Press release
Human Resources Consulting Market to Surge at 5.2% CAGR to Reach US$ 82 Billion by 2032
Human resources consulting is an important practice that provides critical components of human resource management as an external supplier. It is a low-cost solution that drives an organization's human resource development to its full potential. It entails consultation on fundamental HR practices like as compensation and benefits, talent management, and HR analytics, among others.
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The market has increased significantly post-COVID. In 2021, the global market size of human resources consulting was around 12% of the total management consulting market. This is a modern way to channel the workforce of an organization to obtain higher employee efficiency.
Key Takeaways from Market Study
• The global human resources consulting services market is projected to expand at a steady CAGR of 5.2% and be valued at US$ 82 billion by 2032.
• The market exhibited 3.8% CAGR for the period of 2017-2021.
• Under service segment, compensation & benefits dominate the market with a share of 36%.
• North America led the global market with 41% share in 2021.
• Demand for HR consulting services is expected to increase at CAGRs of 5.1% and 6.2%, respectively, in Europe and East Asia.
List of Key Companies Profiled in The Report
• Aon Hewitt
• Automatic Data Processing, Inc.
• Bain & Company
• Boston Consulting Group
• Capgemini
• Deloitte
• Ernst & Young
• Others
Why is the U.S. a Huge Market for HR Consulting Services?
The United States human resource consulting market is estimated to expand at a CAGR of 5.2% through 2032.
The potential rise in employment rate in the United States and the growing adoption of advanced technologies such as HR analytics are expected to drive the U.S. human resources consulting services market.
According to the US Bureau of Labor Statistics, the employment rate in the United States was about 59.3% in December 2021, which increased to 60.1% in August 2022.
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Market Development
The intensity of competition in the human resources consulting market is high with the presence of various established and new market players in the market. These market players are resorting to various organic & non-organic strategies to stay competitive in the market.
In March 2020, Willis Towers Watson was acquired by Aon Plc.
Additionally, market players are taking rigorous action to enhance their consumer base by focusing on various industry verticals. They are are focusing on improving their services with integration of advanced technologies such as cloud computing, artificial intelligence, and machine learning.
Segmentation of Human Resources Consulting Industry Survey
• By Service:
o Human Capital Strategy
o Compensation & Benefits
o Organisational Change
o Talent Management
o Learning & Development
o HR Function
o HR Analytics
• By End-use Industry:
o Consumer Markets
o Energy and Natural Resources
o Government & Public Services
o Life Science & Healthcare
o Media & Telecommunications
o Technology
o Others (not covered elsewhere)
• By Region:
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA
The Human Resources Consulting Market is not just a service industry but a strategic partner in the journey of organizational success. As businesses navigate the complexities of talent management, employee engagement, and digital transformation, the role of HR consulting becomes increasingly pivotal. This article serves as a comprehensive guide, providing readers with valuable insights into the market overview, key insights, growth patterns, opportunities, recent industry news, and notable developments shaping the future of HR consulting. Stay tuned as we continue to unravel the intricacies of this dynamic sector in our ongoing exploration of the Human Resources Consulting landscape.
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.
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