New York, USA, March 29, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global contingent workforce management market is expected to gather $465,192.9 billion by 2031 and rise at a stable CAGR of 10.5% in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the contingent workforce management market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing use of contingent workforce in IT and telecommunication industry is predicted to propel the market in the forecast period. Additionally, the increased flexibility and ability of contingent workforce is predicted to help the contingent workforce management market grow substantially in the forecast period.
Opportunities: Increased productivity offered by flexible workforce has led to an increase in their demand which is predicted to offer numerous growth opportunities to the market in the forecast period. Furthermore, growing trend in technology companies of employing contingent workforce on a project or short-term basis is anticipated to push the market forward.
Restraints: However, according to market analysts, growing co-employment contingent workforce might become a restraint in the growth of the contingent workforce management market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The contingent workforce management market, however, faced tremendously positive impact of the pandemic. Growing demand for contingent workforce by various types of organizations to streamline operations and expenses helped in the augmenting of the growth rate of the market in the forecast period.
Segments of the Market
The Research Dive report has fragmented the contingent workforce management market across different segments such as type, end-use industry, and region.
Type: Flexible Staffing Sub-segment to be the Most Profitable
The flexible staffing sub-segment had the highest market share in 2021 and is expected to continue on this trajectory by 2031. Growing use of flexible staffing type of contingent workforce by HR and other departments to address changing business and operational difficulties is expected to boost the growth of the sub-segment in the forecast period.
End-Use Industry: Business/Professional Service Sub-segment to be the Most Lucrative
The business/professional service sub-segment is expected to be the most profitable by 2031. Increasing employability of contingent workforce in various businesses and professional services is expected to boost the growth of this sub-segment in the forecast period.
Market in the North America Region to be the Most Dominant
By regional analysis, the contingent workforce management market in North America region is predicted to have the highest market share by 2031. The rising labor force participation rate, along with the rapid industrialization is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the contingent workforce management market are
- Avature
- Coupa Software Inc
- Magnit
- Beeline
- SAP SE
- Ramco Systems
- BOWEN Group
- CXC Global
- Zeel Solutions Ltd
- Impartx
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in January 2021, PRO Unlimited, a contingent workforce management firm, announced that it has signed an acquisition agreement to takeover PeopleTicker, a leading HR company in the United States. This acquisition is predicted to push the growth rate of the acquiring company, i.e., PRO Unlimited higher in the near future.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Contingent Workforce Management Market:
- How Digitization Can Help Contingent Workforce Management be “Future Ready”
- Global Contingent Workforce Management Market to Generate $465,192.9 Billion Due to Increasing Applications in IT and Telecommunications Industry by 2031
