According to the results of a survey conducted among staffing and recruitment professionals, almost **** of the respondents expected an increase in operating budget and technology investments. Only a small minority expected spending on these departments to ********.

In 2022, staffing and recruiting industry sales in the United States grew significantly to reach approximately 186 billion U.S. dollars. This was an increase of roughly 18 billion U.S. dollars when compared to the previous year. In 2020, the largest staffing and recruitment firm worldwide was Randstad, with more than 20 billion U.S. dollars in revenue. The staffing and recruiting industry in the United States Over the last several years, the staffing and recruiting industry in the United States has experienced components of growth and evolution driven by various factors, including changes in the labor market, technological advancements, and shifts in workforce demographics. This has led to an increasing market size in the industry, with the largest share of staffing and recruiting industry sales coming from temporary and contract work. Leading players The leading staffing and recruitment firms have consistently generated revenues of billions of U.S. dollars annually. Randstad, one of the global leaders, generated a revenue worldwide of roughly 27.8 billion U.S. dollars in 2023. The Adecco Group, a competitor of Randstad, had a revenue of approximately 3 billion U.S. dollars in the Americas region alone in the same year.

According to Cognitive Market Research, the global Recruitment & Staffing market size is USD 519848.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.90% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 207939.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 155954.55 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 119565.16 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 25992.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 10396.97 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2031.
Recruiting held the domiant position in the Recruitment & Staffing market

Market Dynamics of Recruitment & Staffing Market

Key Drivers for Recruitment & Staffing Market

Huge job opportunities in the BFSI and IT sectors drive staffing and recruitment market growth

IT hiring and recruitment sector is rapidly expanding. According to research from the online hiring site Monster, the banking, financial services, and insurance (BFSI) industry in India will see a 27% increase in job posts year over year in February 2023. According to Monster data, finance-related employment will account for around 8% of all jobs posted on the site by 2023. Furthermore, India is seeing a significant increase in job prospects as a result of digitization, payment innovations, and expanded financial inclusion, as well as the forthcoming 5G deployment. According to the Monster Employment Index, hiring in the BFSI industry increased by 25% in August 2022, after experiencing a 21% increase in July 2022.

Rising young populations

The presence of young workers in the job market and the desire of recruitment agencies for budget-friendly approaches are significantly impacting the expansion of the Recruitment & Staffing Market. Recruitment helps connect skilled and capable young individuals with organizations that are seeking employees, ensuring companies find the right candidates for their needs. Similarly, the focus on expenses has led companies to choose recruitment solutions that are both efficient and cost-effective. These elements contribute to the expansion of the Recruitment & Staffing Market by meeting the demand for cost-effective and effective recruitment services, enabling businesses to acquire the appropriate talent.

Restraint Factor for the Recruitment & Staffing Market

Rising Costs and Margin Pressure

The Recruitment & Staffing Market is restrained by increasing cost and margin pressure. As the operational cost increases in the industry (for eg technology investment, talent acquisition cost etc.), it leads to margin pressure for the recruitment agencies, as every business tries to maintain the profit margin, which directly impact the competitive pricing for the services offered. The rising operational cost may also affect the smaller agencies to invest in cutting edge technologies, training programs etc., which directly impact their competitiveness in the market. Hence the increasing cost in the industry will definitely be a challenge and how efficiently businesses manage this cost pressure will define their sustained growth and profitability.

Impact of Covid-19 on the Recruitment & Staffing Market

The Covid-19 pandemic changed the Recruitment & Staffing market dynamically with its impact across the entire global market. As a result of the COVID-19 pandemic that led to some shutdowns, economic instability and business disruption, many organizations were compelled to freeze or even downsize their employee intake, hence reducing the demand for recruitment services. Nevertheless, as the economis slowly turns into improvement there is observed the shift in the focus on remote work and virtual hiring what accelerates the employment of digital recruitment solutions and platforms. Temporary and contract st...

