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Global and Southeast Asia Recruitment Process Outsourcing Market Segmentation By Type of Outsourcing (On-Demand RPO, Function-Based RPO and Full RPO); By Service (On-Site and Off-Site); By Engagement (Total RPO and Partial RPO) and By Industry Vertical (IT & Telecommunications, Manufacturing, BFSI, Healthcare, Government, Education and Others) – Industry Demand Analysis and Opportunity Assessment 2019-2028

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Extensive insights into the Growth of Recruitment Process Outsourcing Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • March 2018: Hueman announced that it had acquired Agency a la Carte, a staffing and recruiting firm in Northeast Florida, to get better in the knowledge of Digital Recruitment Marketing.

  • April 2020: LevelUP HCS announced that it has introduced Virtual on boarding solutions, which is a new frontier for some companies.

Market Overview

The growth of the global and Southeast Asia recruitment process outsourcing (RPO) market is thriving on the back of the 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, and 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 global and Southeast Asia recruitment process outsourcing market reached USD 6092.4 million in the year 2019 and is expected to garner USD 32059.5 million by the end of 2028 by registering a CAGR of 20.80% across the globe over the forecast period 2020-2028. Further, the market is anticipated to gain an absolute $ opportunity of USD 977.2 million in the year 2020 as compared to the previous year. Apparently, 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.

Growth Highlights based on Region during 2018-2027

The global and Southeast Asia recruitment process outsourcing (RPO) market is segmented by regions into North America, Latin America, Europe, Southeast Asia, Asia Pacific except SEA and Middle East and Africa. Among these regions, the market of North America registered a market share of 43.79% in the year 2019 and is expected to achieve a CAGR of 20.29% during the forecast period. Moreover, the market in the region is also anticipated to gain an incremental $ opportunity of USD 415.1 million in the year 2020 and further cross a value of USD 13516.3 million by the end of 2028. Additionally, 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. CLICK TO DOWNLOAD SAMPLE REPORT

Recruitment Process Outsourcing Market Graph

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By Type of Outsourcing

The global and Southeast Asia recruitment process outsourcing market has been segmented on the basis of type of outsourcing into on-demand RPO, function-based RPO and full RPO. The full RPO segment registered the largest market share of 67.32% in the year 2019 and is expected to achieve a CAGR of 20.84% during the forecast period. On the other hand, the segment is also anticipated to grow by 4.54x and gain an absolute $ opportunity of USD 16890.9 million during the forecast period. Further, the segment is anticipated to cross a value of USD 21651.8 million by the end of 2028.

Recruitment Process Outsourcing Market image

Market Drivers and Challenges

Growth Indicators

Increasing Number of Graduates and Millennial Population

The increasing number of graduates and post-graduates across the globe along with the increasing industrialization is addressing the need for the employment, and hence boosting the demand for RPO solutions. Various countries around the world have diverse pattern of education, on account of which there is a different type of employment requirement as per the countries. Offsite RPO solution is generally preferred by the sectors of the country where there is a smaller number of graduates to meet the requirement. According to IPUMS, in the year 2018, almost 1/4th of millennial, i.e. 24% of the millennial population globally have a graduation certification, and thus they are looking for employment. The RPO service provider can simultaneously be beneficial for both the organization and the candidate to align a appropriate job for the suitable candidate. This may provide a significant boost for the market growth of RPO across the globe. Moreover, the market is anticipated to get a boost with the surge in requirement of quality hires by the organizations. To support the extensive use of recruitment process outsourcing (RPO), keen initiatives have been taken by the key players in the market such as advancement in tools, adoption of cloud-based services and flexibility retaliate faster to changing market. Moreover, modernization of tools coupled with improved diversity and compliance are further contributing to the market growth. Rapid globalization on account of increasing industrialization is also giving significant boost to the requirement rate of recruitment in various industrial verticals. Such factors are anticipated to drive the growth of the global and Southeast Asia recruitment process outsourcing market.

Barriers

The period of time that the recruitment process takes to hire the right applicant is one of the biggest challenges many recruiters face. The requirement of RPO solution sometimes lack the communication expertise needed for a correct recruitment. The most important aspect during the investigation process is to avoid some of the familiar stereotypes that are extensively used. Such factors are anticipated to hamper the growth of the global and Southeast Asia recruitment process outsourcing market.

Competitive Landscape

Some of the affluent industry leaders in the global and Southeast Asia recruitment process outsourcing (RPO) market are Hueman, LevelUP HCS, Advanced RPO, Y Scouts, Alexander Mann Solutions, PeopleScout – A TrueBlue Company, ManpowerGroup, Hudson Global Inc., EPS Recruitment Thailand and Wizmatrix.

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