According to a new study published by Fact.MR, a market research and competitive intelligence provider, The global HR & recruitment services market is approximated to achieve a valuation of US$ 867.36 billion in 2024, according to a new research report published by Fact.MR. Demand is projected to rise at a remarkable CAGR of 14.8% to reach a size of US$ 3,443.56 billion by 2034-end.

Small- and medium-sized businesses (SMEs) are increasingly outsourcing HR and recruitment services to streamline operations and, more crucially, focus on their core competencies, such as growth and innovation. With outside HR services, SMEs are purchasing scalable, cost-effective systems that handle hiring, payroll, compliance, and people management.

By lowering administrative expenses, increasing productivity, and providing access to specialist expertise, this approach enables SMEs to quickly adapt to shifting labor demands and stay competitive in ever-changing markets.

North America holds a leading position in the worldwide market because of its emphasis on labor management and technological integration. The strong need for specialized talents in several well-established industries, such as healthcare, technology, finance, and others, is one of the main causes behind the expanding need for recruitment services.

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Key Market Takeaways

• The worldwide market for HR & recruitment services is projected to rise at 14.8% CAGR from 2024 to 2034.
• The market in North America is forecasted to reach a size of US$ 687.02 billion by the end of 2034, up from US$ 148.94 billion in 2024.
• The market in the United States is analyzed to touch a value of US$ 602.78 billion by 2034
• The East Asian market is analyzed to register a revenue of US$ 212.45 billion in 2024.
• Based on the major market, demand for the service industries segment is evaluated to reach US$ 326.8 billion in 2024.
• Demand for temporary placement services is approximated to reach US$ 2,332.71 billion by 2034.
• The market in South Korea is projected to increase at a 16.5% CAGR through 2034.

“Prominent HR and recruitment service providers are investing in automation, AI, and machine learning technology to drive up the hiring process, from applicant sourcing to screening and on boarding,” says a Fact.MR analyst

Need for Temporary Placement Services Growing in Several Industries

The requirement for temporary placement services is driven by the workforce's increasing need for flexibility. Several companies are embracing contingent labor models more to adjust to project-based work, seasonal demands, and fluctuating workloads. Temporary placements make this arrangement more feasible when a company has to increase its workforce with little administrative expenditures associated with long-term permanent hiring.

Employee demand for flexible work schedules is also rising, which is leading to an increase in the number of temporary job openings. In a changing workplace, the growth of the temporary placement services category is assisting both employers and employees in maintaining greater flexibility.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the HR & recruitment services market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (temporary placement, permanent staffing, employee leasing) and major market (service industries, manufacturing industries, construction industries, public administration industries, agricultural industries), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Key Companies Profiled-

Adecco Group; Randstad NV; ManpowerGroup; Korn Ferry; Robert Half International; Kelly Services; Hays PLC; PageGroup; Allegis Group; Mercer.

Industry News-

In September 2024, the HireClix Advanced Analytics Dashboard was unveiled by HireClix, a top provider of strategic recruitment marketing services. To improve recruitment ROI analysis, this technological solution aggregates data from applicant tracking systems (ATS), recruitment marketing campaigns, and other dispersed sources.

In June 2024, The end-to-end Recruitment Platform, developed by Workruit, a prominent HRTech developer, was launched to empower HR consultancies, staffing agencies, and companies of all sizes. With its extensive range of automated tools, this AI-powered platform benefits both recruiters and job seekers by streamlining every step of the hiring process, from talent acquisition and candidate matching to interview scheduling and placement.

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