Dec 30, 2021 (AmericaNewsHour) -- Research Nester has released a report titled "Recruitment Process Outsourcing Market- Global and Southeast Asia Demand Analysis & Opportunity Outlook 2028" which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
The IPUMS, in one of its statistics, stated that in the year 2018, 24% of the millennial population or almost 1/4th of millennial around the globe had a graduation certification.
The statistics portray the growing demand for RPO solutions, which has increased significantly over the years.
Factors such as the increasing number of graduates and post-graduates across the globe along with the increasing industrialization globally, which is addressing the need for the employment, are known to drive the demand for RPO solutions. The RPO service provider can simultaneously be beneficial for both the organization and the candidate to align an appropriate job for the suitable candidate.
Additionally, modernization of tools coupled with improved diversity and compliance, along with the rapid globalization on account of increasing industrialization are some of the factors that are anticipated to drive the growth of the global and Southeast Asia recruitment process outsourcing market.
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The global and Southeast Asia recruitment process outsourcing (RPO) market is anticipated to achieve a CAGR of 20.80% during the forecast period, i.e. 2020-2028. The market is thriving on account of factors such as the increasing opportunities generated by the integration of artificial intelligence with recruitment process outsourcing, followed by the shift from the traditional recruitment process of face to face interviews to digitalized practice with the use of algorithms and analytics to identify the candidate before contacting with them and the increasing number of small and medium sized business.
The market is anticipated to reach USD 32059.5 million by the end of 2028 from USD 6092.4 million in the year 2019 and further expected to grow by 4.53x and gain an absolute $ opportunity of USD 24989.9 million during the forecast period. The market is also further anticipated to gain an absolute $ opportunity of USD 977.2 million in the year 2020 as compared to the previous year.
The global and Southeast Asia recruitment process outsourcing (RPO) market is segmented by type of outsourcing into on-demand RPO, function-based RPO and full RPO. Among these segments, the full RPO segment registered the largest market share of 67.32% in the year 2019 and is anticipated to cross a value of USD 21651.8 million by the end of 2028. Additionally, the segment is also anticipated to grow by 4.54x and gain an absolute $ opportunity of USD 16890.9 million during the forecast period and further achieve a CAGR of 20.84% during the forecast period.
Geographically, the global and Southeast Asia recruitment process outsourcing (RPO) market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, the market of North America registered a market share of 43.79% in the year 2019 and is anticipated to achieve a CAGR of 20.29% during the forecast period and further cross a value of USD 13516.3 million by the end of 2028. Moreover, the market in the region is also anticipated to gain an incremental $ opportunity of USD 415.1 million in the year 2020 as compared to the previous year and grow by 4.38x and attain an absolute $ opportunity of USD 10433.3 million during the forecast period.
However, concerns for the period of time that the recruitment process takes to hire the right applicant is one of the major factors anticipated to limit the growth of the global and Southeast Asia recruitment process outsourcing market.
This report also studies existing competitive scenario of some of the key players of the global and Southeast Asia recruitment process outsourcing market, which includes profiling of Hueman, LevelUP HCS, Advanced RPO, Y Scouts, Alexander Mann Solutions, PeopleScout - A TrueBlue Company, ManpowerGroup (NYS:MAN) , Hudson Global Inc. (NAS:HSON) , EPS Recruitment Thailand and Wizmatrix.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Recruitment Process Outsourcing - Global and Southeast Asia Demand Analysis & Opportunity Outlook 2028", analyses the overall global and Southeast Asia recruitment process outsourcing industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global and Southeast Asia recruitment process outsourcing market in the near future.
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