Research Nester has released a report titled “Recruitment Process Outsourcing Market – Global and Southeast Asia Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global and Southeast Asia recruitment process outsourcing (RPO) market in terms of market segmentation by type of outsourcing, service, engagement, industry vertical and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global and Southeast Asia recruitment process outsourcing (RPO) market is segmented by type of outsourcing into on-demand RPO, function-based RPO and full RPO, out of which, the full RPO segment registered the largest market share of 67.32% in the year 2019 and is anticipated to grow by 4.54x and gain an absolute $ opportunity of USD 16890.9 million during the forecast period, i.e. 2020-2028. Further, the segment is also expected to achieve a CAGR of 20.84% during the forecast period and cross a value of USD 21651.8 million by the end of 2028.
The global and Southeast Asia recruitment process outsourcing (RPO) market is anticipated to achieve a CAGR of 20.80% during the forecast period. Increasing opportunities generated by the integration of artificial intelligence with recruitment process outsourcing, followed by the shift from the traditional recruitment process of face to face interviews to digitalized practice with the use of algorithms and analytics to identify the candidate before contacting with them are some of the factors anticipated to promote the growth of the global and Southeast Asia recruitment process outsourcing (RPO) market. Additionally, the increasing number of small and medium sized business in southeast Asian countries are some of the factors that has created market opportunity for the RPO service providers. The market is anticipated to reach USD 32059.5 million by the end of 2028 from USD 6092.4 million in the year 2019 and further gain an absolute $ opportunity of USD 977.2 million in the year 2020 as compared to the previous year. On the other hand, the market is also further expected to grow by 4.53x and gain an absolute $ opportunity of USD 24989.9 million during the forecast period.
Regionally, the global and Southeast Asia recruitment process outsourcing (RPO) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market of North America registered a market share of 43.79% in the year 2019 and is anticipated to gain an incremental $ opportunity of USD 415.1 million in the year 2020 as compared to the previous year. Additionally, the market in the region is also anticipated to achieve a CAGR of 20.29% during the forecast period and further cross a value of USD 13516.3 million by the end of 2028. Further, the market in the region is also anticipated to grow by 4.38x and attain an absolute $ opportunity of USD 10433.3 million during the forecast period.
Increasing Number of Graduates and Millennial Population
The demand for RPO solutions has increased significantly over the years on the back of the increasing number of graduates and post-graduates across the globe along with the increasing industrialization is addressing the need for the employment. In the statistics by the IPUMS, 24% of the millennial population or almost 1/4th of millennial around the globe had a graduation certification in the year 2018. The RPO service provider can simultaneously be beneficial for both the organization and the candidate to align an appropriate job for the suitable candidate. Additionally, modernization of tools coupled with improved diversity and compliance, along with the rapid globalization on account of increasing industrialization are some of the factors that are anticipated to drive the growth of the global and Southeast Asia recruitment process outsourcing market.
However, concerns regarding the period of time that the recruitment process takes to hire the right applicant is one of the major factors anticipated to restrain the growth of the global and Southeast Asia recruitment process outsourcing market.
This report also provides the existing competitive scenario of some of the key players of the global and Southeast Asia recruitment process outsourcing market, which includes company profiling of Hueman, LevelUP HCS, Advanced RPO, Y Scouts, Alexander Mann Solutions, PeopleScout – A TrueBlue Company, ManpowerGroup (NYSE: MAN), Hudson Global Inc. (NASDAQ: HSON), EPS Recruitment Thailand and Wizmatrix. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global and Southeast Asia recruitment process outsourcing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