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Staffing Services Market Size 2024-2028

The staffing services market size is forecast to increase by USD 236.6 billion at a CAGR of 6.53% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Firstly, the increasing demand for jobs in the labor market continues to fuel the need for staffing services. Secondly, the trend towards remote work and hybrid models has created new opportunities for staffing firms to provide flexible workforce solutions. Lastly, regulatory compliance is a mandatory consideration for staffing services, ensuring adherence to labor laws and industry standards. These factors, among others, are shaping the market landscape and presenting both opportunities and challenges for staffing providers. By staying abreast of these trends and regulatory requirements, staffing firms can effectively meet the evolving needs of their clients and candidates.

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The market encompasses various types of employment arrangements including Contract Staffing and Temporary Staffing. Recruitment agencies play a vital role in providing Employees for businesses, especially for Skilled Candidates who are in high demand. Fixed-term Contracts, Casual Work, and Seasonal Work are common staffing solutions for businesses with fluctuating Workforce Requirements. Online Recruitment has become increasingly popular due to its Cost-effective Hiring benefits and the ability to access a vast Talent Pool. In today's business environment, Staffing Services have become essential for various industries, especially Healthcare, where staff shortages can have serious consequences. Unemployment rates and Business activity influence the demand for Staffing Services. Staffing factoring services and Online factoring platforms offer financial solutions to help businesses manage cash flow during Client payment delays and High client turnover. FinTech companies are revolutionizing the Staffing Services industry with Automated processes, Digital payment solutions, and Blockchain technology. Non-recourse factoring is a popular financing option for businesses. The Staffing Services Market is also witnessing the emergence of Cross-Border Recruitment, Job Opportunities, and Talent Mobility. Job Vacancies and Staffing Needs continue to shape the market, with detailed Job Descriptions guiding the recruitment process.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Temporary staffing
  Permanent placement
  Contract staffing
  Outsourced recruitment
  Executive search


End-user

  Information technology
  Healthcare
  Manufacturing
  Finance and accounting
  Others


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC

    Japan


  South America



  Middle East and Africa

By Type Insights

The temporary staffing segment is estimated to witness significant growth during the forecast period.The temporary staffing sector holds a substantial share in The market in 2023. This segment caters to the temporary hiring demands of organizations due to short-term projects or seasonal fluctuations. Temporary staffing encompasses a range of jobs, from entry-level positions to specialized roles, across industries such as healthcare, manufacturing, IT, and finance. Key players in The market, including ManpowerGroup, Randstad N.V., and Adecco Group, provide temporary staffing solutions for various industries. ManpowerGroup simplifies the recruitment process for firms of all sizes with their hassle-free temporary staffing offerings. Randstad N.V. Offers flexible hiring options, enabling companies to optimize hiring costs and efficiently onboard skilled professionals in response to changing business and client needs for a limited period.

Financial services, such as recourse factoring, can support staffing agencies in managing their working capital requirements during the staffing process. Regulatory oversight ensures that these services are provided ethically and in compliance with industry standards.

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The Temporary staffing segment accounted for USD 192.90 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In North America, the market experienced significant growth in 2023, with a

The staffing industry took a significant hit in 2020 owing to the coronavirus pandemic, however bounced back strong and had a ****************** in 2022. The value of this market shrunk again in 2023, with this trend also expected to continue for 2024.Staffing and recruitingThe staffing and recruiting industry includes companies which help other organizations find staff. This can be achieved through either assisting companies to recruit new internal staff (recruiting), or directly providing temporary staff to fill specific functions (temporary or agency staffing). The temporary staffing segment is significantly larger than recruitment segment. Temporary workersContrary to popular belief, the number of temporary workers in the United States is not higher now than it was in the year 2000. Nor is the portion of temporary workers any larger in the U.S. than in other developed economies – in fact, it is lower than most. However, owing to the size of the overall economy, the U.S. temporary worker industry is the world’s largest. On average, temporary workers in the U.S. are engaged for 10 to 11 weeks.

