Global HR Advisory Services Market Outlook, Opportunities And Strategies – Includes HR Advisory Services Market Research
Learn about the global HR advisory services market through The Business Research Company, which provides information on HR advisory services market size, HR advisory services market drivers and restraints, HR advisory services market players, the COVID-19 impact on the HR advisory services market, and more.
The HR advisory services market size is expected to grow from $148.6 billion in 2021. The global HR advisory services market size is expected to grow from $ 148.6 billion in 2021 to $206.1 billion in 2026 at a rate of 6.8 %. The global HR advisory services market size is then expected to grow at a CAGR of 8.0% from 2026 and reach $302.8 billion in 2031.
The increasing use of data analytics and artificial intelligence (AI) is expected to drive the growth of the HR advisory services market during the forecast period.
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The HR advisory market consists of the sales of HR advisory services by entities (organizations, sole traders and partnerships) that provide advice on human capital matters and/or offerings revolving around the HR function. HR advisory services are generally used by two types of clients – those aiming to improve their HR function by redesigning HR processes and those undergoing transformations such as mergers and acquisitions to ensure the new human capital is trained. Only goods and services traded between entities or sold to end consumers are included.
Global HR Advisory Services Market Segments Include:
By Type: Compensation Consulting, Benefits Consulting, Actuarial Consulting, Strategic and other Consulting
By Service: Integration & Deployment, Support & Maintenance, Training & Consulting
By End-Use: IT Services, Manufacturing, Financial Services, Mining And Oil & Gas, Construction, Others Services
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global HR advisory services market, accounting for 28.8% of the total in 2021.
During the pandemic, it can be observed from available data that the mental health of a considerable number of employees has been affected due to several factors, such as anxiety, loneliness, effected social life, job insecurity, etc. The employees have been going through a continuous mental health struggle because of the fear of lay-offs, meeting expectations of achieving higher targets, etc. It is vital to keep them informed about the ongoings of the organization and their job security. An HR consultant has a crucial role to play to cope up with such situations, by being available, showing empathy and providing long term support to the employees. The high levels of stress that have emerged and continue to affect employees worldwide during the ongoing lockdown. is a huge area of concern. It is a well-known fact that physical and mental wellbeing are correlated, and one cannot be managed at the expense of the other. The work-from-home practice due to Covid-19 was literally adopted overnight by employers, creating a whole new set of challenges for all stakeholders.
Major Market Players: Marsh & McLennan Companies, Inc., Willis Towers Watson, Accenture, Aon Hewitt, McKinsey & Company
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The HR Advisory Services Market Report 2022 is one of a series of new reports from The Business Research Company that provides HR advisory services market overviews, analyzes and forecasts market size, share, HR advisory services market players, HR advisory services market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s HR advisory services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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