Employer of Record Market Size with Emerging Growth 2023 | Top Key Players, Production Capacity Estimates, Revenue, Sales, Competitive Environment and SWOT Analysis with Forecasts 2031
The latest research study on the global Employer of Record market finds that the global Employer of Record market reached a value of USD 1821.47 million in 2022. It’s expected that the market will achieve USD 3394.05 million by 2028, exhibiting a CAGR of 10.93% during the forecast period.
An employer of record is a third party organization that assumes all the responsibilities associated with the formal employment of staff. While the end client still manages the work and time of the employee, the EOR is the local, legal employer, and handles all of the administrative and required compliance tasks. This includes sponsoring work visas, running payroll, withholding tax and social contributions and ensuring all labor regulations are being met.Under the public background of the COVID-19 crisis, the industry is being affected by COVID-19. It is currently impossible to accurately predict the degree of control of this epidemic in various countries, and it is impossible to predict whether it will function normally for long-term economic activities.However, historical data shows that the impact of natural disasters on the macro economy is usually short-term, and the economy often shows a V-shaped trend. Affected by the disaster and market sentiment, the economic growth rate usually drops sharply in a short period of time, but as the disaster is gradually controlled, the market sentiment returns to stability, and the temporarily suppressed consumption and investment needs will be released, resulting in Economic rebound. The outbreak of the epidemic will have a significant impact on enterprises and individuals within a certain period of time, especially on small and medium-sized enterprises and low-income families. It is necessary for the government to take targeted financial and monetary measures to help all walks of life together.Political FactorsPolitical factors usually have an impact on organizations and their operating methods. Organizations need to be able to respond to current and anticipated future legislation and adjust their marketing strategies accordingly.These are all about how and to what extent the government intervenes in the economy. This may include government policies, political stability or instability in overseas markets, foreign trade policies, tax policies, labor laws, environmental laws, trade restrictions, and so on.Economic FactorsEconomic factors have a significant impact on how an organization does business and also how profitable they are. Factors include – economic growth, interest rates, exchange rates, inflation, disposable income of consumers and businesses, and so on.These factors can be further broken down into macro-economic and micro-economic factors. Macro-economic factors deal with the management of demand in any given economy. Governments use interest rate control, taxation policy, and government expenditure as the main mechanisms they use for this.Social FactorsAlso known as socio-cultural factors, are the areas that involve the shared belief and attitudes of the population. These factors include – population growth, age distribution, health consciousness, career attitudes, and so on. These factors are of particular interest as they have a direct effect on how marketers understand customers and what drives them.The development of economic globalization urges enterprises to go global. Nowadays, enterprises realize that if they want to compete, they must expand into the international market. Traditionally, companies set up legal entities in foreign countries to expand new markets; However, the process of establishing an entity is expensive, complicated and time consuming. In addition, this requires valuable internal time and resources, and limits the flexibility required by the company to adapt to new markets and expand the team size. Employer of Record support the global expansion of enterprises.
In 2021, the share of the Employer of Record market in North America stood at 41.93%.
Workforce Logiq is one of the major players operating in the Employer of Record market, holding a share of 12.31% in 2022.Workforce Logiq Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, enables organizations to win and retain the talent they need to grow. With clients in 50+ countries, Workforce Logiq provides expert guidance, real-time and predictive analytics, and patented and award-winning technologies. Workforce Logiq’s universal sourcing solution addresses all elements of its clients’ acquisition and retention programs, including full-time (RPO), contingent (MSP), and freelance/ “gig” (FMS) workers. Backed by global investment firm The Carlyle Group, the company helps clients attain greater management, performance, and financial control over their talent supply chains.Safeguard GlobalFor over a decade, Safeguard Global has helped hundreds of organizations pay and hire workers around the world. Today, with over 900 clients and across 15 global offices, Safeguard Global enable business success through smarter, more efficient payroll, onboarding, time and expense management, and more.Its centralized global payroll solution gives multinationals comprehensive insights into workforce costs to help make data-driven strategic decisions, and Its industry-leading employer of record service, Global Employment Outsourcing, enables expansion into 179+ international markets in as little as two weeks.
As for product types, the On-Line Service segment held the largest market share in 2021.
The market’s largest segment by application is the segment Large Enterprises, with a market share of 59.36% in 2021.The report covers a research time span from 2018 to 2029; combines extensive quantitative analysis and exhaustive qualitative analysis; presents not only an overview of the global Employer of Record market in metrics of sales, revenue, growth rate, but also a deeper dive into the segmented market by region, product type and downstream industry, showing the readers a clear and distinct picture of how the market is distributed from different perspectives. For competitive landscape, prominent players with considerable market shares are comprehensively analyzed in this report. With information regarding the concentration ratio and detailed data reflecting the market performance of each player shared, the readers can acquire a holistic view of the competitive situation and a better understanding of their competitors. As the COVID-19 takes over the world, we are continuously tracking the changes in the markets. We analyzed the impact of the pandemic in detail, along with other key factors, such as macro-economy, regional conflicts, industry related news and policies. Meanwhile, market investment scenario, technology status and developments, supply chain Challenges, among other essential research elements are all covered.
This report provides an overview of the global Employer of Record market and analyzes the segmented market by product type, downstream industry, and region, presenting data points such as sales, revenue, growth rate, explaining the current status and future trends of the Employer of Record and its sub-markets in an intuitive way.
