HRO BPO Global Market Report 2024

Description

“HRO BPO Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hero bop market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for hero bop? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hero bop market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Professional Employer Organizations (PEOs); Administrative Service Organizations (ASOs)
2) By Service: PO; BAO; MPHRO; RPO
3) By Application: Banking, Financial Services And Insurance (BFSI); Healthcare; IT; Hospitality; Retail; Other Applications
Companies Mentioned: Cielo Inc.; International Business Machines Corporation; Mercer LLC; CGI Inc.; Paychex Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Human Resource Outsourcing (HRO) BPO is a practice where an organization outsources its human resources functions to a third-party company. This outsourcing strategy is employed by companies to reduce costs and allow their in-house HR specialists to focus on more strategic initiatives.

The main types of HRO BPO include Professional Employer Organizations (PEOs) and Administrative Service Organizations (ASOs). A PEO, or professional employer organization, represents a full-service co-employment human resource outsourcing model. Various services within HRO BPO include Professional Outsourcing (PO), Business Process Outsourcing (BAO), Multi-Process Human Resources Outsourcing (MPHRO), and Recruitment Process Outsourcing (RPO). These services find applications in various industries such as banking, financial services and insurance (BFSI), healthcare, information technology (IT), hospitality, retail, and others.

The HRO BPO market research report is one of a series of new reports from The Business Research Company that provides HRO BPO market statistics, including HRO BPO industry global market size, regional shares, competitors with HRO BPO market share, detailed HRO BPO market segments, market trends, and opportunities, and any further data you may need to thrive in the HRO BPO industry. This HRO BPO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hro bpo market size has grown steadily in recent years. It will grow from $98.41 billion in 2023 to $102.08 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth observed during the historical period can be attributed to several factors, including the pursuit of cost efficiency, a strategic focus on core competencies, initiatives related to globalization and expansion, efforts in compliance and risk management, the pursuit of scalability and flexibility in operations, and a heightened emphasis on enhancing the overall employee experience.

The hro bpo market size is expected to see steady growth in the next few years. It will grow to $122 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period can be attributed to various factors, including the implementation of employee well-being programs, heightened concerns regarding data security and privacy, strategic workforce planning initiatives, increased support for remote work, enhanced agility in HR operations, and the adoption of global talent management practices. Key trends expected in the forecast period include the integration of technology and automation in HR processes, a continued focus on improving the overall employee experience, the adoption of flexible service delivery models, a push towards digital transformation in HR practices, and the implementation of agile workforce management strategies. These trends reflect the evolving landscape of human resource outsourcing with a strong emphasis on leveraging technology and adapting to the changing needs of the workforce.

The anticipated growth of the HRO BPO market is attributed to the increasing integration of cloud-based services. Cloud services encompass hardware, software, or platforms provided by external suppliers and accessed online by customers. Cloud-based HR systems facilitate various HR operations, including applicant handling, resume searches, report generation, payroll computation, performance review tracking, and employee data maintenance. The adoption of cloud-based services in HR operations is eliminating cumbersome paperwork. This integration is expected to drive the demand for Human Resources Outsourcing (HRO) Business Process Outsourcing (BPO) services. For example, in 2022, spending on compute and storage infrastructure items for cloud deployments increased by 17.2% year over year to $18.3 billion in the first quarter of 2022, according to a report by the International Data Corporation. The growing integration of cloud-based services is a significant factor propelling the growth of the HRO BPO market.

The growth of the HRO BPO market is further fueled by the increasing demand for work-life balance and flexibility from the workforce. Work-life balance and flexibility allow employees to effectively manage personal and professional responsibilities, creating a healthy equilibrium. HRO BPO providers contribute to this by developing and implementing policies, fostering open communication, providing training, and integrating work-life balance considerations into performance evaluations. In a 2022 Career Pulse Survey by FlexJobs Corporation, 63% of respondents expressed a preference for better work-life balance over higher pay. This shift in workforce priorities is contributing to the growth of the HRO BPO market.

Strategic partnerships are a key focus for major companies in the HRO BPO market, aiming to gain a competitive edge. These partnerships serve various purposes, including strategic alliances, client collaboration, vendor partnerships, and more. For instance, in February 2021, Transcosmos Inc. partnered with Works Human Intelligence Co. Ltd. to establish a business process outsourcing (BPO) service for the HR department. This collaboration combines Transcosmos' BPO services with WHI's integrated HR system, 'COMPANY,' offering comprehensive BPaaS (Business Process as a Service) to help organizations enhance operational efficiency and mitigate risks.

