HR Professional Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
HR Professional Services Market Analysis
The global HR professional services market is poised to grow at a CAGR of greater than 7% during the forecast period.
Employers and employees experienced confusion and uncertainty due to the COVID-19 pandemic, which had no apparent end in sight. Much of 2020 and the first half of 2021 saw HR operating in crisis mode, trying to figure out how to allow workers to work from home, offer greater mental and physical health care, and work harder than ever on C-level plans to keep their businesses running. The function of HR has fundamentally changed as businesses adapt to a new normal and the dust continues to settle. Although the HR department still oversees employee performance, productivity, and efficiency, its bigger task is to comprehend the difficulties that individuals face both at and outside the workplace.
Human resources specialists handle issues or demands involving people who develop inside a business. They frequently oversee hiring, firing, onboarding new personnel, and the orientation process to get staff members settled into their new responsibilities.
Determining what is successful throughout the crisis of COVID-19 and building on it to gain a competitive edge are key roles that HR can play. For example, a business downsizing its headquarters and setting up regional hubs that may access new talent pools. In such a case, HR would have to determine how the hubs and the headquarters would collaborate, how the work would be organized, etc. What kinds of systems and processes need to be put in place to enable efficient workflows and communications is what HR Professionals determine a crucial factor.
HR Professional Services Market Trends
Working in Meta Verse is Driving the Market
The metaverse workplace will soon be commonplace, thanks to technological advancements. However, how does that operate? The metaverse workplace provides virtual reality settings so you can do business from anywhere in the world while working in a personalized, immersive environment. Within the metaverse, we create digital workstations so employees can do their work independently. The use of digital avatars also enables interactions and real-world experiences. 25% of individuals will spend at least one hour each day in the metaverse in the next five years, according to Gartner. This suggests that some of these initiatives, such as virtual events, employee onboarding, career fairs, and meetings, will be launched by the biggest companies in this field in 2023. The metaverse may also be used for workplace education and training. By putting USD 150 million towards developing an immersive learning ecosystem, Meta hopes to increase access to education in the metaverse.
To employ technology effectively, the firm needs the assistance of HR. To ensure wholesome metaverse working procedures, they will need to create new hybrid working policies and train leaders to lead in this new setting. Do not do anything online that you would not do at your regular job; that should always be the golden rule. It also gives HR a rare chance to create the (virtual) workspace outside the conventional, frequently uninspired office setting.
Redefining Remote and Hybrid Work Strategies can Transform the HR Services Market
Work has changed throughout the pandemic. According to McKinsey, the pandemic has sped up digital transformation in businesses by three to four years. Many companies need to be aware of this and continue employing antiquated strategies that once made sense. For instance, 95% of CEOs believe that maintaining the workplace culture requires retaining employees on staff. A nature human behavior study also revealed that Microsoft employees' collaboration declined by 25% and became more compartmentalized in a remote setting compared to pre-pandemic levels.
Despite this, 64% of employees claimed that they might consider quitting if they had to work at the office full-time. The culture of the modern workplace has been influenced by hybrid working. As firms explore various workplace tactics, they will facilitate internal discussions about this issue and encourage their organization to make decisions, even if they are only temporary.
HR Professional Services Industry Overview
The global HR professional services market is moderately fragmented, with major vendors, including Insperity, Michael Page, Topsource Worldwide, Visier, and Paychex. The vendors are improving their product line by utilizing smart joint ventures and acquisitions as a competitive advantage to increase their customer base and capture market share. Players in the market including Insperity, Michael Page, Topsource Worldwide, Visier, and Paychex, among others have been profiled in the report.
HR Professional Services Market Leaders
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Insperity
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Michael Page
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Topsource Worldwide
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Visier
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Paychex
*Disclaimer: Major Players sorted in no particular order
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HR Professional Services Market News
- In November 2022, Workday's partner and provider of professional services and application management, OneSource Virtual, based in Texas, announced Cognizant was acquiring it.
- In November 2022, the worldwide HCM leader Oracle selected Global HR Research (GHRR), a technologically advanced leader in employment screening services, drug testing, and verifications, to optimize its human capital management (HCM) system and help human resource professionals increase job placement productivity.
HR Professional Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption And Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation And Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Key Technological Advancements Shaping the Market (Artificial Intelligence, Machine Learning, etc.)
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Provider Type
5.1.1 Consulting Companies
5.1.2 Software-as-a-Service Companies
5.2 By Function Type
5.2.1 Recruitment And Talent Acquisition
5.2.2 Benefits And Claims Management
5.2.3 Workforce Planning and Analytics
5.2.4 Payroll And Compensation Management
5.2.5 Other Functions
5.3 By End User Industry
5.3.1 BFSI
5.3.2 Healthcare
5.3.3 IT and Telecom
5.3.4 Manufacturing
5.3.5 Retail
5.3.6 Government
5.3.7 Other Industries
5.4 By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia - Pacific
5.4.4 South America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Insperity
6.2.2 Michael Page
6.2.3 Topsource Worldwide
6.2.4 Visier
6.2.5 Paychex
6.2.6 Workday
6.2.7 Kforce
6.2.8 Trinet
6.2.9 Baker HR
6.2.10 Bamboo HR
6.2.11 Deloitte
6.2.12 Oracle Corporation
6.2.13 SAP
6.2.14 ADP Inc
6.2.15 Boston Consulting Group*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. ABOUT US AND DISCLAIMER
HR Professional Services Industry Segmentation
Professionals in this division take care of issues and requirements related to the organization's human capital or the employees. It is beneficial to comprehend the primary roles and obligations of human resources professionals, whether you are thinking about a career in this field or you need to hire HR specialists for your company.
The HR professional services market is segmented By Provider Type (Consulting Companies, Software-as-a-Service Companies), By Function Type (Recruitment And Talent Acquisition, Benefits And Claims Management, Workforce Planning and Analytics, Payroll And Compensation Management, and Other Functions), By End User Industry (BFSI, Healthcare, IT and telecom, Manufacturing, Retail, Government, and Other Industries), by Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The report offers Market size and forecasts for HR Professional Services Market in value (USD Million) for all the above segments.
| By Provider Type | |
| Consulting Companies | |
| Software-as-a-Service Companies |
| By Function Type | |
| Recruitment And Talent Acquisition | |
| Benefits And Claims Management | |
| Workforce Planning and Analytics | |
| Payroll And Compensation Management | |
| Other Functions |
| By End User Industry | |
| BFSI | |
| Healthcare | |
| IT and Telecom | |
| Manufacturing | |
| Retail | |
| Government | |
| Other Industries |
| By Region | |
| North America | |
| Europe | |
| Asia - Pacific | |
| South America | |
| Middle East and Africa |
HR Professional Services Market Research FAQs
What is the current HR Professional Services Market size?
The HR Professional Services Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in HR Professional Services Market?
Insperity, Michael Page, Topsource Worldwide, Visier and Paychex are the major companies operating in the HR Professional Services Market.
Which is the fastest growing region in HR Professional Services Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in HR Professional Services Market?
In 2024, the North America accounts for the largest market share in HR Professional Services Market.
What years does this HR Professional Services Market cover?
The report covers the HR Professional Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the HR Professional Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
HR Professional Services Industry Report
Statistics for the 2024 HR Professional Services market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. HR Professional Services analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
HR Professional Services Market Report Snapshots
