Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Contingent Workforce Management Market by Type, End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global contingent workforce management market is anticipated to reach $465.2 trillion by 2031, growing from $171.5 trillion in 2021 at a CAGR of 10.5% from 2022 to 2031.
Key Market Players
- avature
- Beeline
- the bowen group
- Coupa Software Inc.
- cxc global
- Zeel Solutions Ltd.
- Ramco Systems Ltd
- SAP SE
- IMPARTX
- PRO Unlimited Inc.
The process of managing the contingent workforce in a company is called contingent workforce management. It often includes procedures for worker assignment, supply of tools and system access, creating and implementing rules and regulations, and enrolling contingent employees in any compliance or development courses that their position might demand.
Companies that need to quickly ramp up or down their labor base due to economic conditions or the yearly pattern of the workforce may find that using an external workforce. Regular employees benefit from this as well because they are not required to be paid off when business demands change because the flexible nature of the contingent workforce protects them from such changes.
Furthermore, finding and recruiting people takes time, and there are times when you need to find critical talent right away. Employers can quickly fill open positions by using contingent labor. These factors are expected to boost the growth of the contingent workforce management industry in the coming years.
Contingent workers include independent contractors, freelancers, gig workers, and agency employees. Businesses hire them to fill a temporary skill shortage, such as during a permanent employee's maternity leave. When a company hires contingent workers, the main benefit is cost savings.
In terms of pay and benefits, contingent employees are frequently less expensive (most contingent workers receive no benefits). Furthermore, because many contingent workers have prior training, the company does not have to spend money on additional training. Furthermore, having a large labor surplus incurs fewer expenses because the corporation simply hires these individuals as needed.
Many contingent workers don't receive the same orientation, onboarding, and training as permanent employees, which means they can need more supervision when they initially start. Some managers are hesitant to delegate work to independent contractors and may supervise it closely until they are certain they can finish it. This could divert time and resources from more important goals. In turn, this can prevent the market from expanding as expected.
The workforce in the information technology and telecommunications industries is increasingly made up of contingent labor. Organizations in these industries are increasingly using contingent workers for projects or short-term assignments with tenures ranging from a few months to two years.
Before making a permanent hire, management is using this fixed-term time to evaluate talents and determine whether contingent workers meet the company's needs. Tech organizations frequently need to employ a wide variety of expertise in many operational fields. Tech firms can engage people with the necessary skills and talent without incurring a long-term financial commitment by using a contingent workforce.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the contingent workforce management market analysis from 2021 to 2031 to identify the prevailing contingent workforce management market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the contingent workforce management market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global contingent workforce management market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Permanent Staffing
- Flexible Staffing
By End-user Industry
- IT and Telecom
- BFSI
- Healthcare
- Manufacturing- Automotive
- Business/Professional Service
- Retail trade
- Pharma/biotech/medical equip
- Manufacturing- Consumer Products
- Government (Excluding Education)
- Transportation/warehousing/packaging
- Manufacturing-Others
- Real Estate and rental leasing
- Others
For more information about this report visit https://www.researchandmarkets.com/r/q9ay69
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