Employer of Record Platform market is projected to grow from US$ 4450.5 million in 2023 to US$ 6604.4 million by 2029

 

Employer of Record Platform Market Size

The global Employer of Record Platform market is projected to grow from US$ 4450.5 million in 2023 to US$ 6604.4 million by 2029, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period.

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An Employer of Record (EOR) is a third-party organization that takes responsibility for all formal employment tasks on behalf of another company. The EOR allows companies to legally and efficiently engage with overseas workers either in a new country or state, without having to set up a local entity or risk violating local employment laws. Hiring an EOR gives the client’s company the opportunity to manage their time more efficiently and effectively. Employer of Record is legally responsible for paying employees, including dealing with employee taxes, benefits, insurance, visa application, and sponsorship applications and a great many other transactions and operations concerning human resources. In businesses expanding market, also come across terms: Professional Employment Organization (PEO) and Global Employment Organization (GEO). A Professional Employment Organization (PEO) also known as an International/Global PEO, allows an enterprise to hire employees in a foreign market without the need of setting up a local entity. Although quite similar to an Employer of Record, a PEO is a service firm that generally offers a more comprehensive range of HR services. A Global Employment Organization (GEO) has properties of an EOR but is more similar to a PEO, in that it allows for the administrative HR burden to be removed from a client and instead be managed by a Global Employment Organization. Some firms take Employer of Record (EOR) business same as PEO and we abide this attribution in corresponding situation.

Market Analysis and Insights: Global Employer of Record Platform Market

The representative regions are North America, Europe and Asia-Pacific, with 94.21% market share in 2022. North America accounting for more than 40% market share currently, China has great development trend.

Report Includes

This report presents an overview of global market for Employer of Record Platform market size. Analyses of the global market trends, with historic market revenue data for 2018 - 2022, estimates for 2023, and projections of CAGR through 2029.

Segment by Type

• Aggregator Model
• Wholly Owned Infrastructure Model

Segment by Application

• SMEs
• Large Enterprises

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