 TeamLease Services Limited Company Overview
- Table 19 TeamLease Services Limited Financial Overview
- Table 20 Innovsource Services Pvt Ltd Company Overview
- Table 21 Innovsource Services Pvt Ltd Financial Overview
- Table 22 Quess Corp Limited Company Overview
- Table 23 Quess Corp Limited Financial Overview
- Table 24 PERSOLKELLY India Private Limited Company Overview
- Table 25 PERSOLKELLY India Private Limited Financial Overview
- Table 26 Careernet Technologies Pvt Ltd Company Overview
- Table 27 Careernet Technologies Pvt Ltd Financial Overview
- Table 28 ABC Consultants Pvt Ltd Company Overview
- Table 29 ABC Consultants Pvt Ltd Financial Overview
- Table 30 HCL Technologies Ltd Company Overview
- Table 31 HCL Technologies Ltd Financial Overview
- Table 32 Infosys Ltd Company Overview
- Table 33 Infosys Ltd Financial Overview
- Table 34 Wipro Ltd Company Overview
- Table 35 Wipro Ltd Financial Overview
- Table 50 Other Prominent Players Company Overview
- Table 51 Other Prominent Players Financial Overview
