Global HR Consulting Services Market Analysis and Forecast $109.83 Billion, 2016-2021, 2021-2026F, 2031F

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Dublin, 01 Feb. 2022 (GLOBE NEWSWIRE) — The “Global HR Consulting Services Market Report 2022” report has been added to from ResearchAndMarkets.com offer.

The global HR consulting market is expected to grow from $81.45 billion in 2021 to $87.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.2%. The market is expected to reach $109.83 billion in 2026 with a CAGR of 5.9%.

Key players in the HR consulting services market include IBM Corporation, Mckesson Corporation, Dell, Tata Consultancy Services, Infosys Limited, Accenture PLC, Aon, Deloitte Touche Tohmatsu Limited, The Adecco Group, and Marsh & McLennan Companies Inc.

The main types of HR consulting services are compensation consulting, benefits consulting, human resource management consulting, actuarial consulting, strategic consulting, and others. Compensation consultants are professionals in implementing and designing compensation programs, with the goal of generating the right incentives for employees.

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They also advise companies on compensation trends and current pay rates for specific job categories. The different types of services include integration and deployment, support and maintenance, and training and consulting and are used by IT services, manufacturing, financial services, mining and oil and gas, construction and others.

The use of data-driven tools and analytics for employee engagement is a major driver contributing to the growth of the HR consulting services market. Employee engagement refers to an approach to the workplace that results in appropriate conditions for all company employees to perform at their best every day by living up to company values ​​with an increased sense of their well-being. Human resource management professionals rely on data analytics and AI to make key decisions.

For example, Genpact, an American professional services company, analyzes employee data, segments and categorizes it to find patterns such as age, salary range or experience level of employees leaving the organization. . Predictive analytics is used to identify employees at high risk of voluntary attrition and interventions are designed to re-engage them. New advancements in data-driven tools and analytics are expected to drive the HR consulting services market.

Organizations around the world are focusing on creating a digital workplace using cloud services and AI, which is gaining popularity in the HR consulting 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 components of the digital workplace that help remove geographic barriers for better collaboration, increased employee productivity and engagement, better decision making and also to optimize costs.

Cybersecurity threats to the HR department are a major factor hindering the growth of the HR consulting services market. A cybersecurity breach is costly and equally destructive to any organization, large or small. According to Heimdal Security, cybercrimes cost the global economy $100 billion each year and $17 million in the United States alone.

HR professionals keep extremely private and sensitive information such as social security number, date of birth, address and bank details. Additionally, according to Forrester Analytics’ 2019 Global Business Technographics Security Survey, 52% of enterprise network security decision makers experienced at least one data breach in the past 12 months, and 44% of breaches were caused by employees who intentionally or unintentionally exposed sensitive data to data thieves or hackers.

Companies rely on their HR department and do not outsource HR services as there is a risk of losing important employee data by hiring external HR services, thus restraining the growth of HR consulting services market HR over the next few years.

The countries covered in the HR Consulting Services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.

Main topics covered:

1. Summary

2. Characteristics of the HR Consulting Services Market

3. HR Consulting Services Market Trends and Strategies

4. Impact of COVID-19 on HR consulting services

5. HR Consulting Services Market Size and Growth
5.1. Global historic HR consulting services market, 2016-2021, in USD billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global HR Consulting Services Market Forecast, 2021-2026F, 2031F, USD Billion
5.2.1. Market Drivers
5.2.2. Market Constraints

6. HR Consulting Services Market Segmentation
6.1. Global HR Consulting Services Market, Segmentation by Type, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Compensation advice
  • benefits consulting
  • Human Resources Management Consulting
  • Actuarial consulting
  • strategic advice
  • Other

6.2. Global HR Consulting Services Market, Segmentation by Service, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Integration and deployment
  • Support & Maintenance
  • Training & Consulting

6.3. Global HR Consulting Services Market, Segmentation by End Use, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • IT services
  • Manufacturing
  • Financial services
  • Mining and Oil & Gas
  • Construction
  • Others

7. Regional and Country Analysis of the HR Consulting Services Market
7.1. Global HR Consulting Services Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global HR Consulting Services Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

Companies cited

  • IBM Corporation
  • McKesson Corporation
  • Dell
  • Tata Consulting 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
  • Mercier
  • ManpowerGroup
  • SYNERGY
  • KORN FERRY
  • KRONOS
  • Robert Walters

For more information on this report, visit https://www.researchandmarkets.com/r/s9dah8

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