The staffing and recruitment market size is expected to reach US$ 2,031.34 billion by 2031 from US$ 757.56 billion in 2023. The market is estimated to record a CAGR of 13.1% from 2023 to 2031. The rising adoption of automation and AI-driven recruitment models is likely to remain key staffing and recruitment market trends.
The increasing number of job vacancies across the globe is boosting the adoption of staffing and recruitment solutions across various organizations. For instance, in a report published by the World Economic Forum in April 2023, over 803 companies in 45 economies are collectively employing more than 11.3 million workers in 27 industries. The data shows that an increase in employment activity is driven by various factors such as rising investment in green transition of businesses, the broader application of ESG standards, and localization of supply chains, which are creating job opportunities by improving the employment rate worldwide.
Entrepreneurs in developing countries are expanding their businesses, which will subsequently create new job opportunities across the globe. In August 2023, Intel Corporation announced its plan to build two new leading-edge chip factories at its Ocotillo campus in Chandler, Arizona. The new factories help the company to meet the growing consumer demand and provide the required capacity for Intel Foundry Services customers. The new factories will create 3,000 high-tech & high-wage jobs; 3,000 construction jobs; and support an additional 15,000 indirect jobs in the local community. The factories are expected to start its operations by 2024. Such developments and expansion are creating job vacancies in the manufacturing and construction sectors and boosting the staffing and recruitment market across the globe.
Staffing and recruitment refer to identifying and attracting candidates with the required skills, knowledge, and experience for a matching job position. Effective staffing and recruitment can help an organization build a strong and talented workforce, improve productivity, and achieve competitive advantages.
The BFSI and IT industries are growing at an unprecedented pace. According to World Bank data, small and medium enterprises (SMEs) play a major contributor to job creation and global economic development. It represents ~90% of businesses and over 50% of employment worldwide. SMEs also help generate income and promote innovation by providing opportunities for entrepreneurship and innovation, which increases business productivity. According to the same source, by 2030, SMEs will create approximately 600 million jobs due to government initiatives and support to expand the private sector. SMEs create 7 out of 10 jobs formal jobs in emerging markets such as Italy, Japan, India, Indonesia, and South Korea. The growth in the SME sector has made a significant impact on economic growth, which is essential for sustainable development. Thus, huge job opportunities in the BFSI and IT sectors drive the staffing and recruitment market growth.
The COVID-19 pandemic shifted consumer preference toward the adoption of remote or hybrid work models. Millions of workers across the globe have already started working from home. Businesses have seen opportunities and resounding success while working from home. Many companies worldwide have fully adopted work from home model. According to the Pew Research Center, only 6% of employees primarily worked remotely, and it was expected to increase by 25% by the end of 2023. In 2022, 60% of workers want to work from home, which encourages enterprises to adopt a remote or hybrid business model for offering work-life balance to their employees. Remote work allows employees to access a broader and more diverse talent pool beyond geographical boundaries. Remote or hybrid work models benefited both employers and candidates. Staffing and recruitment solutions help employers to connect candidates across the globe.
The adoption of remote and hybrid working models mandates businesses to create or adopt staffing and recruitment protocols for designing job offers, recruiting appropriate candidates, and hiring & onboarding new candidates regardless of where they live. Furthermore, remote and hybrid working helps businesses to reduce overhead costs associated with traditional office space. Efficient staffing and recruitment solutions help employers to minimize the cost incurred in their hiring processes involving expenses related to advertising, administrative, and traveling.
Key segments that contributed to the derivation of the staffing and recruitment market analysis are staffing type, recruitment channel, and end user.
The regional trends and factors influencing the Staffing and Recruitment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Staffing and Recruitment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 757.56 Billion |
| Market Size by 2031 | US$ 2,031.34 Billion |
| Global CAGR (2023 - 2031) | 13.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Staffing Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Staffing and Recruitment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Staffing and Recruitment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The staffing and recruitment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the staffing and recruitment market:
(Source: Hays, Press Release)
(Source: Korn Ferry, Press Release)
The "Staffing and Recruitment Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Staffing and Recruitment Market
The global staffing and recruitment were valued at was valued at US$ 757.56 billion in 2023 and is expected to reach US$ 2,031.34 billion by 2031; it is estimated to record a CAGR of 13.1% from 2023 to 2031.
Automation and AI-driven recruitment is expected to drive the growth of the global staffing and recruitment market in the coming years.
The temporary segment led the global staffing and recruitment market with a significant share in 2023 and it is also expected to grow with the highest CAGR over the forecast period.
The global staffing and recruitment market are expected to reach US$ 2,031.34 billion by 2031.
Huge job opportunities in BFSI and IT sectors and rise in youth population are the driving the global staffing and recruitment market growth.
The key players holding majority shares in the global staffing and recruitment market include Adecco Group., Randstad N.V., ManpowerGroup, Hays plc, and Recruit Holdings Co., Ltd.
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