As per the reports, the Recruitment Process Outsourcing industry is going to grow by USD 4.5 billion from 2021 to 2025 and the growth momentum of the market can pick up the pace at 13.51% CAGR. The report says about the major vendors in the recruitment process outsourcing industry are Accenture Plc, Alexander Mann Solutions, Allegis Group, AMN Healthcare Services Inc., Automatic Data Processing Inc., Deloitte Touche Tohmatsu Ltd., Hudson Global Inc., Infosys Ltd., International Business Machines Corp., Randstad Sourceright EMEA B.V. which are dominating the market. The market covers geographical regions including North America, Europe, APAC, South America, the Middle East and Africa.
End-user industry-wise market segmentation can also be seen among IT and telecom, manufacturing, BFSI, healthcare, and others. These are the core industries that will generate revenue through the RPO as per the report.
According to the report generated by Technavio, the COVID-19 has left companies driving toward the small RPO vendors to develop their portfolios, step up into the market, and raise their market shares. Although the risk of overdependence on a single RPO vendor can be clearly seen in the market growth in the forms of less job security, unstable labour laws and norms. In order to tackle the challenge, the market should focus on getting tied up with strategic partnerships with more small vendors.
The report analysis further mentions that companies are continuously hiring RPO firms to lower the cost per hire as RPO firms are accountable to employers’ branding, adding value to the businesses by taking care of their entire talent acquisition process, hiring the right people, and by cutting the operational cost whenever possible.
When companies try to enter a new market or launch a new product or expand their businesses to a new region, the recruitment requirements increase and need to be fulfilled on time. On the other hand, when companies face a downturn, the cost-cutting of the employees needs to be taken care of. These challenges result in higher costs to the companies but RPO firms streamline the recruitment process and balance these market issues.
The insight says the US and Canada are the key markets where growth will initiate in North America during the forecast period. The recruitment process outsourcing will be noticed as adopting the latest and advanced technologies such as cloud computing, AI, and RPA to assist the clients.
And if you are looking for a reliable and leading RPO firm, contact MaSotech Recruitment for professional services.