In a recent published report, Kenneth Research has updated the market report for Global and Southeast Asia RPO (Recruitment Process Outsourcing) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global and Southeast Asia RPO (Recruitment Process Outsourcing) Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Global and Southeast Asia Recruitment Process Outsourcing Market Analysis 2019-2028
Recruitment Process Outsourcing includes the services offered by third-party service provider for managing the entire process of recruitment and related supply partners for providing the required skills, technologies, tools, activities and process methodologies for client’s recruitment department. 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.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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 are anticipated to promote towards the growth of the global and Southeast Asia recruitment process outsourcing (RPO) market. Additionally, factors such as the increasing number of graduates and post-graduates across the globe along with the increasing industrialization globally and the modernization of tools coupled with improved diversity and compliance, along with the rapid globalization 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 consists of various segments that are segmented by type of outsourcing, service, engagement, industry vertical and by region. The industry vertical segment is further sub-divided into IT & telecommunications, manufacturing, BFSI, healthcare, government, education and others. Out of these, the IT & telecommunications segment held the largest market share of around 23% in the year 2019 and is further expected to grow by a CAGR of around 22% during the forecast period. Additionally, the segment is also anticipated to cross a value of around USD 8100 million by the end of 2028.
Based on region, the global and Southeast Asia recruitment process outsourcing (RPO) market is segmented into North America, Europe, Asia Pacific except SEA, Southeast Asia, Latin America and Middle East & Africa. The market in Asia Pacific except SEA, which had accounted for around 10% share in the year 2019, is estimated to witness a CAGR of around 22% over the forecast period and is further expected to cross a value of around USD 3200 million by the end of 2028.
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Some of the affluent industry leaders in the global and Southeast Asia recruitment process outsourcing (RPO) market are Hueman, LevelUP HCS, Advanced RPO, Y Scouts, Alexander Mann Solutions, PeopleScout – A TrueBlue Company, ManpowerGroup, Hudson Global Inc., EPS Recruitment Thailand and Wizmatrix.
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