Employer of Record Market Insights and Forecast to 2029

Employer of Record Market 

The global Employer of Record Platform market was valued at US$ 4299.1 million in 2023 and is anticipated to reach US$ 6604.4 million by 2030, witnessing a CAGR of 6.8% during the forecast period 2024-2030.

Fully considering the economic change by this health crisis, Aggregator Model accounting for 67.55% of the Employer of Record global market in 2021, is projected to value US$ 4616.76 million by 2028, growing at a revised 7.31% CAGR in the post-COVID-19 period (2022-2028). Employer of Record customers include SMEs and Large Enterprises. SMEs accounting 69.75% market share in terms of revenue in 2021.

The ease with which businesses can expand into international markets, the low cost of human resources, the lack of a local incorporation requirement, immigration compliance, guaranteed local compliance, and the absence of additional payroll tax requirements are all expected to contribute to the growth of the Employer of Record market. 

Employer of Record Market Trends

The ability to access worldwide markets is one of the first and most important benefits that businesses will experience as a result of adopting EOR services. Businesses may instantly recruit remote workers using EOR from any location, which can considerably speed up their company's growth. Employers of Record are excellent partners for small firms looking to expand because of the aforementioned factors. Larger companies, on the other hand, can benefit from EOR, particularly if they need to find local labor with industry knowledge. As a result of this factor, it is projected that the record market will grow.

A small business owner might opt to wait until the company begins to grow before hiring a full-time HR team. When it comes to hiring new staff, EORs may help businesses save money by allowing them to use their HR professionals less frequently. As a result of this factor, it is projected that the record market will grow. In addition, due to a variety of payment choices, bank fees, and currency translations, handling payroll for your overseas personnel may be difficult. Employee compensation is managed by an EOR in line with your payroll cycle. Payroll taxes, deductions, and returns are handled through EORs. They also provide pay stubs to your employees and let them choose from a range of payroll options.

EOR helps to lower the cost of local incorporation. Companies can independently hire foreign labor, but doing so requires incorporation—founding a local business. This process can take a while and be expensive, not to mention the cost of employing professionals to manage your legal and accounting tasks to ensure everything is legal. In order to provide complete trademark protection and cost containment, EOR is already a genuine organization that can traverse the difficulties of local legislation wherever in the world. EOR can act as a point of contact between your company and workers and help with issues relating to payroll, employment, and immigration in the host country.

EOR also provides assured local compliance and immigration compliance. Thus, it is projected that this would accelerate the market's exceptional growth. As they are familiar with local labor laws and their nuances, the EOR will make sure that both US and international rules are followed. Businesses may lower their risk of fines and compliance violations by working with an EOR.

Employing an EOR has the added benefit of constantly ensuring that the right work culture or processes are followed when recruiting remote workers. When a decent workplace and a secure area are given, more candidates apply. The local integration of EOR will facilitate employee recruiting. 

Employer of Record Market Share

North America is predicted to be the most lucrative area. The United States is one of the most sought-after destinations for corporate headquarters because of its highly productive workforce and status as a global leader in research and development. However, due to its complicated and contradictory legal structure, entering the US may be scary. These difficult elements may be handled by EOR, allowing companies to begin doing business in the US in a matter of days.

The Aggregator model has the greatest expected profit margin based on type. In the aggregator module, a single company acts as the umbrella organization, and each country's employment requirements are met by local service providers. These (typically tiny) service providers lack the legal, tax, or human resources expertise needed by a publicly listed multinational corporation outsourcing its worldwide legal infrastructure, and they are not scale-ready.

SMEs are anticipated to be the most profitable market segment based on end users. 

