PUBLISHER: The Business Research Company | PRODUCT CODE: 1429414
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429414
Employment services encompass those services that supply labor or workforce to other businesses for their organizational needs, typically on a temporary, short-term, or long-term basis. Originally designed to assist individuals in securing employment, these services often involve providing training or facilitating connections between companies and job seekers.
The various categories of employment services include employment placement agencies, executive search services, temporary help services, and professional employer organizations. An employment agency is a company contracted to identify and hire individuals on behalf of other businesses. Such agencies can operate at the governmental or private level, spanning federal, state, or local jurisdictions. These services are utilized by diverse sectors, including banking and financial, engineering, medical, information technology, and others. Different modes, such as online and offline, are employed in delivering these services.
The employment services market research report is one of a series of new reports from The Business Research Company that provides employment services market statistics, including the employment services industry global market size, regional shares, competitors with an employment services market share, detailed employment services market segments, market trends and opportunities, and any further data you may need to thrive in the employment services industry. This employment services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The employment services market size has grown rapidly in recent years. It will grow from $1777.71 billion in 2023 to $1970.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed in the historical period can be ascribed to robust economic expansion in emerging markets, heightened instances of mergers and acquisitions, and government initiatives in developing economies.
The employment services market size is expected to see rapid growth in the next few years. It will grow to $2952.87 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The anticipated growth in the forecast period can be linked to the increasing demand for global automation stimulating market expansion, shifts in social patterns, and the rising trend of urbanization. Factors that might impede the future growth of the employment services market include a shortage of quality talent and an expectation gap between recruiters and employment services companies. Major trends expected in the forecast period encompass the utilization of human resources (HR) chatbots, augmented reality (AR) and virtual reality (VR) in the recruitment process, predictive analytics, game-based assessment in hiring, an increase in mergers and acquisitions, and the adoption of artificial intelligence and social media recruiting.
The anticipated increase in the unemployment rate is expected to drive the growth of the employment services market in the future. Unemployment is defined as a situation where individuals actively seek employment but are unable to secure work. Those classified as unemployed are individuals of working age who are without employment, available for work, and have taken specific steps to seek employment. Employment services play a crucial role in assisting individuals who are unemployed and searching for jobs by offering comprehensive recruiting, job search, and related services. For instance, data from the National Bureau of Statistics of China, a deputy-cabinet-level agency in China, indicates that the urban unemployment rate reached a six-month high of 5.7% in November 2022, up from 5.5% in the previous month. Moreover, in 31 major cities and towns in China, the unemployment rate increased from 5.0% to 6.7% in 2022. Therefore, the anticipated rise in the unemployment rate is expected to boost the employment services market.
The growth of the gig economy is anticipated to contribute to the expansion of the employment services market. The gig economy encompasses a labor market characterized by short-term, freelance, and on-demand work arrangements, where individuals often engage in project-based work rather than traditional full-time employment. Employment services play a vital role in connecting gig workers with short-term job opportunities and ensuring compliance with labor regulations. For example, according to the Corporate Finance Institute, an online training and education platform based in Canada, it is estimated that approximately one-third of the U.S. population is engaged in some form of gig work as of February 2022. Globally, around 1.6 million workers rely on the gig economy for their income. Therefore, the growth of the gig economy is driving the expansion of the employment services market.
Major players in the employment services market are concentrating on the development of innovative solutions, such as advanced suites of employment services, to establish a competitive advantage in the industry. An advanced suite of employment services encompasses a comprehensive range of offerings intended to support individuals in various aspects of their job search, career development, and skill enhancement. For example, in June 2023, Globalization Partners, a U.S.-based provider of services such as international hiring, onboarding, payroll management, and employment compliance, introduced Meridian Suite, a new suite of employment services. Meridian Suite serves as a control center for constructing and managing global teams, providing a robust platform along with the expertise of numerous in-country human resources and legal professionals worldwide.
Major companies operating in the employment services market report are Randstad NV, The Adecco Group, Manpower Inc., Recruit Holdings Co. Ltd., Allegis Group, Inc., Persol Holdings, Hays PLC, Kelly Services Inc., Robert Half International Inc., Express Employment Professionals, JAC Recruitment Asia, Pasona, ZENSHO AGENCY, RGF Professional Recruitment, Nippon Recruitment, ABC Consultants, Career Net, Global InnovSource, Beijing Foreign Enterprise Human Resource Service Co. Ltd., Talent Spot, China Executive Group, Monroe Consulting Group, Morgan Philips Executive Search, MTA Network, GI Group, International Recruitment Company (IRC) (Germany), Approach People Recruitment Germany (Germany), Connect jobs (Germany), Jobnexus (Germany), Adaptive Business Group (Germany), Emeraldo (Germany), PIXID (UK), Propel (UK), Huntress Group (UK), Silicon Milk Roundabout (UK), Satigo (UK), Deerfoot IT Resources (UK), Nolan Recruitment (UK), CDI Anderselite (UK), Venturi-Group - IT (UK), Alliance Recruitment Agency (UAE), Impellam (UK), Proman (France), GBO Human Resources (France), HeadHunter Group (Russia), Antal International, AIMS International Russia Ltd. (Russia), Profil (Russia), Staff Empire (Russia), TRIZA Recruitment Agency (Russia), RNG & Associates (Russia), MOLGA Consulting (Russia), Accace Global (Russia), Europe Solutions Polska (Poland), Next Technology Professionals (Poland), Talent Place (Poland), Ace Consulting (Czech Republic), Aerotek, Brilliant, BNA Staffing & Recruiting, Betts Recruiting, Cielo Talent, Holden Recruiting Talents, Huxley, Lideranca Servicos, HProjekt, Winner Recursos Humanos, Khronos RH, RH Time, Olhar de Estilo, ASAP Venezuela, Arka HR Venezuela, Advanced Consulting Group Venezuela, Seguridad industrial, Techunting LLC, Latamways, Activos Humanos, Airswift (UK), Agile Consultants (UAE), AMSCO, AON Hewitt, BAC Middle East (UAE), Budge Talent (UAE), Charterhouse (UAE), Recruitment Agencies (UAE), Addar Group (UAE), Cooper Fitch (Saudi Arabia), Adam Recruitment (Saudi Arabia), Ejadah Management Consultancy (Saudi Arabia), Shamco International Recruitment Ltd. (Saudi Arabia), Work Circle Saudi Arabia, ANCOR (Russia), African Bagg Recruitment, L'AINE Services Limited, Jobsinghana.com, The Capital Group's Search & Selection, QERA, Kimberly Ryan.
North America was the largest region in the employment services market in 2023. Asia-Pacific was the second-largest region in the employment services market. The regions covered in the employment services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the employment services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The employment services market consists of revenues earned by entities that list employment vacancies and refer or place applicants for employment, provide executive search, recruitment, and placement services, and supply workers to clients' businesses for limited periods of time to supplement the working force of the client, or provide human resources and human resource management services to client businesses and households. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Employment Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on employment services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for employment services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The employment services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.