Staffing and Recruitment Market is expected to reach US$ 2,031.34 billion by 2031

Rise in Youth Population to Fuel Staffing and Recruitment Market Growth During Forecast Period 

According to our latest study, “Staffing and Recruitment Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Staffing Type, Recruitment Channel, and End User," the market 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. 

The youth (aged under 30) constitute more than half (i.e., 33%) of the population across the globe. The magnitude of this youth population varies significantly worldwide, with 1.2 billion young people aged between 15 and 24 years, accounting for 16% of the global population. According to Sustainable Development Goals (SDGs), by 2030, the number of youths is projected to grow by 7%, reaching 1.3 billion. The significant growth in the youth population leads to an increased need for renewed efforts and investments to create new jobs. Rise in the youth population creates a larger pool of potential job candidates, which increases the requirement for skilled staffing and recruitment professionals. According to the International Labour Organization (ILO), in July 2023, India had the largest youth population across the globe, with around 66% of the population (more than 808 million people) under the age of 35. The huge population of India has played a key role in achieving the country’s objective. The Government of India is also planning to provide the required skills and leverage the youth population to boost employability, entrepreneurship, and capacity development in tier 2,3,4 towns in the country. Thus, with the rise in the youth population, government initiatives and support to develop their skills are also increasing, which is expected to fuel the staffing and recruitment market growth during the forecast period.  

Staffing and Recruitment Market Analysis - by Geography

Adecco Group AG, ALLIANCE RECRUITMENT AGENCY, BAC Middle East, Brunel, Hays plc, Korn Ferry, Medacs Healthcare Limited, Morgan Philips Group SA, NES Fircrof, and Randstad N.V. are among the key players profiled in the staffing and recruitment market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem. The staffing and recruitment market report also includes growth prospects owing to the current staffing and recruitment market trends and their foreseeable impact during the forecast period.  

The report includes the staffing and recruitment market forecast by staffing type, recruitment channel, end user, and region from 2023 to 2031. In terms of staffing type, the market is bifurcated into temporary and permanent. In terms of revenue, the temporary segment held a larger staffing and recruitment market share and is expected to record a higher CAGR over the forecast period.

The staffing and recruitment market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The APAC staffing and recruitment market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest APAC staffing and recruitment market share. The market has massive growth potential, with rapidly-growing countries such as China and India as well as developed nations such as Japan. The region has a well-established manufacturing sector, including electronics, food & beverages, automobiles, and healthcare industries, among others. The manufacturing sector in Asia Pacific is rapidly adopting automation, AI, cloud-based solutions, and other new technologies. The staffing and recruitment market in Asia Pacific is fragmented due to the increasing number of players that offer customized staffing and recruitment solutions and services to their clients across developing nations. Per the Asian Development Bank (ADB) Institute survey, in 2020, Asia Pacific lost 8% of working hours due to the COVID-19 pandemic. Growing employment rates increase the demand for staffing and recruitment services as it simplifies the hiring process.

Businesses in China faced severe challenges during the COVID-19 pandemic. The growing adoption of the remote work model, driven by the impacts of the COVID-19 crisis, led employers to enable many employees to work from home. In December 2021, the count of remote workers in China surged to 469 million, denoting a significant 35.7% year-on-year increase, as reported by the 49th China Statistical Report on Internet Development—featured in the People's Daily Overseas Edition. This substantial rise in remote work highlights the growing reliance on remote collaboration tools. As a result, the demand for meeting management software in China is increasing as organizations and individuals seek effective solutions to facilitate seamless communication and coordination in virtual work environments.  

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