About Employer of Record (EOR)
An employer of record is a company that is the leader for tax functions whereas the worker performs work a special company. The employer of the record takes on the responsibility of traditional employment tasks and liabilities. It manages the risks and guarantees that the company's employees benefit from following the local and worldwide HR and tax laws.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Safeguard Global (United States), Velocity Global (Hong Kong), FoxHire (United States), Elements Global Services (United States), iWorkGlobal (United States), Globalization Partners (United States), New Horizons Global Partners (Germany), Shield GEO Services (United States) and Vistra (Hong Kong) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Employer of Record (EOR) market by and Region.
On the basis of geography, the market of Employer of Record (EOR) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023.
If we see Market by , the sub-segment i.e. will boost the Employer of Record (EOR) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Development of a Software with Automated Functions with Help of Artificial Intelligence and Internet of Things
Market Growth Drivers:
Rising Demand for the Financial Aspect of the Organisations and Tax and Employer Laws
Challenges:
Requirement of Skilled Labour in Handling and Operations
Restraints:
High Costs involved in Employing Employer of Record
Opportunities:
Rising Digitization and Need of Smart Solutions for Employer of Record to Manage Wider Workforce
Market Leaders and their expansionary development strategies
In 2021, Velocity Global excels to scale its leading global work platform with the acquisition of Shield GEO, an established global Employer of Record (EoR) provider. This collaboration will bind the company’s cloud-based workforce management technology, personalized expertise, and unmatched global scale together to form the best EoR system.
In 2021, Vistra launched the Employer of Record service to support the full lifecycle of doing business internationally. It provides companies the ability to access local talent in their target location in a quick and seamless manner while complying with all the required regulations.
Key Target Audience
Employer of Record Services Provider, Corporates and Government Bodies, Research Institutes, End-User Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.