North America leads the HR consulting market with a 41% market share
/EIN News/ — USA, Rockville MD, Oct. 17, 2022 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, says the global human resource consulting market is estimated to be worth US$49.4 billion in 2022 and is expected to grow at a CAGR of 5.2% from 2022 to 2032. Growing demand from small organizations and enterprises shifting to a remote or hybrid working model is expected to drive the market growth over the coming years.
HR consulting is an essential practice that provides crucial aspects of HR management as an outsourced provider. It is a cost-effective solution that stimulates the development of human resources of an organization in an optimal way. It includes guidance on core HR practices such as compensation and benefits, talent management, HR analytics, and more.
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The market has grown significantly post COVID. In 2021, the global HR consulting market size was around 12% of the total management consulting market. It is a modern way of channeling the manpower of an organization to achieve greater employee efficiency.
Key insights from market research
- Global HR Consulting Services Market is expected to grow at a stable CAGR of 5.2% and be valued at USD 82 Billion by 2032.
- The market posted a CAGR of 3.8% for the period 2017-2021.
- In the services segment, compensation and benefits dominate the market with a 36% share.
- North America led the global market with a 41% share in 2021.
- The demand for HR consulting services is expected to grow at CAGRs of 5.1% and 6.2%, respectively, in Europe and East Asia.
“HR consulting will grow in popularity across all verticals over the next few years,” says a Fact.MR analyst.
Why is the United States a Huge Market for HR Consulting Services?
The US human resource consulting market is expected to grow at a CAGR of 5.2% through 2032.
The potential increase in the employment rate in the United States and the increasing adoption of advanced technologies such as human resource analytics are expected to drive the United States human resource consulting services market.
- According to the United States Bureau of Labor Statistics, the employment rate in the United States was around 59.3% in December 2021, which increased to 60.1% in August 2022.
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Human Resource Consulting Industry Segmentation Survey
By Service :
- Human capital strategy
- Compensation and Benefits
- Organizational change
- talent management
- learning and development
- HR function
- HR Analytics
By end use Industry :
- Consumer markets
- Energy and natural resources
- Government and public services
- Life Sciences and Healthcare
- Media & Telecommunications
- Others (not covered elsewhere)
By Region :
- North America
- Latin America
- East Asia
- South Asia and Oceania
The intensity of competition in the human resource consulting market is high with the presence of various established and new players in the market. These market players are employing various organic and non-organic strategies to stay competitive in the market.
- In March 2020, Willis Towers Watson was acquired by Aon Plc.
Moreover, market players are taking stringent measures to improve their consumer base by focusing on various industry verticals. They focus on improving their services through the integration of advanced technologies such as cloud computing, artificial intelligence, and machine learning.
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More valuable information about the offer
Fact.MR, in its new offering, presents an unbiased analysis of the global HR consulting market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals critical insights on the basis of service (human capital strategy, compensation and benefits, organizational change, talent management, learning and development, HR function, HR analytics) and end-use industry ( BFSI, Consumer Markets, Energy & Natural Resources, Government & Utilities, Life Sciences & Healthcare, Media & Telecommunications, Technology, Others), in major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).
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