Global Recruitment Process Outsourcing (RPO) Market to Grow Threefold by 2022

According to a new market research report published by Credence Research “Recruitment Process Outsourcing (RPO) Market (On-demand RPO and End-to-end RPO) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2015 – 2022”, the market for recruitment process outsourcing is poised to grow from 3.54 Bn in 2014 to 10.67 Bn by 2022, worldwide.

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The market for recruitment process outsourcing (RPO) is majorly governed by the increasing adoption of outsourcing services worldwide. Most of the companies are looking for external service providers which can help them reducing their overhead costs. Additionally, outsourcing the recruitment processes to a third-party provider enables organizations to focus on their core competencies thereby enhancing their business operations. Outsourcing recruitment processes enables business organizations to hire candidates as per their requirement without bearing any cost internally. Furthermore, the demand for RPO services has witnessed strong growth due to their tremendous advantages over traditional methods of recruitment. Due to these factors, the recruitment process outsourcing market is expected to witness high growth during the forecast period.

The RPO market is segmented on the basis of engagement models, industry verticals and geographical regions. On the basis of engagement models, the market has been segmented into on-demand and end-to-end RPO models. Currently, the market is dominated by the on-demand engagement model segment accounting for more than 75% of the total market share, in terms of revenue. On-demand RPO refers to the service wherein, the client organizations transfers some of the recruitment processes to an RPO provider. This model offers greater flexibility, scalability and convenience to the client organization. Hence, the segment is expected to hold its dominant position in the market throughout the forecast period.

Further, on the basis of industry verticals, the market has been segmented into banks, financial services and insurance (BFSI), IT & telecommunication, IT enabled services (ITeS) and BPO, healthcare, manufacturing & heavy industries and others. As of 2014, the RPO market is dominated by the IT & telecommunication segment with over one fourth of the total market revenue. The market for RPO is majorly governed by the ever increasing need for productive recruitment in the industry. Since IT & telecommunication segment is among the most dynamic industries in terms of recruitment, the segment is expected to retain its dominant position, in the market.

Some of the key companies operating in the RPO market are Alexander Mann Solutions, ManpowerGroup Solutions, Hudson Global, Kenexa Corporation (an IBM Corporation company), Randstad Holding NV, ADP, LLC, Atterro Human Capital Group, Accolo, Inc., Kelly Outsourcing and Consulting Group, Cielo, Inc., Futurestep (a Korn Ferry company) and others. These companies face significant competition from the local recruitment service providers worldwide.