[309 Pages Report] The hospitality staffing market is expected to strengthen its hold on the global market at an average CAGR of 6.9% between 2022 and 2032. The market is valued at US$ 971.3 Bn in 2022 and is likely to reach US$ 1886.6 Bn by 2032. Previously, the market was thriving at a slightly higher CAGR of 6.5% (2015-2021), ensuring a market size of US$ 963.4 Billion in 2021.

Attributes	Details
Hospitality Staffing Market CAGR (2022-2032)	6.9%
Hospitality Staffing Market Value (2022)	US$ 971.3 Billion
Hospitality Staffing Market Value (2032)	US$ 1886.6 Billion

Agency work was by far the ******* sector of the global staffing industry in 2022, contributing around *** billion euro of the industry's total revenue. This was a ******** of **** percent when compared to 2021, with the COVID-19 recovery now showing signs of declining. Overall, the total market size of the global staffing industry grew by *** percent between 2021 and 2022.

The size of the European IT Staffing Industry market was valued at USD 29.74 Million in 2023 and is projected to reach USD 43.58 Million by 2032, with an expected CAGR of 5.61% during the forecast period.The European IT staffing industry bridges the gap between skilled IT professionals and organizations that find a need to supplement their workforce with specialized expertise. It is, therefore, the intermediation bridge through which businesses acquire quality IT talent on a temporary, contract, or permanent basis through IT staffing firms. This area holds the potential for responding to the changing landscape of technology: it offers organizations scalable access to IT professionals for the needs of projects, addressing a discrete skills gap, or executing longer-term strategic initiatives. With large networks and deep experience in recruitment, IT staffing firms promote speedy hiring for both business organizations and IT professionals. They search for the best candidates, analyze them, and then offer an appropriate opportunity to the candidate. This collaborative approach is helpful to business organizations to bring-in specialized skills with reduced recruitment costs, and providing sufficient opportunities for IT professionals and prospects of career progression.An industry such as European IT staffing helps companies maintain flexibility and technological advancement, therefore encouraging innovation in this competitive business world. Strategic staffing solutions provide business and economic operations with the advantages of improved operational efficiency, enhanced leverage of competitiveness, and ultimately success. Recent developments include: November 2023: Kelly, one of the leading global specialty talent solutions providers, announced that it has entered into a definitive agreement to sell its European staffing business to Gi Group Holdings S.P.A. (“Gi”), one of the largest staffing companies in Europe, for cash consideration of up to EUR 130 million (USD 140.30 million)., September 2022: Remote staffing business Workfall introduced automatic Work Contracts. The solution promises to provide a smooth experience by allowing partners and hiring firms to discuss hiring terms, guaranteeing that payments are tied to the performance of services, and offering security to all parties. As a result, the demand for immediate temporary employment is increasing, driving the expansion of Europe's on-demand staffing platform market., June 2022: Deutsche Bank is relocating hundreds of IT employees in Russia to Berlin as the lender prepares to close its technology center in Russia. The bank has offered all its approximately 1,500 staff at its Russian IT centers in Moscow and St. Petersburg relocation to Berlin., June 2022: Globus.ai, a data science and AI firm based in Norway has raised USD 4.8 million in funding. Based in Oslo, Norway, the organization specializes in AI in healthcare and social work staffing, focusing on occupations that benefit people's lives. Its cloud-based platform assists staffing firms and recruiters throughout the applicant placement process.. Key drivers for this market are: Emergence of Technologies, such as AI and IoT, Increasing Outsourcing of HR activities. Potential restraints include: Talent Shortages in Specific Technologies. Notable trends are: Emergence of Technologies, such as AI and IoT is Expected to Drive the Market Growth.

