The HR professional services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s HR professional services Global Market Report 2024, The HR professional services market size has grown rapidly in recent years. It will grow from $6.26 billion in 2023 to $7 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to regulatory changes, economic trends, globalization, demographic shifts, talent shortages, and crisis response.
The HR professional services market size is expected to see rapid growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to remote work adoption, data privacy and security, agile workforce strategies, skill gaps and upskilling, diversity, equity, and inclusion (DEI). Major trends in the forecast period include digital transformation, technological advancements, focus on employee well-being, continuous learning and development, and agile HR practices.
Increasing implementation of information technology is expected to propel the growth of the HR professional services market going forward. Information technology refers to a wide range of terms, including all aspects of computing and telecommunications development and installation, including use. Technology has significantly altered human resource management. Most firms now give ubiquitous access to HR services via technology and web-based apps. These adjustments are frequently the outcome of the need to reduce costs while expanding or improving services. For instance, according to Flexera, in 2021, 54% of companies worldwide prioritize digital transformation. Additionally, in May 2022, Couchbase, a software company, released the results of its fifth annual survey done on 650 IT leaders. It was founded that, the investment in digital transformation will increase by 46% over the next 12 months. Therefore, the increasing implementation of information technology is expected to drive the HR professional services market growth.
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The HR professional services market covered in this report is segmented –
1) By Type: Core HR, Employee Collaboration And Engagement, Recruiting, Talent Management, Workforce Planning And Analytics
2) By Enterprise: Large Enterprises, Small And Medium Enterprises
3) By Deployment: Hosted, On-Premise
4) By End-User: Academia, Banking, Financial Services And Insurance (BFSI), Government, Healthcare, IT And Telecom, Manufacturing, Retail, Other End-Users
Major companies operating in the HR professional services market are focusing on strategic collaboration, to assist businesses in accelerating the implementation of skills-based talent strategies and unlocking more agility and potential. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in November 2023, Accenture plc, an Ireland-based professional services company, announced a collaboration with Workday, Inc., a US-based HR professional services company. Accenture and Workday are assisting organizations in understanding the skills and proficiencies within their workforce, identifying the skills required for future growth, and discovering upgrading opportunities in the fields that will result in the most significant business impact by employing Workday Skills Cloud, a flexible and interconnected AI skills intelligence foundation. Accenture's new products, which leverage Workday Skills Cloud, help reduce the time it takes to adopt a skills-based talent strategy from years to weeks by providing a pre-built employee competency journey that integrates skills analysis, insights, and actions.
The hr professional services market report table of contents includes:
- Executive Summary
- HR professional services Market Characteristics
- HR professional services Market Trends And Strategies
- HR professional services Market - Macro Economic Scenario
- Global HR professional services Market Size and Growth
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- Global HR professional services Market Competitive Benchmarking
- Global HR professional services Market Competitive Dashboard
- Key Mergers And Acquisitions In HR professional services Market
- HR professional services Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- International Business Machines Corporation
- Oracle Corporation
- Deloitte Touche Tohmatsu Limited
- SAP SE
- Mercer LLC
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