Staffing and Recruitment Market to Surpass 2,031.34 billion by 2031, Study Reveals

According to our latest study on "Staffing and Recruitment Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Staffing Type, Recruitment Channel, and End User," the staffing and recruitment market size 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.

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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 Europe staffing and recruitment market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, Germany dominated the staffing and recruitment market share. Western European countries are more technologically advanced than the Nordic and Eastern European countries, which is a major factor contributing to the high adoption of technological solutions across all industries in Western Europe. Germany, Italy, the UK, Spain, and other economically strong countries have been significantly implementing advanced solutions such as various software and cloud platform. Major market players in Europe are making investments to expand their geographical presence. For instance, in June 2021, Avionté and Timerack partnered to integrate Timerack's time management solution with Avionté+ to help clients build a scalable, secure, and integrated tech stack. This integration allows employee and placement data to automatically feed from Avionté to Timerack by recording time.

Several countries in Europe have witnessed a severe shortage of healthcare professionals in the past few years. In January 2022, the European Public Service Union's estimated the shortage of 2 million healthcare workers. Furthermore, the European Commission is creating employment opportunities for 24,009,000 medical professionals to fill the vacant positions in the healthcare industry by 2025. Moreover, the government is implementing significant initiatives to develop and expand the healthcare industry in countries such as Germany, France, and the UK. The expansion of the healthcare industry is creating new job opportunities for medical professionals. The job opportunities in the healthcare industry require skilled HR professionals to recruit an appropriate candidate who can handle the situation in case of emergencies. Staffing and recruitment agencies help organizations hire skilled candidates in a limited time, which is expected to boost the staffing and recruitment market growth in the coming years.

Key Findings of Staffing and Recruitment Market Study:
The staffing and recruitment market is segmented based on staffing type, recruitment channel, end user and geography. Based on staffing type, the staffing and recruitment market is further bifurcated into permanent and temporary. Based on recruitment channel, the staffing and recruitment market is categorized into online, hybrid, and offline, By end user, the staffing and recruitment market is segmented into IT and telecom, BFSI, healthcare, retail and e-commerce, others. By geography, the staffing and recruitment market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America.

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Based on staffing type, the staffing and recruitment market is further bifurcated into permanent and temporary. The temporary segment held the largest staffing and recruitment market share. Temporary staffing refers to hiring employees to work as freelancers or on a contractual basis. Short-term needs of organizations are usually fulfilled by temporary staffing and hiring candidates with special skills for a specific period. Temporary hiring allows organizations to test candidates and evaluate skills and potential to perform different roles before offering them a permanent position. Temporary workers play an important role in the US economy. These workers are filling for employees who are on family leave, vacations, and sabbaticals. Companies are directly employing temporary workers for limited periods. For instance, in March 2022, temporary workers made up 2.1% of the workforce, the highest share in decades; Ohio has 122,280 temporary workers. Growing number of temporary workers helps employers to adjust their employees quickly and respond to fluctuations in workload, allowing businesses the flexibility to handle the business cycle. Temporary staffing leads to permanent staffing if a good relationship is developed with the candidate. Furthermore, temporary staffing is considered more cost-effective than permanent hiring. Temporary staffing services help organizations save time and resources and handle the entire recruitment process, including background checks, onboarding, placement, payroll management, monthly compliance, and other staffing needs.

Permanent staffing solutions help organizations recruit and hire applicants for long-term employment. On the basis of salary, job description, cultural resonance, and experience, a permanent staffing provider selects the best-fit applicants. Permanent staffing solutions offer a complete cycle of the recruitment process, which involves talent sourcing, screening, interviewing, and onboarding. Permanent staffing is more challenging than temporary staffing, as it requires a careful evaluation of candidates. According to data from the US Department of Agriculture, Wildland Firefighter is hiring permanent and seasonal forestry technician positions across various forests in Oregon, Washington, Arizona, and New Mexico in October and November 2023. The technician positions will require skilled professionals for recruitment and staffing of appropriate candidates, which supports the segment growth during the forecast period in the staffing and recruitment market.

Staffing and Recruitment Market: Competitive Landscape and Key Developments
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 studied and analyzed during the staffing and recruitment market analysis to get a holistic view of the market and its ecosystem. The staffing and recruitment market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current staffing and recruitment market trends and their foreseeable impact during the forecast period.

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This release was published on openPR.