Global Human Resources Market Size By Recruitment And Staffing, By Training And Development, By Compensation And Benefits, By Geographic Scope And Forecast

Report ID: 86616|No. of Pages: 202

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Global Human Resources Market Size By Recruitment And Staffing, By Training And Development, By Compensation And Benefits, By Geographic Scope And Forecast

Report ID: 86616|Published Date: Jun 2024|No. of Pages: 202|Base Year for Estimate: 2024|Format:   Report available in PDF formatReport available in Excel Format

Human Resources Market Size And Forecast

Human Resources Market size was valued at USD 19.97 Billion in 2024 and is projected to reach USD 43.35 Billion by 2031, growing at a CAGR of 10.17% during the forecast period 2024-2031.

Human Resources Market is estimated to grow at a CAGR of 10.17% & reach US$ 43.35 Bn by the end of 2031

Global Human Resources Market Drivers

The market drivers for the Human Resources Market can be influenced by various factors. These may include:

  • Technological Advancements: AI, machine learning, cloud-based solutions, and other innovations in HR technology are improving HR procedures including payroll, performance management, employee engagement, and hiring.
  • Growing Adoption Of HR Analytics: Employing data analytics in HR helps businesses make wise decisions, maximize personnel management, and boost worker productivity.
  • Transition To Remote And Mixed Work Models: Robust HR solutions are required to manage remote teams, maintain employee engagement and productivity, and assure compliance in the increasingly popular remote and hybrid work settings.
  • Requirements For Regulatory Compliance: Strict labor laws and regulations are forcing businesses to implement cutting-edge HR systems in order to guarantee compliance and stay out of trouble with the law.
  • Emphasis On Employee Experience And Engagement: Businesses are investing more in HR technology that help them achieve these objectives as a result of their growing emphasis on employee happiness, engagement, and well-being.
  • Challenges in Hiring And Retaining Talent: Businesses are using advanced HR tools to implement efficient recruiting and retention strategies due to the competitive employment market and the need to attract and retain top personnel.
  • The Gig Economy Is Growing: and with it comes the need for HR solutions that can handle varied and non-traditional workforces. This includes the development of gig and freelance labor.
  • Corporate Expansion And Economic Growth: As a result of corporate expansion, there is a growing need for comprehensive HR solutions to handle increasingly complicated and sizable workforces.
  • Workforce Diversity And Inclusion Efforts: Employers are pushing the use of HR technology that facilitate diversity, equity, and inclusion (DEI) efforts in order to create diverse and inclusive workplaces.
  • Enhancement Of Learning And Development Programs: A greater focus on employee training and development has resulted in the adoption of HR solutions that provide possibilities for career development and individualized learning.

Global Human Resources Market Restraints

Several factors can act as restraints or challenges for the Human Resources Market. These may include:

  • Regulatory Compliance: HR service providers and businesses may face higher expenses and more administrative demands as a result of strict labor laws, rules governing employment practices, and compliance obligations.
  • Economic Conditions: Uncertainties or downturns in the economy might result in fewer hiring decisions, budget cuts for HR services, and general market instability, all of which can harm the growth prospects of the HR industry.
  • Technological Disruptions: As technology develops quickly, it can affect traditional HR practices and necessitate large investments in new technologies. Examples of these disruptions include automation, AI-driven HR solutions, and digital transformation.
  • Lack Of Skill: In HR service providers, a shortage of qualified personnel might restrict their ability to grow or provide high-quality services, especially in specialist fields like data analytics or HR technology.
  • Globalization Presents Hurdles: including varying labor laws, cultural nuances, and regulatory regimes that can make providing HR services and compliance more difficult.
  • Cost Pressures: HR service providers may find their profit margins reduced by clients’ requests for competitive pricing and cost-effective solutions, which may force them to focus on operational efficiencies and value-added services.
  • Changing Workforce Dynamics: Changes in the demographics of the workforce, such as aging populations or a desire for remote work, can affect the needs for HR services and necessitate adjustments to plans and services.
  • Security And Privacy Concerns: HR service providers must make investments in strong cybersecurity safeguards and compliance frameworks due to growing concerns about data security, privacy laws (such as GDPR), and cyber attacks.
  • Social And Political Factors: The demand for HR services can be impacted by labor markets, HR practices, political unrest, and changes in public policy (such as immigration restrictions).
  • Competitive Landscape: There may be pressure on prices and a need for distinction through specialized services or sector experience due to the fierce rivalry among HR service providers, staffing agencies, and recruiting businesses.

Global Human Resources Market Segmentation Analysis

The Global Human Resources Market is segmented on the basis of Recruitment And Staffing, Training And Development, Compensation And Benefits, And Geography.

Human Resources Market Segmentation Analysis

Human Resources Market, By Recruitment And Staffing

  • Executive Search: Focuses on high-level positions, often utilizing headhunters or specialized firms.
  • Temporary Staffing: Provides short-term personnel solutions for specific projects or seasonal demands.
  • Permanent Placement: Involves placing candidates in full-time roles with organizations.

