Industry Statistics and Rankings
How does this industry perform in Latvia compared to Europe?
Country Benchmarking
Industry Data Latvia
Ranking are out of 37 European countries for which IBISWorld provides country-level factsheets.
Revenue
#27 In EuropeBusiness
#26 In EuropeEmployees
#25 In EuropeWages
#26 In EuropeRevenue in the HR Provision industry is anticipated to dip at a compound annual rate of 3.8% over the five years through 2024 to €21.2 billion. This drop is down to turbulent economic conditions that have slowed company spending across Europe and cut space in businesses’ budgets for HR services. Surging inflation throughout Europe over the past couple of years has seen businesses reduce their spending on outsourcing HR services, while demand from the public sector has suffered in the face of governments cutting their budgets. In 2024, some HR providers have found opportunities in helping companies negotiate cuts to their workforces due to economic slowdowns across many European countries. Revenue is expected to drop by 2.2% in 2024.
Enterprises
Number of businesses in 2024
Biggest companies in the Human Resources Provision in Latvia
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|
There are no companies that hold a large enough market share in the Human Resources Provision in Latvia industry for IBISWorld to include in this product.
Top Questions Answered in this Report
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What is the market size of the Human Resources Provision industry in Latvia in 2024?
The market size of the Human Resources Provision industry in Latvia is €32.0m in 2024.
How many businesses are there in the Human Resources Provision in Latvia industry in 2024?
There are 91 businesses in the Human Resources Provision industry in Latvia, which has grown at a CAGR of 0.2 % between 2019 and 2024.
Has the Human Resources Provision industry in Latvia grown or declined over the past 5 years?
The market size of the Human Resources Provision industry in Latvia has been declining at a CAGR of 6.6 % between 2019 and 2024.
What is the forecast growth of the Human Resources Provision industry in Latvia over the next 5 years?
Over the next five years, the Human Resources Provision industry in Latvia is expected to grow.
What does the Human Resources Provision in Latvia include?
Payroll services and HR consultancy services are part of the Human Resources Provision industry.
How competitive is the Human Resources Provision industry in Latvia?
The level of competition is high and steady in the Human Resources Provision industry in Latvia.
Related Industries
This industry is covered in 37 countries
Domestic industries
Competitors
Complementors
Table of Contents
About this industry
Industry definition
Human resources providers manage resources relating to employees. They complete tasks and duties for and provide information to client businesses relating to employees, payroll, employee tax contributions and other issues.
Related Terms
HR CONSULTANCY PASSPORTING LABOUR RELATIONSWhat's included in this industry?
Payroll servicesHR consultancy servicesHealth and safety trainingEmployee training programmesEmployee relations guidanceCompanies
Industry Code
783 - Other human resources provision in Latvia
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Performance
Revenue Highlights
Trends
- Revenue
- 2024 Revenue Growth
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue
- Employees
- Business
- Profit
Analysis
What's driving current industry performance in the Human Resources Provision in Latvia industry?
Outlook
Analysis
What's driving the Human Resources Provision in Latvia industry outlook?
Volatility
Analysis
What influences volatility in the Human Resources Provision in Latvia industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Human Resources Provision in Latvia industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
More businesses seek advice on shaping their work culture and benefit schemes. Workplace benefits have become an important aspect of employer contracts and companies are relying on HR professionals to create career progression pathways.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Human Resources Provision in Latvia industry's products and services performing?
Analysis
What are innovations in the Human Resources Provision in Latvia industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Human Resources Provision in Latvia industry?
International Trade
Highlights
- Total Imports into Latvia
- Total Exports into Latvia
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
HR companies expand by adopting advanced software. Larger HR companies are using technology to satisfy clients both online and in-person. Greater adoption of HR software has expanded the global reach of HR companies.
Supply Chain
Charts
Buyer and supply industries
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Establishments by Region (2024)
Data Tables
- Number of Establishments by Region (2024)
Charts
- Share of Establishments vs. Population of Each Region
Analysis
What regions are businesses in the Human Resources Provision in Latvia located?
Companies
Data Tables
Top 0 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit margin (2024)
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
HR companies need to follow strict regulations. There are lots of regulations regarding recruitment, employment conditions, work contracts and firing processes. HR providers need to know how to carry out fair hiring, disciplinary and dismissal processes.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Human Resources Provision in Latvia industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
HR providers rely on skilled staff. They need qualified and experienced workers, especially for consultancy, which props up spending on wages. That being said, wage costs are edging downwards in line with falling demand for HR consultancy.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Human Resources Provision in Latvia industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.
To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.
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