Global HRO BPO market to reach $112.5Bn by 2027
NEW YORK, UNITED STATES — The global Human Resource Outsourcing (HRO) Business Process Outsourcing (BPO) market is projected to surge to $112.50 billion by 2027 with a compound annual growth rate (CAGR) of 3.4%.
According to market research provider ReportLinker, this growth will mainly be driven by the increasing integration of cloud-based services, which streamline HR operations by reducing paperwork and enhancing efficiency.
The demand for HRO BPO services is also set to rise, particularly as cloud infrastructure spending grew by 17.2% YoY to $18.3 billion in Q1 2022.
Product innovation is another significant trend, with industry players focusing on developing unique products to stay competitive.
The HRO BPO market encompasses revenues derived from hiring, employee counseling, and time tracking, among others. Geographically, North America emerged as the leading region in the HRO BPO market in 2022.
For 2023, the HRO BPO market is anticipated to grow from $94.34 billion last year to $98.34 billion, marking a 4.1% CAGR.