Human Resources Market, By Training And Development

  • Skills Training: Offers programs to enhance specific job-related skills.
  • Leadership Development: Programs designed to cultivate management and leadership capabilities.
  • Onboarding And Orientation: Ensures new hires integrate smoothly into the organization.

Human Resources Market, By Compensation And Benefits

  • Salary Structures: Designing competitive pay scales based on market research.
  • Employee Benefits: Includes health insurance, retirement plans, and other perks.
  • Incentives: Performance-related bonuses and rewards.

Human Resources Market, By Geography

  • North America: Market conditions and demand in the United States, Canada, and Mexico.
  • Europe: Analysis of the Human Resources Market in European countries.
  • Asia-Pacific: Focusing on countries like China, India, Japan, South Korea, and others.
  • Middle East and Africa: Examining market dynamics in the Middle East and African regions.
  • Latin America: Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Human Resources Market are:

  • Workday
  • SAP
  • Oracle
  • ADP
  • IBM
  • Ceridian HCM
  • Ultimate Software
  • Kronos
  • AccentureMercer
  • Kelly Services
  • CDI
  • Beijing Foreign Enterprise Human Resource Service
  • Pasona
  • Synergie
  • China International Intellectech, Manpower
  • Randstad Holding
  • China International Talent Development Center
  • Adecco

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Base Year

2024

Forecast Period

2024-2031

Historical Period

2021-2023

Unit

Value(USD Billion)

Key Companies Profiled

Workday, SAP, Oracle, ADP, IBM, Ultimate Software, Kronos, AccentureMercer, Kelly Services, Beijing Foreign Enterprise Human Resource Service

Segments Covered

By Recruitment And Staffing, By Training And Development, By Compensation And Benefits, And By Geography.

Customization Scope

Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Research Methodology of Verified Market Research:

Research Methodology of VMR

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

Frequently Asked Questions

Human Resources Market was valued at USD 19.97 Billion in 2024 and is projected to reach USD 43.35 Billion by 2031, growing at a CAGR of 10.17% during the forecast period 2024-2031.

Technological Advancements, Growing Adoption Of Hr Analytics, The Gig Economy Is Growing and Corporate Expansion And Economic Growth are the factors driving the growth of the Human Resources Market.

The major players are Workday, SAP, Oracle, ADP, IBM, Ultimate Software, Kronos, AccentureMercer, Kelly Services, Beijing Foreign Enterprise Human Resource Service.

The Global Human Resources Market is Segmented on the basis of Recruitment And Staffing, Training And Development, Compensation And Benefits, And Geography.

The sample report for the Human Resources Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

1 INTRODUCTION OF GLOBAL HUMAN RESOURCES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL HUMAN RESOURCES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis

5 GLOBAL HUMAN RESOURCES MARKET, BY RECRUITMENT AND STAFFING
5.1 Overview
5.2 Executive Search
5.3 Temporary Staffing
5.4 Permanent Placement

6 GLOBAL HUMAN RESOURCES MARKET, BY TRAINING AND DEVELOPMENT
6.1 Overview
6.2 Skills Training
6.3 Leadership Development
6.4 Onboarding And Orientation

7 GLOBAL HUMAN RESOURCES MARKET, BY COMPENSATION AND BENEFITS
6.1 Overview
7.2 Salary Structures
7.3 Employee Benefits
7.3 Incentives

8 GLOBAL HUMAN RESOURCES MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa

9 GLOBAL HUMAN RESOURCES MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies

10 COMPANY PROFILES

10.1 Kelly Services
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments

10.2 CDI
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments

10.3 Beijing Foreign Enterprise Human Resource Service
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments

10.4 Pasona
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments

10.5 Synergie
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments

10.6 China International Intellectech
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments

10.7 Manpower
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments

10.8 Randstad Holding
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments

10.9 China International Talent Development Center
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments

10.10 Adecco
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments

11 Appendix
11.1 Related Research

Report Research Methodology

Research methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

expert data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

PerspectivePrimary ResearchSecondary Research
Supplier side
  • Fabricators
  • Technology purveyors and wholesalers
  • Competitor company’s business reports and newsletters
  • Government publications and websites
  • Independent investigations
  • Economic and demographic specifics
Demand side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customer

Econometrics and data visualization model

data visualiztion model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

  • Market drivers and restraints, along with their current and expected impact
  • Raw material scenario and supply v/s price trends
  • Regulatory scenario and expected developments
  • Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

  • Established market players
  • Raw data suppliers
  • Network participants such as distributors
  • End consumers

The aims of doing primary research are:

  • Verifying the collected data in terms of accuracy and reliability.
  • To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysisQuantitative analysis
  • Global industry landscape and trends
  • Market momentum and key issues
  • Technology landscape
  • Market’s emerging opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2027
  • Market revenue estimates and forecasts up to 2027, by technology
  • Market revenue estimates and forecasts up to 2027, by application
  • Market revenue estimates and forecasts up to 2027, by type
  • Market revenue estimates and forecasts up to 2027, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Human Resources Market

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