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Global Recruitment Process Outsourcing Market 2018-2022 | 14% CAGR Projection Over the Next Five Years | Technavio

November 9, 2018

LONDON--(BUSINESS WIRE)--Nov 9, 2018-- analysts forecast the global recruitment process outsourcing market to grow at a CAGR of over 14% during the forecast period, according to their latest market research report.

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Technavio has published a new market research report on the global recruitment process outsourcing market from 2018-2022. (Graphic: Business Wire)

The emergence of data analytics and artificial intelligence is one of the major trends being witnessed in the . Data analytics and artificial intelligence are revolutionizing recruitment processes at a very high pace. Huge volumes of data are generated and are further analyzed to make proper recruitment decisions. Certain analytical tools are used to extract the required information, either in the form of big data or real-time information. This data is used by HR executives to manage recruitment effectively. In data analytics, people analytics and recruitment analytics play a key role as they generate scientific information from raw data. These sources of interpreting huge volumes of information help recruiters select strong candidates and improve their ability to fill the job openings at a fast pace. Thus, with the various advantages associated with data analytics and AI, the market is expected to have a positive outlook during the forecast period.

This report is available at a USD 1,000 discount for a limited time only:

According to Technavio analysts, one of the key factors contributing to the growth of the global recruitment process outsourcing market is the cost reduction by streamlining the hiring process:

Global recruitment process outsourcing market: Cost reduction by streamlining the hiring process

To reduce the cost per hire, companies are actively approaching RPO firms. To constantly add business value and to cut operational costs wherever possible, RPO is required. Thus. RPO can prevent the demand-supply imbalance during adverse market conditions. When a business expands into another product category or another region of the world, recruiting needs rise considerably. Similarly, during downturns, the retrenchment of workforce needs to be done. Such imbalances incur heavy costs to any company. RPO partners streamline the hiring process to reduce such market imbalances. This happens due to the active involvement of RPO partners in examining recruitment process workflows to determine the overlaps in processes, the excessive costs incurred, and the curbing of inefficient practices. Thus, the need of various organizations to reduce their operating costs by streamlining the hiring process is expected to fuel the growth of the global RPO market during the forecast period.

According to a senior analyst at Technavio for research on IT professional services, “Along with streamlining the hiring process, another major factor such as the advent of meritocratic recruitment is expected to boost the growth of the global recruitment process outsourcing market. Meritocratic recruitment is introduced to improve decision-making when it comes to hiring employees. This process of recruitment moves away from how the employees were previously recruited. Based on prioritizing candidates’ abilities over their experience, meritocratic recruitment focuses on acquiring a candidate based on his/her performance on a practical assessment instead of CV-based assessments and competency-based interviews. Since it is a skill-based system of recruitment, it focuses on avoiding biasness in the recruitment process. Currently. the number of companies adopting meritocratic recruitment is increasing.”

Global recruitment process outsourcing market: Segmentation analysis

The global recruitment process outsourcing market research report provides market segmentation by end-user (IT and telecom, BFSI, manufacturing, healthcare, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The Americas held the largest share of the market in 2017, accounting for over 40% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period, followed by the Americas.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20181109005352/en/

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SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 11/09/2018 11:25 AM/DISC: 11/09/2018 11:25 AM

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