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IT Staffing Market Size 2024-2028

The IT staffing market size is forecast to increase by USD 96.8 billion at a CAGR of 8.5% between 2023 and 2028. The market is experiencing significant shifts as businesses increasingly rely on technology and data-driven recruitment strategies. Expanding collaborations between organizations and freelance workers are driving market growth, as digital transformation continues to reshape industries. To address this issue, recruitment marketing strategies, such as employer branding and HR payroll, are gaining popularity. However, the scarcity of skilled professionals poses a challenge. Human cloud services are also gaining traction, offering businesses access to a flexible workforce. Ethical data use is a critical consideration in these efforts, as intelligent algorithms and telecommunications enable more efficient job recruitment processes. By staying abreast of these trends and implementing effective recruitment strategies, businesses can navigate the market and secure the talent they need to thrive.

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The market is undergoing significant changes due to the integration of advanced technologies. These innovations are revolutionizing HR activities, enabling organizations to recruit, retain, and manage IT professionals more effectively. Advanced technologies, such as AI and advanced analytics, are transforming the recruitment process. HR departments are leveraging AI to screen resumes, identify top candidates, and streamline interview scheduling. AI-powered chatbots are also being used to engage with candidates and answer their queries, providing a more personalized and efficient experience. Moreover, IT decision makers are increasingly adopting cloud services for their HR functions.

Moreover, cloud-based HR analytics tools enable organizations to gain insights into workforce productivity, performance, and retention. These tools help IT organizations make data-driven decisions, optimize their workforce, and improve overall business outcomes. The demand for cybersecurity professionals is also driving the market in the US. With the increasing number of cyber threats, organizations are investing in securing their digital assets. As a result, there is a growing need for skilled cybersecurity professionals to protect against these threats. The digitization of HR functions is also leading to the automation of routine HR tasks, freeing up HR staff to focus on more strategic initiatives.

Furthermore, this trend is particularly relevant in the context of remote work and hybrid models, which have become increasingly common due to the pandemic. However, the market in the US is facing talent shortages, particularly in niche areas such as AI and cybersecurity. To address this challenge, organizations are focusing on diversity, equity, and inclusion initiatives to broaden their talent pool. They are also investing in candidate experience to attract and retain top talent. Leading companies in the market are also offering professional services to help organizations navigate these changes. For instance, Bullhorn for Salesforce is a popular solution that streamlines hiring processes and improves talent acquisition.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Temporary staffing
  Permanent placement
  Contract staffing
  Outsourced recruitment
  Executive search


End-user

  Information technology
  BFSI
  Telecommunication
  Manufacturing
  Others


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  APAC

    China
    India
    Japan


  South America



  Middle East and Africa

By Type Insights

The temporary staffing segment is estimated to witness significant growth during the forecast period. The market in the US is experiencing shifts in response to emerging technologies and evolving business needs. Temporary staffing, a flexible employment model, plays a crucial role in this sector, enabling organizations to access skilled professionals for short-term assignments and adapt to project demands. The total number of temporary IT positions also saw a decline of 12.5% between these years. Automation, cloud services, and cybersecurity are key areas driving the demand for skilled employees in the IT industry.

Furthermore, as digitization continues to transform businesses, companies require professionals with expertise in these areas to maintain and optimize their technology infrastructure. Software developers and remote IT operations specialists are also in high demand, as organizations increasingly rely on technology to support their operations. Talent inventory

The global staffing market is forecasted to grow by four percent in 2022. As the industry bounced back from the COVID-19 pandemic, this growth was almost 25 percent in 2021. The global staffing market size in 2022 amounted to 648 billion U.S. dollars.

The global staffing software market is expected to reach the valuation of USD 657.5 million in 2024. According to the analysis, the industry is projected to grow at a CAGR of 13.4% from 2024 to 2034 with global adoption of digital solutions. The industry is foreseen to surpass USD 2,312.4 million, which shows growth in the industry through 2034.

