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Global Next Generation RPO Market 360-Degree Research With Current and Future Trends (2021 - 2029)

PUNE, MAHARASHTRA, INDIA, March 25, 2022 / -- The Global Next Generation RPO Market Report by Absolute Markets Insights is a meticulously undertaken study. Experts with proven credentials and a high standing within the research fraternity have presented an in-depth analysis of the subject matter, bringing to bear their unparalleled domain knowledge and vast research experience. They offer some penetrating insights into the complex world of Next Generation RPO Market Industry. Their sweeping overview, comprehensive analyses, precise definitions, clear classifications, and expert opinions on applications, make this report nothing short of brilliant in its presentation and style.

In terms of revenue, global next generation RPO market is anticipated to witness a CAGR of 16.5% over the forecast period (2021 – 2029). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.

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Next generation recruitment process outsourcing (RPO) is an effective recruitment process where several tasks are performed, from sourcing and selecting candidates, to maintain the quality of recruits. The next generation RPO providers are incorporating advanced technologies such as artificial intelligence and machine learning for automated recruiting such as automated screening of resumes, schedule interviews, workforce planning and others, which is favoring the growth of Global Next Generation RPO Market. Growing inclination towards outsourcing of recruitment processes across organizations, especially small and medium enterprises, along with flexible hiring models being incorporated across enterprises amidst the outbreak of coronavirus pandemic, is estimated to further boost the growth of global next generation RPO market over the period of next eight years.

Companies are leveraging artificial intelligence in the recruitment processes to hire qualified candidates with better working experiences. AI for recruiting means the application of artificial intelligence where various technologies are helping to streamline the part of the recruiting workflow and high-volume tasks. Recruiters are using chatbots with the main aim to provide real-time interactions with the candidates by asking specific questions. AI-powered chatbots help improve the candidate experience for the recruitment process. It was reported, that about 67% of job seekers form a positive impression of a company if they get regular updates throughout the recruitment process from the specific employer. Additionally, next generation RPO market participants are using predictive analytics in recruitment where the data available is used to make future predictions, hiring decisions and also helps in workforce planning. Predictive analytics has hence become vital in recruiting as it helps to identify strong hires for open positions and help to make better offer to candidates with requisite experience.

The next generation RPO market has seen favorable results amidst the Covid-19 pandemic, as it has positively and continuously evolved, in terms of service portfolio, value proposition, and new recruiting processes. However, while various industries have adopted work from home (WFH) model, advanced RPO processes have been considered to provide value proposition to cater to intense fluctuations in hiring requirements and have continued to maintain service quality levels. Particularly, the COVID-19 crisis has paved the path for next generation RPO, which is more dynamic, reliable, and significantly more agile in driving and shaping clients next-generation talent acquisition needs.

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Large enterprises held the highest share in the global next generation RPO market in 2020. Large organization are looking forward to outsource recruitment processes across various sectors such as banking and finance, IT and telecommunications, pharmaceutical sectors and others. Moreover, some large organizations, who do not have full-fledged HR departments in place, are looking for staffing partners who offer end-to-end recruitment solutions. Recently during the pandemic, there was an increased demand for RPOs as they have been flexible in helping them to quickly increase or decrease their hiring functions.

Banking, Finance and Insurance along with information technology and telecommunications industry accounted for the highest share in 2020 in the global next generation RPO market. As the banking and finance industry is evolving by integrating digital operating models, they are also adopting new approaches for hiring as there are new emerging roles in the banking sector. Moreover, finance companies are looking forward to implement advanced hiring processes, such as applicant tracking system, which organizes information of the candidate with their qualification, experiences for future references. Over the years, IT sector has advanced at a rapid pace. IT companies are looking forward to get access to a larger, diversified and highly-skilled talent pool that can help them reach their organizational goals, while job seekers get benefits from a more effective recruiting process.

Asia Pacific is anticipated to register fastest growth over the period of next eight years in the global next generation RPO market. The Asia Pacific countries have started investing significantly in IT industry over the last ten years. Leading companies across Asia Pacific are using next generation RPO to manage talent acquisition, employer branding and recruitment marketing and others. Moreover, the RPO providers are incorporating technologies such as artificial intelligence to streamline recruitment operations. Additionally, AI is helping companies with the recruitment process through online application management to sort and analyze the selection processes. Significant rate of adoption across companies in the region along with positive growth across industries showcases positive growth prospects for the global next generation RPO market over the forecast period.

Some of the players operating in the next generation RPO market are Catenon, S.A., CIELO, Hudson Global Inc, NXTThing RPO, PeopleScout, Planet Group, Recruit Holdings Co., Ltd., RGF Staffing, Rocket Power, Inc, SA Technologies, Inc., Sevenstep, TriSearch, and WilsonHCG amongst other industry participants.

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Global Next Generation RPO Market:

By Offering
• Enterprise RPO
• Project-based RPO
• Full Service/Total RPO
• On-Demand RPO
• Others

By Technology
• Artificial Intelligence and Machine Learning
• Predictive Analytics
• Others

By Workforce Type
• Permanent
• Contractual

By Enterprise Size
• Small and Medium Enterprises
• Large Enterprises

By End User Industry
• Banking, Financial Services and Insurance
• Information Technology and Telecommunications
• Manufacturing
• Automotive
• Travel & Hospitality
• Healthcare & Pharmaceuticals
• Retail & Consumer Goods
• Energy
• Education
• Others

By Region
• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

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