Pune, India, July 14, 2022 (GLOBE NEWSWIRE) -- The global staffing agency software market size reached USD 390.9 million in 2021. The market value is estimated to rise from USD 418.3 million in 2022 to USD 772.8 million by 2029, exhibiting a CAGR of 9.2% during 2022-2029. The use of staffing agency software solutions across enterprises is increasing for sourcing, tracking, and recruiting candidates. The adoption of these solutions is higher across Small and Medium-sized Enterprises (SMEs). Rising technological advancements and digitalization in developing countries will drive the market growth during the projected timeframe, says Fortune Business Insights™, in its report titled “Staffing Agency Software Market, 2022-2029."
Key Industry Development:
March 2022 – EduThrill announced a partnership with Zoho Corporation to integrate the EduThrill suite of solutions with Zoho Recruit.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.2% |
| 2029 Value Projection | USD 772.8 Million |
| Base Year | 2021 |
| Staffing Agency Software Market Size in 2021 | USD 390.9 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 130 |
| Segments covered | Type, Application and Geography |
| Staffing Agency Software Market Growth Drivers | Augmentation of Existing Products by Unified Technologies to Boost the Market Growth |
| Technical Limitations to Impede the Market Growth |
Pandemic Accelerated Staffing Agency Software Demand Significantly
As enterprises shifted to work-from-home practices during the COVID-19 pandemic, they faced several unprecedented challenges. The pandemic has been extremely challenging for recruitment teams. Due to the shift in remote operations, the use of staffing software powered by AI and cloud increased significantly. As of 2020, over 65% of HR organizations already utilize AI for talent acquisition, while more than 77% use it for recruitment. These trends will positively influence the market growth in the next few years.
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Drivers & Restraints:
Improvements in Staffing Agency Software to Augment Market Growth
The staffing agency software market growth will be influenced by the ongoing improvements in existing products by integration of advanced technologies such as AI. As organizations prioritize providing efficient, cost-effective, and creative projects, they are seeking advanced solutions for improving working capital utilization and regulating company costs.
On the contrary, certain technical limitations could hamper the market growth in the coming years.
Segments:
By Type, Cloud Segment to Gain Traction during 2022-2029
In terms of type, the market is bifurcated into cloud and on-premise. The cloud segment is projected to capture the dominant market share and grow at the highest CAGR during 2022-2029, led by growing adoption of cloud technologies. On the other hand, the on-premise segment will record slower growth, owing to lower adoption rate.
By Application, SMEs to Generate Strong Demand for Staffing Agency Software
In terms of application, the market is segmented into small and medium-sized enterprises and large enterprises. Large enterprises being early adopters of new software solutions will likely to capture the majority market share through 2029. Meanwhile, the small and medium-sized enterprises segment could witness the highest CAGR during 2022-2029, owing to rapid adoption among SMEs.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights:
North America to Dominate Market Share Led by Presence of Key Players
North America dominated the staffing agency software market share in 2021 with a revenue worth USD 196.1 million. The dominance of this region is due to the increasing adoption of AI, cloud, and other solutions across organizations.
Asia Pacific is slated to record the highest CAGR during 2022-2029 led by the increasing number of market players. Meanwhile, the market in Europe will capture a substantial market share through 2029, owing to rapid technology adoption.
Competitive Landscape:
Key Players Adopt Various Growth & Expansion Strategies to Boost Market Presence
Major market players are investing in R&D to develop new staffing agency solutions that help meet the unique needs of organizations. Increased focus on developing new, advanced solutions leads to increased competition in the global market. To sustain in the market, companies are also adopting strategies such as mergers, acquisitions, and partnerships.
List of Key Players Mentioned in the Report:
- Zoho Corporation Pvt. Ltd. (India)
- Ramco Systems Ltd (India)
- Bullhorn, Inc (U.S.)
- Avionté (India)
- CEIPAL Corp (U.S.)
- Main Sequence Technology, Inc. (U.S.)
- Vicere (U.K.)
- AkkenCloud (U.S)
- JobDiva (U.S.)
- JobAdder (Australia)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Staffing Agency Software Key Players Market Share Insights and Analysis, 2021
- Global Staffing Agency Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Cloud
- On-premise
- By Application (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Staffing Agency Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Cloud
- On-premise
- By Application (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Country (USD)
- United States
- By Type
- Canada
- By Type
- Mexico
- By Type
- United States
- Europe Staffing Agency Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Cloud
- On-premise
- By Application (USD)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Country (USD)
- United Kingdom
- By Type
- Germany
- By Type
- France
- By Type
- Italy
- By Type
- Russia
- By Type
- Nordics
- By Type
- Rest of Europe
- United Kingdom
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