Attributes	Description
Historical Size, 2023	USD 583.6 million
Estimated Size, 2024	USD 657.5 million
Projected Size, 2034	USD 2,312.4 million
Value-based CAGR (2024 to 2034)	13.4% CAGR

Semi-annual Market Update for Staffing Software Market

Particular	Value CAGR
H1, 2023	12.4% (2023 to 2033)
H2, 2023	12.9% (2023 to 2033)
H1, 2024	12.6% (2024 to 2034)
H2, 2024	13.2% (2024 to 2034)

Analysis of Top Countries Using Staffing Software

Countries	CAGR from 2024 to 2034
India	11.7%
China	13.2%
USA	6.6%
UK	7.1%
Germany	8.8%

Staffing Software Industry Analysis by Top Investment Segments

Segment	Cloud Based (Deployment Mode)
Value Share (2024)	56.3%

Segment	Information Technology (IT) & Telecommunications (Industry)
Value Share (2024)	32.5%

The Healthcare Staffing Market offers a wide range of products and services to healthcare providers. These products and services include:Travel nurses: Travel nurses are healthcare professionals who are willing to travel to different locations to work on temporary assignments.Per diem nurses: Per diem nurses are healthcare professionals who work on a per-diem basis, meaning they are paid for each day they work.Locum tenens: Locum tenens are healthcare professionals who provide temporary coverage for physicians who are on leave or vacation.Allied healthcare staffing: Allied healthcare staffing provides a variety of healthcare professionals, such as medical assistants, laboratory technicians, and physical therapists.Other products and services: Other products and services offered by healthcare staffing companies include payroll processing, benefits administration, and training. Recent developments include: June 2022: Vibra Travels, a travel nursing and healthcare staffing company, was established by Vibra Healthcare to assist with healthcare staffing., May 2022: NurseShifts, a new mobile app and marketplace for on-demand staffing, was created by StaffHealth.com to help nurses locate shifts more quickly., June 2021: Workforce Solutions Group Inc. was purchased by US employment agency Cross Country Healthcare Inc. for $25 million in cash and $5 million in stock. With the help of this acquisition, they can better serve their aging population and other patients while expanding their footprint in the home care sector and playing a different kind of healthcare role. The US-based healthcare employment agency platform Workforce Solutions Group Inc. provides cutting-edge solutions that enable people to comprehend staffing requirements, develop existing personnel, and attract and retain new talent..

Between 2015 and 2022, the vast majority of staffing industry sales in the United States were made up by the temporary and contract category. Search and placement sales made up ** percent of staffing and recruiting industry sales in the United States in 2022.

The per diem healthcare staffing industry, valued at $14.96 billion in 2025, is experiencing robust growth, projected to expand at a compound annual growth rate (CAGR) of 6.88% from 2025 to 2033. This growth is fueled by several key factors. The increasing demand for flexible and skilled healthcare professionals, particularly in response to fluctuating patient volumes and specialized care needs, is a major driver. Aging populations in developed nations and the rising prevalence of chronic diseases are further contributing to this demand. Hospitals, independent clinics, and nursing homes are the primary end-users, relying on per diem staffing to manage staffing shortages and optimize operational costs. Technological advancements, such as improved staffing management software and online platforms, are streamlining the recruitment and deployment process, boosting efficiency and contributing to market expansion. However, challenges remain, including regulatory complexities surrounding healthcare staffing and potential fluctuations in healthcare spending, which could act as restraints on growth. The competitive landscape is characterized by a mix of large national players like AMN Healthcare and Cross Country Healthcare, alongside smaller regional agencies. The North American market currently dominates the per diem healthcare staffing landscape, driven by its mature healthcare infrastructure and high healthcare expenditure. However, significant growth opportunities exist in the Asia-Pacific region, fueled by increasing healthcare investments and rising healthcare awareness. Europe is also expected to witness substantial growth, driven by a combination of factors including an aging population and increasing healthcare costs. The competitive dynamics are intensifying with existing players expanding their service offerings and new entrants emerging. Companies are focusing on providing specialized staffing solutions, leveraging technology to improve efficiency, and building stronger relationships with healthcare facilities to gain a competitive edge. The forecast period anticipates continued growth, with a greater focus on specialized skills and technological integration to optimize operational efficiency and meet evolving healthcare demands. Recent developments include: In February 2023, Supplemental Health Care (SHC) partnered with the National Black Nurses Association (NBNA) by revealing USD 25,000 in scholarship opportunities for NBNA members pursuing Bachelor of Science in Nursing (BSN) degrees. The partnership is expected to reduce nursing shortages across the United States by offering financial support., In November 2022, SnapNurse, a tech-enabled healthcare staffing provider in the United States, and Kevala, a new technology platform connecting flexible labor pools and healthcare facilities, announced the availability of an integration between the two solutions to more easily deploy local nurses and caregivers to healthcare facilities nationwide.. Key drivers for this market are: Rising Demand for Healthcare Facilities, Growing Preference for Per Diem Nursing due to Flexible Work Atmosphere. Potential restraints include: Rising Demand for Healthcare Facilities, Growing Preference for Per Diem Nursing due to Flexible Work Atmosphere. Notable trends are: Hospital Segment is Expected to Hold Significant Market Share Over the Forecast Period.

