The Latest Employer Of Record Industry Statistics Explained
The Asia-Pacific region is predicted to be the highest growing Employer of Record market between 2021 – 2026.
The statement suggests that the Asia-Pacific region is expected to experience the most significant growth in the Employer of Record (EOR) market from 2021 to 2026 when compared to other regions globally. An Employer of Record is a service that allows companies to outsource the management of their employees’ payroll, benefits, and HR responsibilities. The prediction indicates that businesses in the Asia-Pacific area are increasingly seeking EOR services, likely due to factors such as globalization, expanding business operations, and the need for streamlined and compliant workforce management solutions. This growth projection highlights the potential opportunities and demand for EOR services in the Asia-Pacific region over the next five years.
North America accounted for the largest market share of 37% in the Employer of Record industry in 2018.
The statistic indicates that North America held the dominant position in the Employer of Record industry in 2018, capturing 37% of the total market share. This suggests that a significant portion of the global activity in the Employer of Record space was concentrated in North America during that year. Various factors such as economic stability, high demand for flexible employment solutions, robust infrastructure, and established legal frameworks for employment may have contributed to North America’s strong market presence in this industry. This information is valuable for businesses operating in or considering entering the Employer of Record sector in North America, as it highlights the region’s competitive landscape and market opportunities.
The EOR market in Latin America is expected to grow at a CAGR of 7.8% between 2020 and 2027.
This statistic indicates the expected growth rate of the Enhanced Oil Recovery (EOR) market in Latin America over the period of 2020 to 2027. The Compound Annual Growth Rate (CAGR) of 7.8% suggests that the EOR market is projected to expand steadily at this annual rate during the specified time frame. This growth rate implies a positive trend in the adoption and utilization of enhanced oil recovery techniques within the Latin American region, potentially driven by factors such as increasing oil production demands, advancements in EOR technologies, and favorable market conditions. This projection may attract investments, innovation, and new opportunities within the EOR sector in Latin America.
66% of global enterprises have adopted Employer of Record services as of 2019.
The statistic stating that 66% of global enterprises have adopted Employer of Record (EOR) services as of 2019 indicates a significant trend towards outsourcing employment-related responsibilities to third-party vendors. EOR services provide companies with a comprehensive solution for managing the legal and administrative aspects of hiring and employing workers, allowing them to focus on their core business functions. This high adoption rate suggests that many organizations recognize the benefits of EOR services in terms of streamlining operations, reducing compliance risks, and gaining access to specialized expertise in employer responsibilities. Furthermore, it highlights a shift towards more flexible and agile workforce management strategies in response to the evolving landscape of work and employment practices.
The demand for Employer of Record services is expected to grow by 15% annually.
The statistic that the demand for Employer of Record (EOR) services is projected to grow by 15% annually indicates a substantial rise in the need for companies to outsource their HR administrative tasks to EOR providers. This growth suggests that more organizations are recognizing the benefits of utilizing EOR services to handle tasks such as payroll, taxes, benefits administration, and compliance. The 15% annual increase signifies a strong and consistent upward trend in the adoption of EOR solutions by businesses seeking to streamline their operations, reduce costs, and minimize risks associated with HR management. This statistic points towards a growing market opportunity for EOR service providers and reflects a shift towards more efficient and strategic human resource management practices among companies.
The Employer of Record service sector has grown steadily at a compound annual growth rate (CAGR) of 7.7% since 2015.
The statement indicates that the Employer of Record service sector has been experiencing consistent growth at an average rate of 7.7% per year since the year 2015. A compound annual growth rate (CAGR) of 7.7% implies that the sector’s revenue or market size has been increasing at a compounding rate each year. This indicates a positive trend in the sector’s expansion and suggests it has been attracting more clients or gaining market share over the period. The steady growth rate of 7.7% signifies a stable and progressive trajectory for the Employer of Record service sector since 2015.
The technology and IT industry is the largest user of Employer of Record services, with a 32% global market share.
The statistic states that the technology and IT industry has the highest utilization of Employer of Record services, capturing a 32% market share globally. This indicates that within the realm of companies outsourcing employer responsibilities, such as payroll, benefits, and compliance, the technology and IT sector accounts for a significant portion of this demand. The high usage of Employer of Record services in this industry may be attributed to factors such as the need for flexible workforce solutions, rapid technological advancements, and the global nature of the industry, leading companies to seek external expertise in managing employer obligations effectively. This statistic highlights the strategic importance and reliance on outsourcing HR functions within the technology and IT sector in order to navigate complex regulatory landscapes and focus on core business activities.
Nearly 15% of small businesses use Employer of Record services for their short-term project hiring needs.
The statistic indicates that approximately 15% of small businesses leverage Employer of Record (EOR) services to meet their short-term project hiring requirements. EOR services involve a third-party organization serving as the official employer for individuals hired for short-term projects, handling tasks such as payroll, benefits, and compliance. By utilizing EOR services, small businesses can access a flexible workforce without the administrative burdens and risks associated with traditional employment arrangements. This statistic suggests that EOR services are increasingly popular among small businesses seeking efficient and cost-effective solutions for managing their temporary staffing needs.
The Middle East and Africa EOR market was valued at $75.2 Million in 2020.
The statistic “The Middle East and Africa EOR market was valued at $75.2 million in 2020” refers to the value of the market for Enhanced Oil Recovery (EOR) technologies and services in the Middle East and Africa region during the year 2020. EOR techniques are employed in the oil and gas industry to enhance the recovery of hydrocarbons from reservoirs that have already been produced using conventional methods. The value of $75.2 million represents the total revenue generated by the EOR market in the Middle East and Africa region in that year, indicating the significance of EOR activities in the region and the economic importance of the oil and gas industry within that market segment.
In 2019, Healthcare applications of Employer of Record services accounted for 28% of the market.
In 2019, the healthcare sector specifically utilized Employer of Record (EOR) services for a significant portion of its workforce, representing approximately 28% of the total market share. This statistic indicates the high demand and adoption of EOR solutions within the healthcare industry, which helps organizations streamline their human resource management, payroll processing, and compliance requirements by outsourcing these functions to a third-party EOR provider. The prominence of healthcare applications within the EOR market underscores the industry’s recognition of the benefits and efficiency gained through this service model, allowing them to focus on delivering quality healthcare services while entrusting HR responsibilities to experts in workforce management.
The top five providers control 35% of the Employer of Record market share as of 2021.
This statistic suggests that within the Employer of Record market as of 2021, the top five providers collectively hold a significant portion, specifically 35%, of the market share. This may indicate a notable level of consolidation within the industry, with a few key players dominating the market and potentially exerting substantial influence over its dynamics. Understanding which companies comprise this top five list could be beneficial for stakeholders looking to better comprehend the competitive landscape and strategic positioning within the Employer of Record sector.
References
0. – https://www.www.staffingindustry.com
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3. – https://www.www.globenewswire.com
4. – https://www.www.jobsoid.com
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6. – https://www.www.cxcglobal.com
