The Business Research Company’s HR Advisory Services Global Market Report 2020-30: COVID-19 Growth And Change
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Organizations across the globe are focusing on creating a digital workplace using cloud services and AI, which is gaining significant popularity in the HR consulting services industry trends. The digital workplace is a modern concept using digital transformation to align technology to achieve organizational goals with operational efficiency. Cloud services and AI are important parts of the digital workplace helping in removing geographic barriers for improved collaboration, increased productivity and employee engagement, improved decision making, and also in optimizing costs. For instance, in 2018, DBS bank created Jobs Intelligence Maestro (JIM), a virtual AI-powered bot to conduct candidate screening. JIM helped in reducing screening time from 32 minutes to 8 minutes and improved the completion rate of total applications for a job from 85% to 97%. The increasing use of AI and cloud services will bring significant changes in HR advisory services in the coming years.
The global HR consulting services market covers compensation consulting, benefits consulting, human resources management consulting, actuarial consulting, strategic consulting, other. It is also segmented by service into integration & deployment, support & maintenance, training & consulting and by end-use into IT services, manufacturing, financial services, mining and oil & gas, construction, and others.
The global HR advisory services market is expected to increase from $85.85 billion in 2019 to $86.82 billion in 2020 at a compound annual growth rate (CAGR) of 1.12%. The slow growth rate is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The HR services market size is then expected to recover and reach $106.75 billion in 2023 at a CAGR of 7.13%.
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