Employment placement agencies in Europe’s revenue is anticipated to contract at a compound annual rate of 3.2% over the five years through 2024 to €47.8 billion. The COVID-19 outbreak tanked business confidence and expansion plans because of economic uncertainty after months of global lockdowns, forcing hiring freezes in a tricky time for employment agencies. 2022 marked a resurgence for agencies. According to Eurostat data, employment in the EU reached a record peak of 74.6% in 2022, with unemployment falling month-on-month to 5.9% in August 2023. Companies enjoyed a post-COVID-19 boom in hiring, as the economy reopened and company’s began to look to expand thanks to improved business confidence which kept employment agencies busy. The labour market has proved resilient against the economic background of rising interest rates and high inflation but remains tight with several unfilled vacancies. Vacancies remain well above pre-pandemic levels but have steadily dipped from the sharp rise post-COVID-19 as companies unfroze hiring decisions, indicating a skills mismatch between job seekers and roles that agencies are struggling to negotiate. Several countries attempt to address long-standing labour shortages to ameliorate professional mobility and offer training courses for in-demand skills through agencies. France, for example, is addressing youth unemployment through upskilling training programmes. Public sector hiring in Germany and Spain in health and education also pushes revenue growth for agencies compared to stunted private sector demand. Revenue is expected to slump by 1.3% in 2024 amid job cuts in the technology sector. Revenue is projected to swell at a compound annual rate of 4.3% over the five years through 2029 to reach €58.9 billion. Agencies will continue to target revenue growth by elevating their online presence, specialising their services towards more niche sectors and targeting executives and upper management positions. Technological developments remain a threat to recruiters, with HR AI systems like Paradox able to scan networking platforms such as LinkedIn for candidates. Companies’ in-house HR teams are expanding too. The sustainability sector looks to be a hot property job market to target, but potential shortages in both high and low-skilled occupations driven by employment growth in STEM professions and healthcare will create hurdles in the hiring process in other sectors.

The talent acquisition and staffing technology and service market is estimated to be valued at US$ 159.08 billion in 2024. The market is foreseen to reach US$ 290.31 billion by 2034, registering a CAGR of 6.2% from 2024 to 2034. Brand development strategies for talent acquisition, employee retention, and engagement predominantly influence talent acquisition and staffing technology and service market development.

Attributes	Details
Market Value for 2024	US$ 159.08 billion
Market Value for 2034	US$ 290.31 billion
Market Forecast CAGR for 2024 to 2034	6.20%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projection

Attributes	Details
Market Historical CAGR for 2019 to 2023	5.80%

Category-wise Insights

Attributes	Details
Top Type	Technologies
Market Share in 2024	83.90%

Attributes	Details
Top Industry	IT and Telecommunication
Market Share in 2024	29.40%

Country-wise Insights

Countries	CAGR from 2024 to 2034
United States	6.20%
Germany	1.90%
China	8.30%
Japan	2.60%
Australia and New Zealand	2.30%

