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Employment Services Market Outlook: Key Trends and Projections for 2024
Employment Services Market Industry
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Employment Services Market 2024 Key Insights:
• 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%.
• Rising Unemployment Rates Expected To Drive Growth In Employment Services Market
• Increasing Focus On Introducing Advanced Suite Of Employment Services To Gain A Competitive Edge
• North America was the largest region in the employment services market in 2023
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