Employment Services Global Market Estimated to Surge at a CAGR of 10.6% to Reach $2,952.87 Billion By 2028 | Randstad NV, The Adecco Group, Manpower Inc., Allegis Group, Inc., Persol Holdings

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Employment Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $2952.87 billion In 2028 At A CAGR Of 10.6% :

The employment services market size has grown rapidly in recent years. It will grow from $1777.71 billion in 2023 to $1970.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased mergers and acquisitions and government initiatives in developing economies.

The employment services market size is expected to see rapid growth in the next few years. It will grow to $2952.87 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to increasing demand for global automation to simulate market growth, changes in social patterns, and rising urbanization. factors that could hinder the growth of the employment services market in the future include shortage of quality talent, expectation gap between recruiters and employment services companies. Major trends in the forecast period include human resources (hr) chatbots, augmented reality (ar) and virtual reality (vr) in the recruitment process, predictive analytics, hiring with game-based assessment, rising in mergers and acquisitions, adoption of artificial intelligence and social media recruiting.

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Employment Services Market Major Segments
The employment services market covered in this report is segmented -
1) By Type: Employment Placement Agencies, Executive Search Services, Temporary Help Services, Professional Employer Organizations
2) By Vertical: Banking and Financial, Engineering, Medical, Information and Technology, Professional Services, Other Verticals
3) By Mode: Online, Offline

Key Driver - Rising Unemployment Rates Expected To Drive Growth In Employment Services Market

The increasing rate of unemployment is expected to propel the growth of the employment services market going forward. Unemployment refers to a situation where a person actively searches for employment but is unable to find work. The unemployed are people of working age who are without work, are available for work, and have taken specific steps to find work. Employment services aid people who are unemployed and looking for jobs by providing comprehensive recruiting, job search, and related services. For instance, according to data from the National Bureau of Statistics of China, a China-based deputy-cabinet-level agency, the urban unemployment rate increased to a six-month high of 5.7% in November 2022 from 5.5% in the previous month. Further, in 31 major cities and towns, the unemployment rate rose from 5.0% to 6.7% in China in 2022. Therefore, the increasing rate of unemployment is expected to drive the employment services market.

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Prominent Trend - Increasing Focus On Introducing Advanced Suite Of Employment Services To Gain A Competitive Edge

Major companies operating in the employment services market are focused on developing innovative solution, such as advanced suites of employment services to gain a competitive edge in the market. An advanced suite of employment services encompasses a comprehensive range of offerings designed to support individuals in various aspects of their job search, career development, and skill enhancement. For instance, in June 2023, Globalization Partners, a US-based provider of services such as international hiring, onboarding, payroll management, and employment compliance, launched Meridian Suite, a new suite of employment services. Meridian Suite provides a control center for building and managing global teams, offering the most powerful platform combined with the expertise of hundreds of in-country human resources and legal experts around the world.

Employment Services Market Players
Major companies operating in the employment services market report are Randstad NV, The Adecco Group, Manpower Inc, Recruit Holdings Co. Ltd., Allegis Group, Inc., Persol Holdings, Hays Plc, Kelly Services Inc., Robert Half International Inc., Express Employment Professionals, JAC Recruitment Asia, Pasona, ZENSHO AGENCY, RGF Professional Recruitment, Nippon Recruitment, ABC Consultants, Career Net, Global InnovSource, Beijing Foreign Enterprise Human Resource Service Co. Ltd., Talent Spot, China Executive Group, Monroe Consulting Group, Morgan Philips Executive Search, MTA Network, GI Group, International Recruitment Company (IRC) (Germany), Approach People Recruitment Germany (Germany), Connect jobs (Germany), Jobnexus (Germany), Adaptive Business Group (Germany), Emeraldo (Germany), PIXID (UK), Propel (UK), Huntress Group (UK), Silicon Milk Roundabout (UK), Satigo (UK), Deerfoot IT Resources (UK), Nolan Recruitment (UK), CDI Anderselite (UK), Venturi-Group - IT (UK), Alliance Recruitment Agency (UAE), Impellam (UK), Proman (France), GBO Human Resources (France), HeadHunter Group (Russia), Antal International, AIMS International Russia Ltd. (Russia), Profil (Russia), Staff Empire (Russia), TRIZA Recruitment Agency (Russia), RNG & Associates (Russia), MOLGA Consulting (Russia), Accace Global (Russia), Europe Solutions Polska (Poland), Next Technology Professionals (Poland), Talent Place (Poland), Ace Consulting (Czech Republic), Aerotek, Brilliant, BNA Staffing & Recruiting, Betts Recruiting, Cielo Talent, Holden Recruiting Talents, Huxley, Lideranca Servicos, HProjekt, Winner Recursos Humanos, Khronos RH, RH Time, Olhar de Estilo, ASAP Venezuela, Arka HR Venezuela, Advanced Consulting Group Venezuela, Seguridad industrial, Techunting LLC, Latamways, Activos Humanos, Airswift (UK), Agile Consultants (UAE), AMSCO, AON Hewitt, BAC Middle East (UAE), Budge Talent (UAE), Charterhouse (UAE), Recruitment Agencies (UAE), Addar Group (UAE), Cooper Fitch (Saudi Arabia), Adam Recruitment (Saudi Arabia), Ejadah Management Consultancy (Saudi Arabia), Shamco International Recruitment Ltd. (Saudi Arabia), Work Circle Saudi Arabia, ANCOR (Russia), African Bagg Recruitment, L'AINE Services Limited, Jobsinghana.com, The Capital Group's Search & Selection, QERA, Kimberly Ryan.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the employment services market in 2023. Asia-Pacific was the second-largest region in the employment services market. The regions covered in the employment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Employment Services Market Report Structure
3. Employment Services Market Trends And Strategies
4. Employment Services Market - Macro Economic Scenario
5. Employment Services Market Size And Growth
…..
27. Employment Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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