In Latin America Healthcare Staffing Market , was valued at approximately USD 10.11 billion in 2022 and is projected to reach USD 12.45 billion by 2029,

In Mexico Healthcare Staffing Market , was valued at approximately USD 10.11 billion in 2022 and is projected to reach USD 12.45 billion by 2029,

Employment placement agencies in Europe’s revenue is anticipated to contract at a compound annual rate of 3.2% over the five years through 2024 to €47.8 billion. The COVID-19 outbreak tanked business confidence and expansion plans because of economic uncertainty after months of global lockdowns, forcing hiring freezes in a tricky time for employment agencies. 2022 marked a resurgence for agencies. According to Eurostat data, employment in the EU reached a record peak of 74.6% in 2022, with unemployment falling month-on-month to 5.9% in August 2023. Companies enjoyed a post-COVID-19 boom in hiring, as the economy reopened and company’s began to look to expand thanks to improved business confidence which kept employment agencies busy. The labour market has proved resilient against the economic background of rising interest rates and high inflation but remains tight with several unfilled vacancies. Vacancies remain well above pre-pandemic levels but have steadily dipped from the sharp rise post-COVID-19 as companies unfroze hiring decisions, indicating a skills mismatch between job seekers and roles that agencies are struggling to negotiate. Several countries attempt to address long-standing labour shortages to ameliorate professional mobility and offer training courses for in-demand skills through agencies. France, for example, is addressing youth unemployment through upskilling training programmes. Public sector hiring in Germany and Spain in health and education also pushes revenue growth for agencies compared to stunted private sector demand. Revenue is expected to slump by 1.3% in 2024 amid job cuts in the technology sector. Revenue is projected to swell at a compound annual rate of 4.3% over the five years through 2029 to reach €58.9 billion. Agencies will continue to target revenue growth by elevating their online presence, specialising their services towards more niche sectors and targeting executives and upper management positions. Technological developments remain a threat to recruiters, with HR AI systems like Paradox able to scan networking platforms such as LinkedIn for candidates. Companies’ in-house HR teams are expanding too. The sustainability sector looks to be a hot property job market to target, but potential shortages in both high and low-skilled occupations driven by employment growth in STEM professions and healthcare will create hurdles in the hiring process in other sectors.

As per Cognitive Market Research's latest published report, the Global Online Recruitment market size was $27.98 Billion in 2021 and it is forecasted to reach $41.83 Billion by 2029. Online Recruitment Industry's Compound Annual Growth Rate will be 7.3% from 2023 to 2030. Factors Impacting on Online Recruitment Market

An increasing number of job openings has created a massive demand for modern recruiting software, to streamline hiring processes which, include resume management, employee evaluation, assessment tools, and others. According to the Bureau of Labor Statistics 2022, the U.S. economy is projected to add 8.3 million jobs from 2021 to 2031 and it is projected to increase from 158.1 million to 166.5 million and grow 0.5 percent annually.

https://www.bls.gov/news.release/pdf/ecopro.pdf

On the other hand, the growing expansion of cloud-based technologies, availability of high-bandwidth internet infrastructure, and rising use of mobile-based recruitment are some of the other major driving factors for the growth of online recruitment market. Increasing focus on automation is estimated to create lucrative opportunities for the online recruitment market and the increasing incidents of online fraud can hinder the growth of the market.

Market Trends:

The adoption of advanced technologies such as big data, cloud computing, AI, and others is positively impacting the global online recruitment market. A major trend driving the global online recruiting industry is the expansion of high-speed internet access and internet-capable devices like tablets, laptops, and smartphones. Due to this, individuals can easily apply for more positions, and companies have access to a wider choice of candidates. Introduction of Online Recruitment.

Online recruitment is also known as E-recruitment, it uses web-based technology for the various processes of attracting, assessing, selecting, recruiting, and onboarding job candidates. Online recruitment is a way to provide businesses with an efficient and cheaper way to fill positions.