List of Tables

Table 1. Global Employer of Record Market Size Growth Rate by Type (US$ Million), 2017 VS 2021 VS 2028

Table 2. Key Players of Aggregator Model

Table 3. Key Players of Wholly Owned Infrastructure Model

Table 4. Global Employer of Record Market Size Growth Rate by End User (US$ Million), 2017 VS 2021 VS 2028

Table 5. Global Employer of Record Market Size by Region (US$ Million): 2017 VS 2021 VS 2028

Table 6. Global Employer of Record Market Size by Region (2017-2022) & (US$ Million)

Table 7. Global Employer of Record Market Share by Region (2017-2022)

Table 8. Global Employer of Record Forecasted Market Size by Region (2023-2028) & (US$ Million)

Table 9. Global Employer of Record Market Share by Region (2023-2028)

Table 10. Employer of Record Market Trends

Table 11. Employer of Record Market Drivers

Table 12. Employer of Record Market Challenges

Table 13. Employer of Record Market Restraints

Table 14. Global Employer of Record Revenue by Players (2017-2022) & (US$ Million)

Table 15. Global Employer of Record Revenue Share by Players (2017-2022)

Table 16. Global Top Employer of Record by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Employer of Record as of 2021)

Table 17. Ranking of Global Top Employer of Record Companies by Revenue (US$ Million) in 2021

Table 18. Global 5 Largest Players Market Share by Employer of Record Revenue (CR5 and HHI) & (2017-2022)

Table 19. Key Players Headquarters and Area Served

Table 20. Key Players Employer of Record Product Solution and Service

Table 21. Date of Enter into Employer of Record Market

Table 22. Mergers & Acquisitions, Expansion Plans

Table 23. Global Employer of Record Market Size by Type (2017-2022) & (US$ Million)

Table 24. Global Employer of Record Revenue Market Share by Type (2017-2022)

Table 25. Global Employer of Record Forecasted Market Size by Type (2023-2028) & (US$ Million)

Table 26. Global Employer of Record Revenue Market Share by Type (2023-2028)

Table 27. Global Employer of Record Market Size by End User (2017-2022) & (US$ Million)

Table 28. Global Employer of Record Revenue Share by End User (2017-2022)

Table 29. Global Employer of Record Forecasted Market Size by End User (2023-2028) & (US$ Million)

Table 30. Global Employer of Record Revenue Share by End User (2023-2028)

Table 31. North America Employer of Record Market Size by Type (2017-2022) & (US$ Million)

Table 32. North America Employer of Record Market Size by Type (2023-2028) & (US$ Million)

Table 33. North America Employer of Record Market Size by End User (2017-2022) & (US$ Million)

Table 34. North America Employer of Record Market Size by End User (2023-2028) & (US$ Million)

Table 35. North America Employer of Record Market Size by Country (2017-2022) & (US$ Million)

Table 36. North America Employer of Record Market Size by Country (2023-2028) & (US$ Million)

Table 37. Europe Employer of Record Market Size by Type (2017-2022) & (US$ Million)

Table 38. Europe Employer of Record Market Size by Type (2023-2028) & (US$ Million)

Table 39. Europe Employer of Record Market Size by End User (2017-2022) & (US$ Million)

Table 40. Europe Employer of Record Market Size by End User (2023-2028) & (US$ Million)

Table 41. Europe Employer of Record Market Size by Country (2017-2022) & (US$ Million)

Table 42. Europe Employer of Record Market Size by Country (2023-2028) & (US$ Million)

Table 43. Asia Pacific Employer of Record Market Size by Type (2017-2022) & (US$ Million)

Table 44. Asia Pacific Employer of Record Market Size by Type (2023-2028) & (US$ Million)

Table 45. Asia Pacific Employer of Record Market Size by End User (2017-2022) & (US$ Million)

Table 46. Asia Pacific Employer of Record Market Size by End User (2023-2028) & (US$ Million)

Table 47. Asia Pacific Employer of Record Market Size by Region (2017-2022) & (US$ Million)

Table 48. Asia Pacific Employer of Record Market Size by Region (2023-2028) & (US$ Million)

Table 49. Latin America Employer of Record Market Size by Type (2017-2022) & (US$ Million)

Table 50. Latin America Employer of Record Market Size by Type (2023-2028) & (US$ Million)

Table 51. Latin America Employer of Record Market Size by End User (2017-2022) & (US$ Million)

Table 52. Latin America Employer of Record Market Size by End User (2023-2028) & (US$ Million)

Table 53. Latin America Employer of Record Market Size by Country (2017-2022) & (US$ Million)

