DUBLIN, August 18, 2022 /PRNewswire/ — The “HR Advisory Services Global Market Opportunities And Strategies To 2031” report has been added to from ResearchAndMarkets.com offer.
This report describes and assesses the global HR consulting services market. It covers 2016-2021, called the historical period, and the forecast periods 2021-2026 and 2026-2031.
The global HR consulting services market has reached a value of almost $148.6 billion in 2021. The market is expected to grow from $148.6 billion in 2021 for $206.1 billion in 2026 at a rate of 6.8%. The market is then expected to grow at a CAGR of 8.0% from 2026 and reach $302.8 billion in 2031.
Growth during the historical period resulted from strong economic growth in emerging markets, increased mergers and acquisitions, globalization and increased investment in research and development (R&D). Factors that hurt growth during the historic period were the rising unemployment rate, the COVID-19 pandemic, privacy and security concerns, and accounting scandals.
In the future, data analytics and artificial intelligence, growing urbanization, advancements in technology, and increasing focus on customer satisfaction will drive the growth of the market. Factors that may hinder the growth of the HR consulting services market in the future include cybersecurity threats and higher costs.
The HR consulting services market is segmented by type into compensation consulting, employee benefits consulting, actuarial consulting, strategic consulting and other. Compensation consulting was the largest HR consulting services market segment by type, accounting for $59.9 billion accounting for 40.3% of the total market in 2021. The employee benefits consulting market is expected to be the fastest growing segment in the future, with a CAGR of 7.3%.
The HR consulting services market is segmented by service into integration and deployment, support and maintenance, and training and consulting. Support and maintenance was the largest segment of the HR consulting services market by service, accounting for $59.5 million or 40.1% of the total market in 2021. The training and consulting market is expected to be the fastest growing segment in the future with a CAGR of 7.0%.
The HR consulting services market is segmented by end-user into IT services, manufacturing, financial services, mining and oil & gas, construction, other services, and others. Financial services was the largest segment of the HR consulting services market by services, accounting for $40.7 billion or 27.4% of the total market in 2021. The financial services market is expected to be the fastest growing segment in the future, with a CAGR of 7.8%.
North America was the largest region in the global HR consulting services market, accounting for 28.8% of the total in 2021. It was followed by Western Europe and Asia Pacific then the other regions. Going forward, the fastest growing regions in the HR consulting services market will be Western Europe and Middle Eastwhere growth will be at CAGRs of 10.4% and 8.3% respectively over the period 2021-2026.
The global HR consulting services market is highly fragmented, with a large number of players in the market. The top ten market competitors accounted for up to 2.0% of the total market in 2020. Major market players are Marsh & McLennan Companies Inc., Willis Towers WatsonAccenture, Aon HewittMcKinsey & Company, Boston Consulting Group, Korn ferryKPMG LLP, Bain & Company and Deloitte Consulting LLP.
Key opportunities in the HR Consulting Services market segmented by Type will arise in Compensation Consulting, which will gain $21.8 billion in global annual sales by 2026. The best opportunities in the services-segmented HR consulting services market will arise in the support and maintenance segment, which will gain $21.8 billion in global annual sales by 2026. Key opportunities in the end-use segmented HR consulting services market will arise in the financial services segment, which will gain $18.5 billion in global annual sales by 2026. HR Consulting Services market size will gain the most in the United States at $14.4 billion.
Market trend based strategies for the HR consulting services market include that HR consulting services companies are increasingly emphasizing employee mental health in HR consulting services due from several factors, such as anxiety, loneliness, affected social life, job insecurity. HR consulting services companies should increase their use of data-driven insights to drive better results and increase employee efficiency.
HR consulting services companies should increase new learning and development materials to accelerate new ways of learning online. HR consulting service companies should increase micro-surveys as a replacement for long surveys to gather quick, real-time insights from respondents. HR consulting service providers should focus on AI-powered market research to reduce costs and accelerate delivery for efficient, accurate, and low-cost data collection.
Competitors’ strategies for HR consulting services include expanding footprint and improving customer experience, a growth strategy focused on expanding geographic presence, forming partnerships with large enterprises and strengthening activities by investing more in enterprises.
To take advantage of opportunities, this report recommends HR consulting services companies to focus on new learning and development materials, focus on improving HR decision-making through insights based on data, to expand in emerging markets, to focus on expansion through mergers and acquisitions, to provide competitively priced offerings, to implement dynamic pricing, to promote products/services focused on the consumer through social media, continue to focus on business-to-business (B2B) promotions, focus on partnerships with other businesses, and focus on fast-growing end-use industries.
Main topics covered:
1. Executive Summary of HR Consulting Services Market
2. Table of Contents
3. List of Figures
4. List of tables
5. Structure of the report
6. Presentation
6.1.1. Segmentation by geography
6.1.2. Segmentation by type
6.1.3. Segmentation by service
6.1.4. Segmentation by end user
7. Characteristics of the HR Consulting Services Market
7.1. Segmentation by type
7.1.1. Compensation advice
7.1.2. benefits consulting
7.1.3. Actuarial consulting
7.1.4. Strategic advice and other
7.2. Segmentation by service
7.2.1. Integration and deployment
7.2.2. Support and maintenance
7.2.3. Training And Consulting
7.3. Segmentation by end user
7.3.1. IT services
7.3.2. Manufacturing
7.3.3. Financial services
7.3.4. Mining and Oil & Gas
7.3.5. Construction
7.3.6. Other services
7.3.7. Others
8. HR Consulting Services Market Trends and Strategies
8.1. Putting more emphasis on employee mental health
8.2. Dependence on data-driven insights
8.3. New learning and development materials
8.4. Micro-surveys replace long surveys
8.5. AI-powered market research for lower costs and faster delivery
8.6. Increased development of employee engagement platforms
9. Impact of COVID-19 on the HR Consulting Services Market
9.1. Introduction
9.2. Impact of COVID-19 on the workforce
9.3. Impact on organizational culture
9.4. Impact on rewards and compensation
9.5. Impact of decision-making based on COVID-19 data
9.6. Future prospects
10. Global HR Consulting Services Market Size and Growth
10.1. Market size
10.2. Historical Market Growth, 2016 – 2021, Value (USD Billion)
10.2.1. Market drivers 2016 – 2021
10.2.2. Market Constraints 2016 – 2021
10.3. Market Growth Forecast, 2021-2026, 2031F Value ($ Billion)
10.3.1. Market Drivers 2021 – 2026
10.3.2. Constraints on the market 2021 – 2026
11. Global HR Consulting Services Market Segmentation
11.1. Global HR Consulting Services Market, Segmentation by Type, History & Forecast, 2016-2021, 2026F, 2031F, Value (USD Billion)
11.2. Global HR Consulting Services Market, Segmentation by Service, History & Forecast, 2016-2021, 2026F, 2031F, Value (USD Billion)
11.3. Global HR Consulting Services Market, Segmentation by End User, History & Forecast, 2016-2021, 2026F, 2031F, Value (USD Billion)
12. HR Consulting Services Market, Regional and Country Analysis
12.1. Global HR Consulting Services Market, By Region, Historical & Forecast, 2016-2021, 2026F, 2031F, Value (USD Billion)
12.2. Global HR Consulting Services Market, By Country, Historical & Forecast, 2016-2021, 2026F, 2031F, Value (USD Billion)
Companies cited
- Marsh & McLennan Companies, Inc.
- Willis Towers Watson
- Accenture
- Aon Hewitt
- McKinsey & Company
For more information about this report visit https://www.researchandmarkets.com/r/wame6r
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