The global market for Employment Services is projected to reach US$913.1 billion by 2024, driven by the growing need for specialized employment training, job placement and support services against the backdrop of unchanged unemployment rates and a competitive job market. Employers are also increasingly outsourcing recruitment processes to leverage on professional recruitment skills in a scenario where skill shortages make finding the right talent a challenge. The need to cost-effectively and promptly secure human resources with the highest possible core competencies, is therefore one among the many drivers of growth in the market. Few of the major benefits of engaging professional employment services for prospective candidates and employers include higher chances of successful employment engagement for applicants; higher chances of finding reliable people for companies; better matching of labor, skills & jobs; reduces the need for & costs of in-house HR departments; suited for contract employment & the gig economy; helps job seekers identify their skills for accurate pairing with employers; value added supplementary services like job coaching & training; higher employer & employee satisfaction; and lower recruitment time for companies. Other major noteworthy trends in the market include rise of the on-demand gig economy fed by volatile and shorter economic cycles and characterized by robust opportunities for short-term employment contracts; technological advancements and innovation in l digital hiring; increasing popularity of integrated recruitment process outsourcing RPO and single-country RPO; and proliferation of smart data technologies and cloud-based recruitment services. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 7.4% over the analysis period led by factors such as emergence of Asian economies as the world hub for knowledge process outsourcing (KPO) centers, need for talent that meets the requirements of fast growing regional economies, shifting workforce dynamics such as labor migration, skills and student mobility, and development of the private business sector and the ensuing need for talent that complements organizational goals.
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Company and Industry News & Stories
- LinkedIn Takes Over Glint, a Startup that Provides Employment Engagement Services for Businesses and Other Organizations
- Staffing 360 Solutions Acquires Resources, Inc., in a Move to Expand its Commercial Staffing Business in North Carolina
- Cielo Enters into Partnership with TalVista in a Bid to Combine the Former’s People-First Approach to Sourcing, Interviewing and Hiring with TalVista’s Technology
- With the Aim to Improve Employee Experience by Offering New, Person-Centric Features, Ultimate Software Plans to Acquire PeopleDoc
- Recruit Holdings Acquires Glassdoor in a Move to Expand the Capabilities of HR Technology Platform
Outlook in Key Market Segments
- Through 2024, Temporary Staffing/Agency Work will remain the largest market, followed by Managed Service Provider (MSP).
- Permanent Recruitment/Search & Placement is projected to witness the fastest growth driven by liberalization of labor legislation and deregulation of labor markets as well as higher competence of permanent staff when compared to temporary staff.
Product Definition & Scope
- Employment Services comprises companies that support organizations in finding and recruiting talented employees for permanent or temporary positions through permanent placement, temporary or contract staffing, recruitment process outsourcing and related support services.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World
Market Segmentation & Classification
- Service Segments:
- Temporary Staffing/Agency Work, Permanent Recruitment/Search & Placement, Recruitment Process Outsourcing (RPO), and Others
- End-Use Sectors:
- Industrial, Clerical/Office, Information Technology, Engineering, Medical, Accounting & Finance, and Others
- Allegis Group, Inc.
- ADP, LLC
- CDI Corporation
- Cielo, Inc.
- Hays Plc
- Kelly Services, Inc.
- ManpowerGroup, Inc.
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