Albany, NY -- (SBWIRE) -- 03/22/2018 -- Overview of the global RPO market

The global RPO market is anticipated to grow rapidly and will post a CAGR of close to 18% during the forecast period. The increased usage of neo-sourcing will drive the growth prospects for the global RPO market in the forthcoming years. Neo-sourcing is the integration of IT outsourcing and BPO and an evolution of BPO models offered by outsourcing companies. Also, the market is witnessing a growing number of business process integration and the advent of technological solutions to reduce costs and improve productivity and innovations. Some of the major factors responsible for the growing preference for neo-sourcing in various organizations is the transformation in business and optimization, which is a result of the combined management of back-office operations and technology for process re-engineering. Furthermore, the benefits of this technology include process optimization, cost reduction, access to the best global practices, improved productivity, increased employee morale, and reduced cycle time.

In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next four years. Some of the major factors responsible for the growing adoption of RPO in North America is cost reduction, managing compliance, greater alignment between HR and business, and access to technology. Also, the market is anticipated to witness further growth due to its expansion in countries like South America, Brazil, and Argentina in terms of multi-country recruitment process outsourcing (MCRPO) contract deals. Moreover, the process and execution of HR functions have become faster due to growing number of recruitments happening through mobile applications in the US staffing system.

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Competitive landscape and key vendors

The global RPO market is highly diversified and competitive due to the presence of a large number of regional and international vendors across the globe. One of the major factors responsible for the growing competition in the market is the emergence of start-up firms. According to the industry research report, the regional vendors are increasingly focusing on maximizing their market share by competing directly against the leading vendors.

Key vendors in this market are -

ADP
IBM
ManpowerGroup
Randstad Sourceright

Other prominent vendors in the market include Accenture, Alexander Mann Solutions, Allegis Global Solutions, Futurestep, Hays, Hudson, Infosys, KellyOCG, and Pontoon Solutions.

Segmentation by services and analysis of the RPO market
MCRPO
Blended RPO

The blended recruitment process outsourcing (RPO) segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. Blended Workforce services are a mix of both permanent and temporary hiring processes. Some of the benefits of blended RPO involves financial, business, and strategic benefits.

Segmentation by end user and analysis of the RPO market
Telecom
Healthcare
Services
Energy
Manufacturing
BFSI

The BFSI sector accounted for the maximum market share during 2016 and will continue to dominate the market until the end of 2021. Some of the major factors responsible for the market segment's growth is the increasing number of investments to introduce new products and services, manage regulatory compliance, meet the growing demands of customers, ameliorate cost efficiency, and gain more profits.

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Market driver
Emergence of nearshore outsourcing destinations.
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Market challenge
Concerns regarding security and quality of service.
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Market trend
Rise of multi-country and centralized outsourcing models.
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Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global recruitment process outsourcing (RPO) market?
What are the key market trends impacting the growth of the global recruitment process outsourcing (RPO) market?
What are the challenges to market growth?
Who are the key vendors in the global recruitment process outsourcing (RPO) market?
What are the market opportunities and threats faced by the vendors in the global recruitment process outsourcing (RPO) market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the global recruitment process outsourcing (RPO) market?

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