Growing Applications of Recruitment Process Outsourcing in the Industrial Sector to Propel the Growth of the Global Recruitment Process Outsourcing Market by 2031

Recruitment process outsourcing (RPO) is a popular practice among businesses that are looking to streamline their hiring processes and reduce costs associated with staffing. It is the process of outsourcing all or part of a company’s recruitment activities to a third-party service provider. RPO providers handle all aspects of the recruitment process, including sourcing candidates, screening, interviewing, and hiring. The RPO provider can work onsite or remotely, and the level of involvement in the recruitment process can vary depending on the company’s needs. These providers can reduce the cost of recruitment by leveraging their expertise, technology, and economies of scale. This can result in lower recruitment costs per hire and a reduction in recruitment-related overheads. Moreover, as these providers have the expertise and experience to identify and attract top talent, they can help with a higher quality of hires and a reduction in time-to-fill. In addition, RPO providers can quickly scale up or down recruitment efforts to meet the needs of their clients. This can be particularly useful for businesses with fluctuating hiring needs.

Forecast Analysis of the Global Recruitment Process Outsourcing Market

According to the report published by Research Dive, the global recruitment process outsourcing market is envisioned to garner a revenue of $26,392.3 million and rise at a stunning CAGR of 19.1% during the forecast timeframe from 2022 to 2031.

Many organizations are rapidly pursuing RPO services to lower the cost per hire which is expected to foster the growth of the recruitment process outsourcing market over the estimated period. Besides, the increasing need for RPO services to address sudden economic downturns is further expected to fortify the growth of the market during the analysis period. Moreover, the increasing use of recruitment process outsourcing across organizations due to its numerous benefits such as increased scalability, avoiding time-consuming processes for recruiting, and many more are predicted to create immense growth opportunities for the recruitment process outsourcing market over the estimated timeframe. However, the lack of communication over recruitment process outsourcing may restrict the growth of the market throughout the forecast period.

The major players of the recruitment process outsourcing market include Cielo Inc., Alexander Mann Solutions, Kelly Outsourcing and Consulting Group, ManpowerGroup Solutions, Orion Talent, Hudson Global Inc., Advantage Resourcing America Inc., IBM Corporation, ADP LLC, Randstad Holdings NV, and many more.

Key Market Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global recruitment process outsourcing market to grow exponentially. For instance:

• In January 2020, ManpowerGroup, a world leader in workforce solutions launched Talent Solution including three global offerings, namely, TAPFIN MSP, RPO, and Right Management to offer innovative solutions and data-driven capabilities across the talent lifecycle.
   
• In December 2021, KellyOCG, the leading provider of the Outsourcing and Consulting Group of workforce solutions launched its two new RPO solutions, namely, KellyOCG Boost and KellyOCG GO RPO. These solutions are designed to support high- and low-volume hiring and connect employers and search candidates quickly and cost-effectively.
   
• In April 2022, Hudson Global Inc., a leading total talent solutions provider announced its acquisition of Hunt & Badge Consulting Private Limited, a renowned provider of staffing and RPO services. With this acquisition, Hudson aimed to expand its footprint into the recruitment market of India.

Most Profitable Region

The Asia-Pacific region is predicted to hold the maximum share of the recruitment process outsourcing market. The increasing incorporation of components such as analytics to reduce early hire attrition across several organizations in this region is predicted to drive the regional growth of the market over the estimated timeframe.

Covid-19 Impact on the Recruitment Process Outsourcing Market

The rise of the Covid-19 pandemic has devastated various industries including the recruitment process outsourcing market. However, the increased incorporation of web-based technology by leading companies to find, choose, assess, and onboard job candidates and maintain smooth operations has increased the demand for recruitment process outsourcing over the pandemic. Moreover, the increased incorporation of online processes across businesses to increase productivity, reduce hiring costs, and enhance overall talent has further created growth opportunities for the market over the crisis.