The development of advanced HRO BPO services is a strategic focus for major companies in the market. Advanced HRO BPO services leverage cutting-edge solutions to optimize HR functions through technology-driven processes, ensuring efficient talent management, payroll processing, and compliance. For example, LiquidX Inc., in partnership with Broadridge Financial Solutions, developed InBlock TradeOps, a business process outsourcing (BPO) service, to automate and optimize payroll processes for HRO BPO providers. This technology-driven solution streamlines operations in the trade finance industry.

In March 2022, G&A Partners acquired Employer Advantage, a move that enhances G&A Partners' HR outsourcing and administrative services. The acquisition is expected to facilitate a seamless transition by retaining Employer Advantage's leadership team and entire staff. Employer Advantage is known for providing comprehensive human resource services in the United States.

Major companies operating in the hro bpo market report are Cielo Inc., International Business Machines Corporation, Mercer LLC, CGI Inc., Paychex Inc., Intuit Inc., Infosys Limited, Ceridian HCM Inc., HR Service Inc., General Outsourcing Co. Ltd., Aon PLC, Adecco Group, Automatic Data Processing Inc., Capita plc, Ultimate Kronos Group, Accenture PLC, ADP LLC, Equifax Inc., Kronos Inc., NGA Human Resources, Randstad NV, Alight Solutions LLC, Empower Retirement LLC., Fidelity Investments, HCL Technologies Ltd., Hewlett Packard Enterprise Company, NorthgateArinso Inc., Wipro Limited, Genpact Limited, Zalaris ASA

North America was the largest region in the HRO BPO market in 2023. The regions covered in the hro bpo market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the hro bpo market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The human resource outsourcing (HRO) BPO market includes revenues earned by entities by providing hiring and employee counseling services, employee time tracking services, and other related services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11034

1. Executive Summary

2. HRO BPO Market Characteristics

3. HRO BPO Market Trends And Strategies

4. HRO BPO Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global HRO BPO Market Size and Growth

5.1. Global HRO BPO Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global HRO BPO Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global HRO BPO Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. HRO BPO Market Segmentation

6.1. Global HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Professional Employer Organizations (PEOs)
Administrative Service Organizations (ASOs)
6.2. Global HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
PO
BAO
MPHRO
RPO
6.3. Global HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Banking, Financial Services And Insurance (BFSI)
Healthcare
IT
Hospitality
Retail
Other Applications

7. HRO BPO Market Regional And Country Analysis

7.1. Global HRO BPO Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global HRO BPO Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific HRO BPO Market

8.1. Asia-Pacific HRO BPO Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China HRO BPO Market

9.1. China HRO BPO Market Overview
9.2. China HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India HRO BPO Market

10.1. India HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan HRO BPO Market

11.1. Japan HRO BPO Market Overview
11.2. Japan HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia HRO BPO Market

12.1. Australia HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia HRO BPO Market

13.1. Indonesia HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea HRO BPO Market

14.1. South Korea HRO BPO Market Overview
14.2. South Korea HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe HRO BPO Market

15.1. Western Europe HRO BPO Market Overview
15.2. Western Europe HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK HRO BPO Market

16.1. UK HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany HRO BPO Market

17.1. Germany HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France HRO BPO Market

18.1. France HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy HRO BPO Market

19.1. Italy HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain HRO BPO Market

20.1. Spain HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe HRO BPO Market

21.1. Eastern Europe HRO BPO Market Overview
21.2. Eastern Europe HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia HRO BPO Market

22.1. Russia HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America HRO BPO Market

23.1. North America HRO BPO Market Overview
23.2. North America HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA HRO BPO Market

24.1. USA HRO BPO Market Overview
24.2. USA HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada HRO BPO Market

25.1. Canada HRO BPO Market Overview
25.2. Canada HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America HRO BPO Market

26.1. South America HRO BPO Market Overview
26.2. South America HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil HRO BPO Market

27.1. Brazil HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East HRO BPO Market

28.1. Middle East HRO BPO Market Overview
28.2. Middle East HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa HRO BPO Market

29.1. Africa HRO BPO Market Overview
29.2. Africa HRO BPO Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa HRO BPO Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa HRO BPO Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. HRO BPO Market Competitive Landscape And Company Profiles

30.1. HRO BPO Market Competitive Landscape
30.2. HRO BPO Market Company Profiles
- 30.2.1. Cielo Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. International Business Machines Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Mercer LLC
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. CGI Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Paychex Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global HRO BPO Market Competitive Benchmarking

32. Global HRO BPO Market Competitive Dashboard

33. Key Mergers And Acquisitions In The HRO BPO Market

34. HRO BPO Market Future Outlook and Potential Analysis

34.1 HRO BPO Market In 2028 - Countries Offering Most New Opportunities
34.2 HRO BPO Market In 2028 - Segments Offering Most New Opportunities
34.3 HRO BPO Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer