Double-digit growth expected in global RPO market in 2021
September 10, 2021
Double-digit growth is expected in the global recruitment process outsourcing (RPO) market; it's predicted to surpass pre-pandemic levels this year, according to new research from the Staffing Industry Analysts (SIA).
In its 2021 RPO Global Landscape report, the advisor estimated revenue in the RPO market reached $5.8bn (£4.2bn), a fall of 7% year on year. It suggested providers that operate across multiple sectors and offer RPO and other talent acquisition solutions were better placed to manage the disruption caused by the COVID-19 pandemic.
A total of 22 RPO providers were featured in the research, including WilsonHCG. The report suggested the Americas continues to be the dominant market in RPO, with overall market share by region increasing year on year. It called out North America and revealed that RPO providers noticed an uptick in business from Q3 2020 onward when pandemic-related restrictions started to lift. The uptick in EMEA, however, was slightly delayed, largely down to the fact that responses to the pandemic varied country by country.
In terms of industry growth, the pharma/biotech/medical equipment sector accounted for the largest share of reported contracts in 2020, which comes as no surprise given the huge surge in hiring the industry experienced in response to the pandemic. The finance/insurance industry, one of the most mature users of RPO, represented the second-largest share of contracts.
In its review of WilsonHCG, SIA called out the global talent leaders' recent technology transformation, updated tech stack and proprietary data aggregator and analytics tool, Analytics Cloud Exchange (ACE). It also mentioned further developments including the use of blockchain for credential verification, digital identity management, automation of data validation and the integration of digital onboarding.
SIA is the Global Advisor on Staffing and Workforce Solutions. Founded in 1989, SIA is the global advisor on staffing and workforce solutions. Our proprietary research covers all categories of employed and non-employed work including temporary staffing, independent contracting and other types of contingent labor. SIA’s independent and objective analysis provides insights into the services and suppliers operating in the workforce solutions ecosystem including staffing firms, managed service providers, recruitment process outsourcers, payrolling/compliance firms and talent acquisition technology specialists such as vendor management systems, online staffing platforms, crowdsourcing and online work services. We also provide training and accreditation with our unique Certified Contingent Workforce Professional (CCWP) program.
WilsonHCG is an award-winning, global leader in total talent solutions. Operating as a strategic partner, it helps some of the world’s most admired brands build comprehensive talent functions. With a global presence spanning more than 65 countries and six continents, WilsonHCG provides a full suite of configurable talent services including recruitment process outsourcing (RPO), executive search, contingent talent solutions and talent consulting. TALENT.™ It’s more than a solution, it’s who we are.