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

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.

The emergence of data analytics and artificial intelligence is one of
the major trends being witnessed in the global
recruitment process outsourcing market 2018-2022
. 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.

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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.

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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

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