India Human Resource Outsourcing Market to be Valued over USD347.75 Million by 2028
Increasing preference regarding
outsourcing services among small
emerging businesses, availability of multiple services and its ability to help businesses
focus on their core functioning are few factors driving the growth of Human
Resource Outsourcing Market in India.
According to TechSci Research report, “India Human Resource Outsourcing Market- By Region,
Competition Forecast and Opportunities, 2018-2028F”, The India human resource outsourcing
market is valued at USD94.36 million in 2022 and is forecasted to grow with a
growth rate of 25.06% in the forecasted years, owing to the increasing small
business which prefer outsourcing services. It is such because it allows them
to focus on their core competence and leave all the human resource tasks to the
outsourcing company.
Emerging economies like
India may attract multinational firms and boost foreign direct investment owing
to a strong business ecosystem and presence of skilled human resource
pool. The fact that they are more focused on the transactional aspect of
services, such as payroll, benefits, HR compliance, time and attendance, etc.,
is another encouraging sign for the expanding HRO industry in India.
Businesses can easily scale
up or down the size of their HR workforce based on requirements, by outsourcing
HR functions. The majority of HR outsourcing service providers provide
businesses with adaptable packages that give them on-demand access to essential
HR tools, resources, and services. As a result, firms may maintain their
agility without having to pay for an expensive internal HR team.
Browse over 26 market data
Figures spread through 92 Pages and an in-depth TOC on "India Human Resource Outsourcing Market"
It can be costly to operate
a full-fledged HR team, especially for small and mid-sized enterprises with
tight resources. By providing a productive recruitment approach that lowers the
cost of hiring personnel, outsourcing partners assist organizations in minimizing
their operational costs. Additionally, it reduces the risk of compliance fines
and avoids the costs of obtaining, implementing, and deploying pricey HR
technologies, allowing small firms to concentrate their financial resources on
their core goods and services.
The time spent on typical
administrative tasks is decreased due to outsourcing, which also helps to optimize
other HR procedures including payroll processing, employee training, and
compliance monitoring. By giving their clients access to the most up-to-date HR
tools and technology that do away with unproductive processes, outsourcing
providers assist in increasing their clients' workplace efficiency. Teams can, therefore,
concentrate more on essential business procedures, increasing the productivity
of the organization as a whole.
The India human resource
outsourcing market is segmented on the basis of type, end user and regions.
Based on type, the market is segmented into payroll, recruitment process,
benefits administration, multi process human resource, learning services and
others include onboarding, compliance management, etc. Further, based on end
user, the market is fragmented into IT & ITES, BFSI, healthcare,
hospitality, retail and others include manufacturing, logistics, education,
etc.
Since the HR department is
responsible for several duties, including developing perks and benefits
and keeping track of employee performance. Due to the surge in resource
demand, the business must engage specialist teams and outsource support to organizations
with a wide range of experience and quick response times. Indian banks achieve
savings of between 30 and 40% through outsourcing as compared to other captive
outsourcing units. As a result, the BFSI industry is seeing an increase in
demand for HR outsourcing.
Key market players in the India human resource outsourcing market include:
- Randstad India Private Limited
- Adecco India Private Limited
- ManpowerGroup Services India Private
Limited
- TeamLease Services Limited
- Innovsource Services Pvt. Ltd.
- Quess Corp Limited
- PERSOLKELLY India Private Limited
- Careernet Technologies Pvt. Ltd.
- ABC Consultants Pvt Ltd.
Based on region, the market
is segmented into North India, South India, East India, West India. Due to the
availability of different industries in the region and the presence of
favorable environment for establishing a business, many companies are setting
up their business in the region. Thus, around 37.18% of the total market share
is covered by South India.
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“The India human resource
outsourcing services is witnessing an exponential growth owing to the presence
of variety of services such as payroll, recruitment, etc. Moreover, the
involvement of artificial intelligence in the outsourcing services, which are
making the recruitment and other services easier, is also boosting the market
growth. Additionally, the establishments of small firms in the country which
mostly outsource their human resource services, will further accelerate the
growth of India human resource outsourcing market." said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India Human Resource Outsourcing Market,
Segmented By Type (Payroll, Recruitment Process, Benefits Administration, Multi
Process Human Resource, Learning Services, Others (Onboarding, Compliance
Management, etc.)), By End User (IT & ITES, BFSI, Healthcare, Hospitality,
Retail, Others (Manufacturing, Logistics, Education, etc.)), By Region, By
Company, Forecast & Opportunities, 2018-2028F”, has evaluated the
future growth potential of India human resource outsourcing market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the India human resource outsourcing market.
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