April 2024 | Report Format: Electronic (PDF)
Recruitment Process Outsourcing Market Growth & Trends
The global recruitment process outsourcing market size is expected to reach USD 24.32 billion by 2030, registering a CAGR of 16.1% from 2023 to 2030, according to a new report by Grand View Research, Inc.The rising demand for streamlined recruitment processes and new hiring methodologies have augmented the growth prospects of the Recruitment Process Outsourcing (RPO) market. The emergence of the digital recruitment strategy is expected to provide a new horizon to hiring processes in terms of creating requirements that stand out, improved career site interference, and an efficient user interface.
In the coming decades, technology is expected to play a vital role in enhancing the recruitment process. HR automation is paving the way for a new age of recruitment by innovating hiring solutions across organizations. Many organizations are already using Artificial Intelligence (AI) for sourcing and screening candidates. The use of such advancements reduces human errors, manual workload, and smoothens the overall HR process. Moreover, the use of data-driven tools, mobile application platforms, and social media recruitment marketing simplifies the hiring process.
With the evolving relationship between Recruitment Process Outsourcing (RPO) providers and organizations, the complete talent solution is likely to become the main focus of the organization. RPO is not just limited to hiring people but also includes the management of people, processes, technology, and the talent acquisition strategy. RPO offers exceptional communication experience to the candidate by providing consistent, transparent, and honest feedback that can help the organization’s reputation sterling. It also helps in amplifying the employer brand of the organization.
North America and Europe dominated the RPO market, whereas South America and the Middle East regions occupied relatively smaller revenue share, in 2019. Factors such as economic crisis, currency depreciation, and language barriers limit the growth of outsourced hiring activities in South America. Most employers in the Middle East have their in-house recruitment teams and RPO is yet to make inroads in the region. However, the current market scenario is expected to change in these regions owing to international brands entering the regional market. Real-estate and mega construction projects in the Middle East are expected to provide significant traction to the RPO market growth in the near future.
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Recruitment Process Outsourcing Market Report
Recruitment Process Outsourcing Market Report Highlights
- In terms of type, the on-demand RPO segment is expected to register significant growth over the forecast period owing to the rising demand for cost-effective and limited recruiting services
- The provision of off-site RPO services is a scalable business model and can attract international talent on a large scale. The off-site service segment dominated the market in 2022
- In an attempt to streamline the hiring process and build a strong employer brand, the adoption of recruitment process outsourcing services and solutions in small and medium enterprises is likely to increase over the forecast period
- The development of labor-intensive industries in the Asia Pacific region is expected to accelerate the growth of the regional market.
