BANGALORE, India., Sept. 19, 2023 /PRNewswire/ -- Employers of Record Market are Segmented by Type (Aggregator Model, Wholly Owned Infrastructure Model), by Application (SMEs, Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The global Employer of Record Platform market was valued at USD 4450.5 million in 2022 and is anticipated to reach USD 6604.4 million by 2029, witnessing a CAGR of 6.8% during the forecast period 2023-2029.
Fully considering the economic change by this health crisis, the Aggregator Model accounting for 67.55% of the Employer of Record global market in 2021, is projected to value USD 4616.76 Million by 2028, growing at a revised 7.31% CAGR in the post-COVID-19 period (2022-2028).
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Major Factors Driving the Growth Of Employer of Record Market:
One of the first and most significant advantages that businesses experience when utilizing EOR services is the capacity to reach international marketplaces. With EOR, businesses may quickly recruit remote workers from anywhere in the globe, which can significantly speed up their company's expansion.
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TRENDS INFLUENCING THE GROWTH OF EMPLOYER OF RECORD MARKET:
Although there are many advantages to creating teams abroad (cheap labor, a broader talent pool, and workplace diversity), many business owners are hesitant to hunt for talent abroad due to the difficulties involved in establishing a corporate organization abroad. Waiting for the embassy's clearance to begin commercial operations overseas might take months in nations with a high degree of bureaucracy. Business owners have been in limbo for a while, unsure of whether they should keep attempting to break in or concentrate on hiring local people and give up on a worldwide office. This factor is expected to drive the growth of the Employer of Record Market.
International enterprises frequently experience costly litigation as a result of failing to understand local trade and labor rules. It takes a lot of time to keep track of paperwork, manage benefits, process payments, and terminate employee contracts. Business owners who try to manage a large number of duties on their own find that they are unable to devote enough time to developing the company's key competencies, such as enhancing the product, developing strategy, and cultivating deep relationships with customers or partners. Employing an employer of records allows business owners to transfer accountability from their company to a vendor. Since the organization is listed as the employer of record in all official documents, contracts, and tax filings, it will be responsible for any mistakes made. This factor is expected to drive the growth of the Employer of Record Market.
For administrative and occasionally tax reasons, many nations require foreign firms or investors to incorporate a corporation domestically. As the EOR serves as the locally registered entity, this is already the case with an employer of record. As a result, companies won't have to waste time learning how to register a business in the destination nation or shelling out the necessary money. However, it's possible that the true benefit comes from the fact that the already-registered EOR is in charge of all legal decisions, rules, and administrative duties, freeing Companies to concentrate on expansion rather than red tape. This factor is expected to drive the growth of the Employer of Record Market.
RPA technology helps organizations create better talent strategies and is crucial to the efficiency and improvements in employee record systems. Companies are seeking innovative strategies to engage specialists and provide novel services for less money. Artificial intelligence is integrated with RPA characteristics. Companies may standardize their processes and save unnecessary IT expenditures with the help of AI and ML. In order to satisfy the needs of end users, market participants offer cutting-edge products that are integrated with RPA. Employers of record market participants are anticipated to include RPA with employer of record, including recruitment software and application tracking system, in employee record solutions as a consequence of the favorable outcomes of RPA integrated into employer of record. This factor is expected to drive the growth of the Employer of Record Market.
Any multinational corporation thinking about expanding internationally requires the proper personnel to make the endeavor successful, and sometimes that means recruiting locally. Employees are a company's most valuable asset, and how they are used will determine whether the growth plan succeeds or fails. Companies may decide to engage locals who are well-versed in the local market instead of sending foreigners to a new nation. This factor is expected to drive the growth of the Employer of Record Market.
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EMPLOYER OF RECORD MARKET SHARE:
The region with the biggest growth throughout the predicted period will be Asia-Pacific. The expansion of small and medium-sized businesses through partnerships, funding, and investments is anticipated to speed up the market's expansion in this area. The need for personnel record solutions in the sector is anticipated to be facilitated by the usage of technologies like cloud, AI, and ML.
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Key Players:
- Adecco
- Randstad
- Aquent
- FoxHire
- Infotree Global
- Safeguard Global
- Velocity Global
- Globalization Partners
- Shield GEO
- Acumen International
- Elements Global Services
- Papaya Global
- Universal Hires
- CIIC
- Links International
- New Horizons Global Partners
- Sky Executive
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