Table 54. Latin America Employer of Record Market Size by Country (2023-2028) & (US$ Million)

Table 55. Middle East and Africa Employer of Record Market Size by Type (2017-2022) & (US$ Million)

Table 56. Middle East and Africa Employer of Record Market Size by Type (2023-2028) & (US$ Million)

Table 57. Middle East and Africa Employer of Record Market Size by End User (2017-2022) & (US$ Million)

Table 58. Middle East and Africa Employer of Record Market Size by End User (2023-2028) & (US$ Million)

Table 59. Middle East and Africa Employer of Record Market Size by Country (2017-2022) & (US$ Million)

Table 60. Middle East and Africa Employer of Record Market Size by Country (2023-2028) & (US$ Million)

Table 61. Adecco Company Details

Table 62. Adecco Business Overview

Table 63. Adecco Employer of Record Product

Table 64. Adecco Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 65. Adecco Recent Developments

Table 66. Randstad Company Details

Table 67. Randstad Business Overview

Table 68. Randstad Employer of Record Product

Table 69. Randstad Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 70. Randstad Recent Developments

Table 71. Aquent Company Details

Table 72. Aquent Business Overview

Table 73. Aquent Employer of Record Product

Table 74. Aquent Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 75. Aquent Recent Developments

Table 76. FoxHire Company Details

Table 77. FoxHire Business Overview

Table 78. FoxHire Employer of Record Product

Table 79. FoxHire Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 80. FoxHire Recent Developments

Table 81. Infotree Global Company Details

Table 82. Infotree Global Business Overview

Table 83. Infotree Global Employer of Record Product

Table 84. Infotree Global Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 85. Infotree Global Recent Developments

Table 86. Safeguard Global Company Details

Table 87. Safeguard Global Business Overview

Table 88. Safeguard Global Employer of Record Product

Table 89. Safeguard Global Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 90. Safeguard Global Recent Developments

Table 91. Velocity Global Company Details

Table 92. Velocity Global Business Overview

Table 93. Velocity Global Employer of Record Product

Table 94. Velocity Global Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 95. Velocity Global Recent Developments

Table 96. Globalization Partners Company Details

Table 97. Globalization Partners Business Overview

Table 98. Globalization Partners Employer of Record Product

Table 99. Globalization Partners Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 100. Globalization Partners Recent Developments

Table 101. Shield GEO Company Details

Table 102. Shield GEO Business Overview

Table 103. Shield GEO Employer of Record Product

Table 104. Shield GEO Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 105. Shield GEO Recent Developments

Table 106. Acumen International Company Details

Table 107. Acumen International Business Overview

Table 108. Acumen International Employer of Record Product

Table 109. Acumen International Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 110. Acumen International Recent Developments

Table 111. Elements Global Services Company Details

Table 112. Elements Global Services Business Overview

Table 113. Elements Global Services Employer of Record Product

Table 114. Elements Global Services Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 115. Elements Global Services Recent Developments

Table 116. Papaya Global Company Details

Table 117. Papaya Global Business Overview

Table 118. Papaya Global Employer of Record Product

Table 119. Papaya Global Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 120. Papaya Global Recent Developments

Table 121. Universal Hires Company Details

Table 122. Universal Hires Business Overview

Table 123. Universal Hires Employer of Record Product

Table 124. Universal Hires Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 125. Universal Hires Recent Developments

Table 126. CIIC Company Details

Table 127. CIIC Business Overview

Table 128. CIIC Employer of Record Product

Table 129. CIIC Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 130. CIIC Recent Developments

Table 131. Links International Company Details

Table 132. Links International Business Overview

Table 133. Links International Employer of Record Product

Table 134. Links International Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 135. Links International Recent Developments

Table 136. New Horizons Global Partners Company Details

Table 137. New Horizons Global Partners Business Overview

Table 138. New Horizons Global Partners Employer of Record Product

Table 139. New Horizons Global Partners Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 140. New Horizons Global Partners Recent Developments

Table 141. Sky Executive Company Details

Table 142. Sky Executive Business Overview

Table 143. Sky Executive Employer of Record Product

Table 144. Sky Executive Revenue in Employer of Record Business (2017-2022) & (US$ Million)

