Global HRO BPO Market Size, Drivers, Trends, Opportunities And Strategies
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The increasing integration of cloud-based services is likely to stimulate innovation in HRO BPO manufacturing, hence propelling the market during the forecast period.
The global HRO BPO market is expected to grow from $94.34 billion in 2022 to $98.34 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The global HRO BPO market size is expected to reach $112.50 billion in 2027 at a CAGR of 3.4%.
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Global HRO BPO Market Segments Include:
- By Type: Professional Employer Organizations (PEOs), Administrative Service Organizations (ASOs)
- By Service: PO, BAO, MPHRO, RPO
- By Application: Banking, Financial Services And Insurance (BFSI), Healthcare, IT, Hospitality, Retail, Other Applications
- 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 is the largest region in the global HRO BPO market in 2021.
Major Market Players in the HRO BPO market include Cielo Inc., International Business Machines Corporation, Mercer LLC, CGI Inc. (Conseillers en gestion et informatique), Paychex Inc., Intuit Inc., Infosys Limited, Ceridian HCM Inc., HR Service Inc.
Product innovation is a crucial trend that is gaining traction in the HRO BPO market. Major players in the HRO BPO market are focusing on developing novel products. For example, Unicorn HRO, a US-based firm that provides fully integrated and flexible human resources and payroll solutions, will debut a new payroll and human resources (HR) service for non-profit organisations in August 2020. This service is distinct in that it utilises Unicorn HRO’s iCON platform, an integrated cloud-based solution that centrally manages human resources functions such as talent management, payroll, benefits, and time and attendance. The new tool is expected to make it easier for non-profits to coordinate payroll, tax services, and other HR tasks such as staff management, time and attendance, and ACA compliance. Furthermore, by providing significant employee self-service capabilities, staff can analyse and handle personal information, such as benefits, timesheets, and pay stubs.
The HRO BPO Global Market Report 2023 provides a HRO BPO market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The HRO BPO market forecast analyzes HRO BPO market size, HRO BPO market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Human resource outsourcing (HRO) BPO refers to the practise of hiring a third-party company to manage an organization’s human resources services. Human resource outsourcing is used by businesses to cut expenses and free up human resource specialists to focus on more important activities.
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