Pune, India., Oct. 12, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Staffing and Recruitment Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Staffing Type (Permanent and Temporary), Recruitment Channel (Online, Hybrid, and Offline), and End User (IT & Telecom, BFSI, Healthcare, Retail & E-commerce, and Others), and Geography” the market in terms of revenue was estimated to be worth $683.22 billion in 2022 and is poised to reach $1778.29 billion by 2030, growing at a CAGR of 12.7% from 2022 to 2030.
The growth of staffing and recruitment market is driven by the rise in youth population and huge job opportunities in BFSI and IT sectors. However, lack of qualified job seekers is expected to hinder the market growth.
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Global Staffing and Recruitment Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 683.22 Billion in 2022 |
| Market Size Value by | USD 1778.29 Billion by 2030 |
| Growth rate | CAGR of 12.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Staffing Type, Recruitment Channel, End User, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Automation and AI-Driven Recruitment to Fuel Global Staffing and Recruitment Market Growth During 2022 to 2030:
Recruitment technology is taking over the hiring process. Artificial intelligence (AI) and automation in the recruitment process provide benefits such as efficiency, personalization, and data-informed decision-making. Integrating AI and automation into the recruitment process helps companies shortlist ideal candidates, automate manual tasks, streamline the recruitment workflow, and others. There are many ways to leverage AI and automation technology for talent attraction and candidate experience throughout the recruiting process. AI technology allows personalizing outreach while tracking candidates’ behavior on the website and sends them customized content and messages based on their interests.
Moreover, AI helps find the best-fit candidate by matching an applicant’s experience and skills with the job description. The recruitment chatbox is another AI technology that offers job seekers real-time updates and interaction 24/7 by allowing them to ask questions about job requirements or recruitment timelines while providing helpful feedback and suggestions. Further, AI-based video interview software helps assess a candidate’s word choices, speech patterns, and also facial expressions to check if the candidate is the right fit for the position. For instance, Brother International Corporation adopted AI-powered Intelligent Talent Experience platform to attract, engage, and convert more job explorers with industry-leading AI technology. The platform integrates with the company’s Workday Recruiting ATS to provide candidates with a smooth end user experience. In addition, the platform also helps the company to manage content and easily make edits to their career site without any IT technicians or an outside agency for coding.
AI and automation have brought about significant changes in the recruitment process and have revolutionized the entire process. Thus, automation and AI-driven recruitment will further contribute to the staffing and recruitment market growth in the coming years.
Global Staffing and Recruitment Market: Segment Overview
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 oil & gas, BFSI, IT & telecom, healthcare, retail & e-commerce, and 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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The global staffing and recruitment market is segmented into five major regions—North America, Europe, APAC, the Middle East & Africa, and South America. In 2022, North America led the global staffing and recruitment market with a substantial revenue share, followed by Europe and APAC. The staffing and recruitment market in North America is segmented into the US, Canada, and Mexico. The staffing and recruitment industry is projected to increase significantly due to the presence of various human resource management (HRM) solution providers. Businesses in the US are focusing on enhancing employee’s efficiency and productivity by implementing HRM (human resource management) solutions in numerous activities such as payroll, time & attendance, and talent management, which fuels the market. Cloud-based solutions offer robust processing and ease of accessing the software for employers. According to Glassdoor, each job opening gets more than 250 applications. The use of AI-based intelligent algorithms supports employers in filtering the candidate’s profiles that match closely to the job descriptions. The rising adoption of new technologies such as AI, cloud, and automation by small & medium size enterprises (SMEs) and other employers is boosting the global staffing and recruitment market in the region.
Global Staffing and Recruitment Market: Competitive Landscape
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 leading players profiled in the staffing and recruitment market report. Several other essential staffing and recruitment market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth.
Recent Developments:
- In 2023: the American Association for Physician Leadership (AAPL) formed a partnership with Korn Ferry, an organizational consulting firm. This partnership will leverage the experience of both organizations in leadership development and training to provide professional development, leadership education, and management training for physicians and healthcare leaders. The aim of this collaboration is to enhance patient outcomes, workforce wellness, and healthcare delivery.
- In 2022: Randstad India invested 50 crores to create new opportunities for attracting a local talent pool in the IT sector. The company is planning to open a new center by creating more than 3,000 domestic IT jobs by 2023 and approximately 6,000 by 2024 across the country over the next three years.
- In 2022: Medacs Healthcare and Global Medics announced their partnership with Onwards, an online community designed to offer education and peer support to junior doctors and healthcare professionals in Australia. The collaboration is aimed at providing ongoing career support and empowering the next generation of healthcare professionals to deliver top-notch patient care. As part of the partnership, the companies will co-produce various informative content, including podcasts and blogs, to support the growth and development of the healthcare community.
Go through further research published by The Insight Partners:
Recruitment and Staffing Market - Global Analysis and Forecast to 2030
Recruitment Software Market - Global Analysis and Forecast to 2030
On-Demand Staffing Platform Market - Global Analysis and Forecast to 2028
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