Reportlinker.com has announced the publication of the study “HR consulting services Global Market Report 2022: The Impact of the Ukraine-Russia War “- https://www.reportlinker.com/p06374670/?utm source=GNW , Skillsoft, Cornerstone On Demand Inc, Capterra Inc., Bizex Management Solutions Pvt Ltd, Zucchetti s.p.a., GRM Information Management, Razorpay Software Private Limited, and Napier Healthcare Solutions Pte Ltd.
The worldwide HR professional services market is predicted to increase at a compound annual growth rate (CAGR) of 14.3% from $5.00 billion in 2021 to $5.71 billion in 2022. The Russia-Ukraine war, at least in the medium term, hampered global economic recovery from the COVID-19 epidemic. The conflict between these two nations has resulted in economic sanctions against a number of countries, a jump in commodity prices, and supply chain disruptions that have impacted numerous markets throughout the world. The market for HR professional services is estimated to reach $9.35 billion by 2026, at a CAGR of 13.1%.
The HR professional services industry is made up of revenue generated by companies that provide different professional services such as onboarding and training in a service environment. The value of associated items sold by the service provider or included in the service provided is included in the market value.
HR professional services related to a group have the responsibility of managing the employee life cycle, which includes recruiting, hiring, onboarding, training, and dismissing employees, as well as administering employee benefits.
In 2021, North America will be the largest region in the HR professional services industry. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions included in the HR professional services market study.
The market value is defined as the revenues earned by firms from the sale of products and/or services within the given market and region in terms of money (in USD ($) unless otherwise stated).
Revenues for defined geography are consumption values, which means they are created by organizations in the stated territory within the specified market, regardless of where they are produced. It excludes revenue from resales farther down the supply chain or as part of other items.
Core HR, employee collaboration and engagement, recruiting, talent management, workforce planning, and analytics are the key forms of HR professional services.
The term “core HR” refers to the centralization and consolidation of basic personnel information and operations.
Large organizations, as well as small and medium enterprises, are participating, and they are utilized for academics, banking, financial services, insurance (BDSI), government, healthcare, technology and telecom, manufacturing, retail, and other end-users.
The increased adoption of information technology is projected to fuel the growth of the HR professional services market in the future.
Information technology encompasses a broad variety of concepts, encompassing all areas of computing and telecommunications development, installation, and use.
Human resource management has been considerably influenced by technological advancements.
Most businesses today provide ubiquitous access to HR services through technology and web-based apps.
These changes are typically the result of a desire to save costs while expanding or upgrading services. According to Forbes, a US-based business publication, in 2019, 70% of organizations either have a digital transformation plan in place or are creating one, and 21% of businesses think their digital transformation is complete.
Furthermore, businesses invested more than $2 trillion in digital transformation technologies in 2019, representing a 40% increase over the previous year. As a result, the increased use of information technology is likely to fuel the rise of HR professional services.
Technological developments are a crucial trend that is gaining traction in human resource professional services. To maintain their position in the HR professional services industry, major companies in the market are introducing goods with modern technologies such as HR automation.
For example, Jotform, a US-based automated workflows firm, debuted HR automation in January 2021, replacing human duties with technology. Printed job applications and cumbersome employee documentation used to fill file cabinets.
Companies are now shifting to the cloud and replacing paper-based methods with digital operations.
HR process automation seeks to relieve HR staff of the most time-consuming manual tasks.
The effect of automation on the bottom line is obvious.
Employees may devote less time to paperwork and filing and more time to other important duties like brainstorming and data analysis.
GTM Payroll Services, a payroll solutions firm located in the United States, paid an unknown sum to Pinnacle Human Resources LLC in October 2021.
GTM Payroll Services would help customers even more by cutting costs and optimizing workflow procedures by acquiring an experienced team of human resources consultants and Pinnacle Human Resources’ specialist HR support services.
Pinnacle Human Resources LLC is a human resources services firm located in India.
Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States are among the nations included in the HR professional services market study.
The HR professional services market research report is one of a series of new reports that provide HR professional services market statistics, such as global HR professional services market size, regional shares, competitors with HR professional services market share, detailed HR professional services market segments, market trends, and opportunities, and any other information you may require to thrive in the HR professional services industry. This HR professional services market research study provides a comprehensive view of everything you want, including an in-depth examination of the industry’s present and future circumstances.