Table 145. Sky Executive Recent Developments

Table 146. Research Programs/Design for This Report

Table 147. Key Data Information from Secondary Sources

Table 148. Key Data Information from Primary Sources

List of Figures

Figure 1. Global Employer of Record Market Share by Type: 2021 VS 2028

Figure 2. Aggregator Model Features

Figure 3. Wholly Owned Infrastructure Model Features

Figure 4. Global Employer of Record Market Share by End User: 2021 VS 2028

Figure 5. SMEs Case Studies

Figure 6. Large Enterprises Case Studies

Figure 7. Employer of Record Report Years Considered

Figure 8. Global Employer of Record Market Size (US$ Million), Year-over-Year: 2017-2028

Figure 9. Global Employer of Record Market Size, (US$ Million), 2017 VS 2021 VS 2028

Figure 10. Global Employer of Record Market Share by Region: 2021 VS 2028

Figure 11. Global Employer of Record Market Share by Players in 2021

Figure 12. Global Top Employer of Record Players by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Employer of Record as of 2021)

Figure 13. The Top 10 and 5 Players Market Share by Employer of Record Revenue in 2021

Figure 14. North America Employer of Record Market Size YoY (2017-2028) & (US$ Million)

Figure 15. North America Employer of Record Market Size Market Share by Type (2017-2028)

Figure 16. North America Employer of Record Market Size Market Share by End User (2017-2028)

Figure 17. North America Employer of Record Market Size Share by Country (2017-2028)

Figure 18. United States Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 19. Canada Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 20. Europe Employer of Record Market Size YoY (2017-2028) & (US$ Million)

Figure 21. Europe Employer of Record Market Size Market Share by Type (2017-2028)

Figure 22. Europe Employer of Record Market Size Market Share by End User (2017-2028)

Figure 23. Europe Employer of Record Market Size Share by Country (2017-2028)

Figure 24. Germany Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 25. France Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 26. U.K. Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 27. Italy Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 28. Russia Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 29. Nordic Countries Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 30. Asia-Pacific Employer of Record Market Size YoY (2017-2028) & (US$ Million)

Figure 31. Asia Pacific Employer of Record Market Size Market Share by Type (2017-2028)

Figure 32. Asia Pacific Employer of Record Market Size Market Share by End User (2017-2028)

Figure 33. Asia Pacific Employer of Record Market Size Share by Region (2017-2028)

Figure 34. China Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 35. Japan Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 36. South Korea Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 37. Southeast Asia Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 38. India Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 39. Australia Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 40. Latin America Employer of Record Market Size YoY (2017-2028) & (US$ Million)

Figure 41. Latin America Employer of Record Market Size Market Share by Type (2017-2028)

Figure 42. Latin America Employer of Record Market Size Market Share by End User (2017-2028)

Figure 43. Latin America Employer of Record Market Size Share by Country (2017-2028)

Figure 44. Mexico Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 45. Brazil Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 46. Middle East & Africa Employer of Record Market Size YoY (2017-2028) & (US$ Million)

Figure 47. Middle East and Africa Employer of Record Market Size Market Share by Type (2017-2028)

Figure 48. Middle East and Africa Employer of Record Market Size Market Share by End User (2017-2028)

Figure 49. Middle East and Africa Employer of Record Market Size Share by Country (2017-2028)

Figure 50. Turkey Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 51. Saudi Arabia Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 52. UAE Employer of Record Market Size YoY Growth (2017-2028) & (US$ Million)

Figure 53. Adecco Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 54. Randstad Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 55. Aquent Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 56. FoxHire Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 57. Infotree Global Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 58. Safeguard Global Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 59. Velocity Global Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 60. Globalization Partners Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 61. Shield GEO Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 62. Acumen International Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 63. Elements Global Services Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 64. Papaya Global Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 65. Universal Hires Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 66. CIIC Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 67. Links International Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 68. New Horizons Global Partners Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 69. Sky Executive Revenue Growth Rate in Employer of Record Business (2017-2022)

Figure 70. Bottom-up and Top-down Approaches for This Report

Figure 71. Data Triangulation

Figure 72. Key Executives Interviewed