The Human Resources Consulting Market is estimated to be worth US$ 49.4 billion in 2022 and grow at a 5.2% CAGR to exceed US$ 82 billion by 2032.At the end of 2021, human resources consulting services accounted for about 12% of the worldwide management consulting market.
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Market Drivers:
Emerging Small-Scale Enterprise Demand”
Human resource consulting services are in high demand across all corporate sizes. Small firms are likely to be the most lucrative market for independent HR consultants. According to the Small Business Administration, the majority of enterprises in the United States have less than 100 employees, creating a huge potential for independent human resource consultants. Small firms, in general, cannot afford to squander resources on ineffective recruitment methods. Small businesses may benefit from the assistance of an HR consultant in developing productive employees, which will ultimately save the firm time and money by decreasing the cost-per-hire.
Firms’ HR teams are more likely to be made up of generalists rather than specialists in every associated subject of the corporation. Human resources consultants, on the other hand, have experience working with a wide range of firms in various industries and sectors. As a result, they are acquainted with and have insights into the best practices that must be implemented.
Competitive Landscape:
- Aon Plc, a London-based worldwide service provider of insurance, risk management, and human resource consulting, purchased Willis Towers Watson (WTW), a risk management, insurance brokerage, and consultancy firm, in March 2020.
- DCI Consulting Group, a Washington, DC-based human resource data analytics consultancy, announced the purchase of HR Analytical Services in February 2021.
Key Players:
- Accenture
- Aon Hewitt
- Automatic Data Processing, Inc.
- Bain & Company
- Boston Consulting Group
- Capgemini
- Deloitte
- Ernst & Young
- H. Smart & Company, LLC
- Huron
- Kaiser Associates
- Kearney
- Korn Ferry
- KPMG
- McKinsey & Company
- Mercer
- Milliman, Inc
- Oliver Wyman
- Paychex
- PwC
- Trinet
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Regional Analysis:
The human resource consulting market in the United States is expected to grow at a 5.2% CAGR through 2032.The projected increase in employment in the United States, as well as the increased usage of advanced technologies such as HR analytics, are likely to boost the market for human resources consulting services in the United States.
According to the US Bureau of Labor Statistics, the employment rate in the US was at 59.3% in December 2021, rising to 60.1% in August 2022.Another element driving market expansion is enterprises’ increasing use of recruiting analytics. Analytic solutions use statistical and scientific methodologies to extract useful insights from raw data and tackle the many obstacles that employees face inside businesses.
Key Segments of Industry:
- By Service :
- Human Capital Strategy
- Compensation & Benefits
- Organisational Change
- Talent Management
- Learning & Development
- Function
- Analytics
- By End-use Industry :
- Consumer Markets
- Energy and Natural Resources
- Government & Public Services
- Life Science & Healthcare
- Media & Telecommunications
- Technology
- Others (not covered elsewhere)
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