PEO (professional employer organization) is the third-party human resources provider. It includes various activities such as, manage payroll-related taxes, access to benefits, certain human resources functions, and other employer-related administrative functions. The growing demand for PEO outsourcing in the organization as many tasks associated with human resource and employee management, thus triggering the growth of the PEO service provider market. Moreover, the organization is focusing on giving the benefits of their employee like large enterprises that result in a growing demand for the PEO service provider market.
MARKET SCOPE
The "Global PEO Service Provider Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the PEO service provider market with detailed market segmentation by Offering, Service, End-user, and geography. The report provides key statistics on the market status of the leading PEO service provider market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on offering, the global PEO service provider market is segmented into professional service and managed service.
- On the basis of service, the market is segmented into HR solution, risk mitigation, payroll solution, compliance and regulatory, and others.
- Based on end-user, the market is segmented into retail and consumer goods, manufacturing, hospitality, educational institutes, and others.
MARKET DYNAMICS
Drivers:
- PEO offers various benefits such as the employees of small businesses gain access to big-business employee benefits plans like health, life, insurance, and other benefits which is not typically received by small company employees, hence increasing demand for the PEO service provider among the small and medium-sized enterprises that propels the growth of the PEO service provider market.
- The growing number of small businesses across the globe is a rising demand for PEO outsourcing that further booming the growth of the PEO service provider market. The business owner wants more focus on their business rather than payroll or other management benefits, this factor is expected to rise the adoption of the PEO outsourcing that drives the growth of the PEO service provider market.
Restraints:
- Substitutes such as EOR (Employee on Record) may hinder the growth of the PEO service provider market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The PEO service provider market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the PEO service provider market in these regions.
IMPACT OF COVID-19 ON PEO SERVICE PROVIDER MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the PEO service provider market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from PEO service provider market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the PEO service provider market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Abel HR
- ADP, LLC
- AHEAD Inc.
- Alcott HR
- G and A Partners
- Group Management Services, Inc.
- Impact Workforce Solutions
- Oasis Outsourcing Holdings,
- Pinnacle PEO Corporation
- TriNet Group, Inc.