This Employer of Record Market Research Report offers a thorough examination and insights into the market’s size, shares, revenues, various segments, drivers, trends, growth, and development, as well as its limiting factors and local industrial presence. A thorough understanding of the Analytics sector and its commercial potential is the aim of the market study. The Employer of Record Market Report has 120 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.
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Leading Players in the Employer of Record Industry:
- Workforce Logiq
- New Horizons Global Partners
- Safeguard Global
- Shield GEO Services
- Velocity Global
- ELEMENTS GLOBAL SERVICES
- Globalization Partners
- Universal Hires
To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.
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Based on Product Type:
- On-Line Service
- Off-Line Service
Based on Application:
- Large Enterprises
The countries section of the research includes selected market variables that drive current and future market developments. Consumption, import/export analysis, material prices, and upstream and downstream value chain analysis are some indicators utilized to estimate each country’s market position.
- North America (US, Canada, Mexico)
- Europe (UK, France, Germany, Spain, Italy, Central and Eastern Europe, CIS)
- Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LA)
- Middle East and Africa (Turkey, GCC, Rest of Middle East)
This section of the research provides essential insights into different geographies and, as a result, the major corporations functioning in each region.
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The epidemic is still causing tremendous disruption in industries throughout the world. We’ve been tracking the direct and indirect consequences of the COVID-19 outbreak on the Employer of Record market. To Know How Covid-19 Pandemic will Impact this Industry –https://www.precisionreports.co/enquiry/request-covid19/23523269
Table of Contents:
With tables and figures to help analyze the global Employer of Record market trends, this study provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
1. Market Definition and Statistical Scope
1.1 Objective of the Study
1.2 Employer of Record Market Definition
1.3 Market Scope
1.3.1 Market Segmentation by Type, Downstream Industry and Marketing Channel
1.3.2 Major Geographies Covered (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
1.4 Years Considered for the Study (2018-2029)
1.5 Currency Considered (US-Dollar)
2. Research Findings and Conclusion
3 Key Companies Profile
3.1 Competitive Profile
3.1.1 Global Sales and Market Share by Companies
3.1.2 Global Revenue and Market Share by Companies
4. Global Employer of Record Market Segmented by Type
4.1 Global Sales, Revenue and Growth Rate by Type 2018-2023
5 Global Employer of Record Market Segmented by Downstream Industry
5.1 Global Sales, Revenue and Growth Rate by Downstream Industry 2018-2023
6 Employer of Record Industry Chain Analysis
6.1 Value Chain Status
6.2 Upstream Raw Material Analysis
6.3 Midstream Major Company Analysis (by Manufacturing Base, by Product Type)
6.5 Downstream Major Customer Analysis (by Region)
6.6 Value Chain Under Regional Conflicts
7. The Development and Dynamics of Employer of Record Market
7.1 Driving Factors of the Market
7.2 Factors Challenging the Market
7.3 Opportunities of the Global Market (Regions, Growing/Emerging Downstream Market Analysis)
7.4 Technology Status and Developments
7.5 Industry News
7.6 Market Investment Scenario Strategic Recommendations
7.7 COVID-19 Impact on Industry
7.8 Industry SWOT Analysis
8 Global Employer of Record Market Segmented by Geography
8.1 Global Revenue and Market Share by Region 2018-2023
8.2 Global Sales and Market Share by Region 2018-2023
9 North America
9.1 North America Sales, Price, Revenue, Gross Margin and Gross Analysis from 2018-2023
9.2 North America Sales Analysis from 2018-2023
9.3 North America Import and Export from 2018-2023
9.4 North America Market by Country
10.1 Europe Sales, Price, Revenue, Gross Margin and Gross Analysis from 2018-2023
10.2 Europe Sales Analysis from 2018-2023
10.3 Europe Import and Export from 2018-2023
10.4 Europe Market by Country
11 Asia Pacific
12 Latin America
13 Middle East & Africa
14. Global Employer of Record Market Forecast by Geography, Type, and Downstream Industry 2023-2029
14.1 Forecast of the Global Market from 2023-2029 by Region
14.2 Global Sales and Growth Rate Forecast by Type (2023-2029)
14.3 Global Sales and Growth Rate Forecast by Downstream Industry (2023-2029)
14.4 Market Forecast Under COVID-19
15.2 Research Data Source
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Key Benefits for Stakeholders:
- The research provides a detailed quantitative analysis of key market segments, historical and current industry trends, market estimations, and market growth for the Employer of Record market from 2018 to 2029.
- The research report gives the most recent information on market drivers, challenges, and opportunities.
- The research identifies the leading and fastest-growing regional marketplaces. It also allows stakeholders to identify the important country-level marketplaces within each area.
- Porter’s five forces analysis supports stakeholders in measuring the influence of new entrants, competitive rivalry, supplier power, buyer power, and the possibility of replacement. It enables stakeholders to assess the amount of competition in the Employer of Record business as well as its attractiveness.
- The competitive landscape helps stakeholders understand their competitive environment and gives insight into the present positions of important companies.
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Drivers, Restrains and Research Methodology:
The research study examines the main factors that support market growth. Different curves for seizing opportunities in developing countries are caused by fundamental impediments to market expansion. The base year’s data gathering and analysis were conducted using a significant sample data collecting module. Data mining, data triangulation, market effect analysis, and preliminary validation are the main research methodologies (industry experts). Metrics, top-down analysis, supplier engagement analysis, market timeline analysis, market overview and leadership, company positioning grid, company market share analysis, and supplier positioning grid are also included in the data model. For further information on this report, please Request a Sample Copy of “Global Employer of Record Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029” Here.
Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today’s businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.