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.This growth is primarily driven by Rising Demand for the Financial Aspect of the Organisations and Tax and Employer Laws.
Globally, a noticeable market trend is evident Development of a Software with Automated Functions with Help of Artificial Intelligence and Internet of Things. The Business Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
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.
- Rising Demand for the Financial Aspect of the Organisations and Tax and Employer Laws
- Development of a Software with Automated Functions with Help of Artificial Intelligence and Internet of Things
- High Costs involved in Employing Employer of Record
Rising Digitization and Need of Smart Solutions for Employer of Record to Manage Wider Workforce
Requirement of Skilled Labour in Handling and Operations
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Employer of Record (EOR) Study Sheds Light on
The Employer of Record (EOR) Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Employer of Record (EOR) industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Employer of Record (EOR) industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Employer of Record (EOR) Market?
The Employer of Record (EOR) market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Employer of Record (EOR) Market?
Top performing companies in the Global Employer of Record (EOR) market are 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), to name a few.
3. Which region dominated the worldwide market for Employer of Record (EOR) in 2020?
North America is dominating the Employer of Record (EOR) Market.