Human Resources Consulting Services Market Size
The market size of the global Human Resources Consulting Services industry is estimated to be worth $37 billion in 2020. A screenshot of the Statista chart indicating this can be found in the attached Google Doc.
Market Size of the Global Human Resources Consulting Services Industry
- Consultancy.org stated that between 2011 and 2016, the global revenue of the Human Resources (HR) Consulting Services industry had been experiencing a rise of around $1 billion per year.
- Moreover, although the global HR Consulting Services industry was estimated to be worth $31 billion in 2016, it only represented approximately 10% of the total global consulting market, making it the smallest of the six main industry segments then.
- Currently, according to Statista, the market size of the global HR Consulting Services industry is estimated to be worth $37 billion in 2020.
- Additionally, according to the Statista chart, the HR Consulting Services industry is at position four after the Operations, Financial Advisory, and Technology industries which have estimated market sizes worth $86, $85, and $53 billion respectively.
- According to SpendEdge, the HR Consulting Services industry is expected to witness an incremental spend growth of $10 billion between 2018-2023 and accelerate at a CAGR of 4.76% during the same period.
- SpendEdge believes that this increase in spending will be a result of the rapid adoption of digital Human Resources, increased popularity of social media platforms, and the increasing need for talent management among other factors.
- As stated by Dun&Bradstreet, the United States is the largest market for consulting services overall and this can be validated by the fact that the United States 2020 HR Consulting Services industry market size is estimated to be $24.9 billion compared to the global one at $37 billion.
- However, the market size of the United States HR Consulting Services industry is expected to increase by only 0.1% in 2020 probably because of the industry's high competition and low barriers to entry.
We extensively searched media, market research, and industry databases among other sources in order to find sufficient data on the market size of the global Human Resources Consulting Services industry. We were able to find relevant information from credible sources such as Statista, IBIS World, and Consultancy.org that enabled us to compile the above findings.