The Southeast Asia recruitment process outsourcing market is estimated to undergo a substantial development, when it comes to recruiting the right personnel for the job , in the span of coming years. As per the TMR analyst, the key players are making efforts to make their facility quicker, credible, and easily available for the clients. Thi sis lieklyto get them an edge over their competitors. Rising globalization is significantly visible in the market since increasing number of firms are opting for RPO service for skilled professional in the region. Resultantly, the RPO firms have also rolled over their sleeves to deal with the grwoing Zyoin Web Pvt. Ltd., competition in the Southeast Asia Market for RPO. key players operating in the RPO market are Kelly Outsourcing and Consulting Group, Hudson Global, Inc., Atterro Human Capital Group, Talent Fusion, and Randstad Holding NV.
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According to a recent report by Transparency Market research (TMR), the Southeast Asia recruitment process outsourcing market is prognosticated to project a whooping CAGR of 19.3% during the forecast period from 2014 to 2024. In 2013, the RPO market in Southeast Asia was valued around worth of US$45.6 mn and this figure is estimated to reach around US$154.7 mn by the end of 2024.
On the basis of engagement type, the Southeast Asia RPO market is classified as end-to-end RPO and on-demand RPO. Among these types, in 2013, the segment of on-demand RPO dominated the Southeast Asia market in terms of revenue share. This was attributed to better benefits of on-demand RPO segment when compared to the other segment. Based on geography, the Rest of Southeast Asia (RoSEA) in 2013, led the entire Southeast Asia market with 78% of market share in the recruitment process outsourcing (RPO) market. This development id credited to increasing popularity of RPO services in Singapore and Malaysia. Moreover, the demand regarding RPO solutions in RoSEA is propelled by the surging IT outsourcing sector in Myanmar and Philippines.
Reduced Operational Expenses to Fillip RPO Market Demand in Southeast Asia
The market for recruitment process outsourcing (RPO) in Southeast Asia is primarily fueled by several benefits provided by them compared to conventional in-house RPO. The major benefit of outsourcing the process of recruitment is the significant reduction in operational expenses, Moreover, RPO service has a particular team as recruitment experts, who help in proper management of the recruitment procedure of the client company. Besides this, the providers of RPO service take the responsibilities of the hired people and other recruitment procedures of client company. As a result, when the recruitment process is outsourced to the RPO firms, client firms can concentrate on the other important aspects effectively.
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Rising Economy to Emerge as Significant Factor for Market Demand
Apart from that, the Southeast Asia recruitment process outsourcing market is additionally augmented by rising economy in this region. Nations for example, Vietnam, Indonesia, and Philippines are coming up as the most attractive market for several industries for example, pharmaceuticals and healthcare, manufacturing, IT enabled services (ITeS), information technology (IT), and so on. Owing to supportive government regulations, for example, incrased limit of foreign investment, lower taxes, reduced minimum labor wages, the industrialization in the region is foreseen to grow by leaps and bounds in the span of upcoming years. So, with the increase in demand regarding recruitment of skilled professionals in the nations, the recruitment process outsourcing market is likely to experience a surging growth in the near future. Nevertheless, low confidence by client companies with respect to level of knowledge the RPO firm has, hinders the upliftment of recruitment process outsourcing market.
The data and information presented is based on the findings of a TMR report, titled “Recruitment Process Outsourcing (RPO) (On-demand RPO and End-to-end RPO) Market – Southeast Asia Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2024.”
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