The Business Research Company’s HR Advisory Services Global Market Report 2021: COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 21, 2021 /EINPresswire.com/ — According to the new market research report ‘HR Advisory Services Global Market Report 2021: COVID-19 Impact And Recovery’ published by The Business Research Company, the HR advisory services market is expected to grow from $77.42 billion in 2020 to $83.91 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $108.74 billion in 2025 at a CAGR of 6.7%. The use of data-driven tools and analytics for employee engagement is a major driver contributing to the growth of the HR advisory services market.
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The HR advisory services market consists of the sales of HR advisory services by entities (organizations, sole traders and partnerships) that provide advice on human capital matters and/or offerings revolving around the HR function. HR advisory services are generally used by two types of clients – those aiming to improve their HR function by redesigning HR processes and those undergoing transformations such as mergers and acquisitions to ensure the new human capital is trained. Only goods and services traded between entities or sold to end consumers are included.
Trends In The Global HR Advisory Services Market
Organizations across the globe are focusing on creating a digital workplace using cloud services and AI, which is gaining significant popularity in the HR advisory services market. The digital workplace is a modern concept using digital transformation to align technology to achieve organizational goals with operational efficiency. Cloud services and AI are important parts of the digital workplace helping in removing geographic barriers for improved collaboration, increased productivity and employee engagement, improved decision making, and also in optimizing costs. For instance, in 2018, DBS bank created Jobs Intelligence Maestro (JIM), a virtual AI-powered bot to conduct candidate screening. JIM helped in reducing screening time to 8 minutes from 32 minutes and improved the completion rate of total applications for a job to 97% from 85%. The increasing use of AI and cloud services will bring significant changes in HR advisory services in the coming years.
Global HR Advisory Services Market Segments:
The global HR advisory services market is further segmented based on type, service, end-use and geography.
By Type: Compensation Consulting, Benefits Consulting, Human Resources Management Consulting, Actuarial Consulting, Strategic Consulting, Other
By Service: Integration & Deployment, Support & Maintenance, Training & Consulting
By End-Use: IT Services, Manufacturing, Financial Services, Mining And Oil & Gas, Construction, Others
By Geography: The global HR advisory services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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HR Advisory Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides HR advisory services market overviews, analyzes and forecasts market size and growth for the global HR advisory services market, HR advisory services market share, HR advisory services market players, HR advisory services market segments and geographies, HR advisory services market’s leading competitors’ revenues, profiles and market shares. The HR advisory services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
HR Advisory Services Market Organizations Covered: IBM Corporation, Mckesson Corporation, Dell, Tata Consultancy Services, Infosys Limited, Accenture PLC, Aon, Deloitte Touche Tohmatsu Limited, The Adecco Group, Marsh & McLennan Companies Inc, Willis Towers Watson, Hay Group, Automatic Data Processing (ADP) Inc., Oracle Corporation, Kronos Incorporated, Randstad. Manpower, Mercer, ManpowerGroup, SYNERGIE, KORN FERRY, KRONOS, ROBERT WALTERS.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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