Rise in Youth Population Drives Staffing and Recruitment Market Growth
According to our latest study on “Staffing and Recruitment Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Staffing Type, Recruitment Channel, and End User,” the staffing and recruitment market size was valued at US$ 683.22 billion in 2022 and is expected to reach US$ 1778.29 billion by 2030. The staffing and recruitment market is estimated to record a CAGR of 12.7% from 2022 to 2030.
The youth (aged under 30) constitute more than half (i.e., 33%) of the population across the globe. The magnitude of this youth population varies significantly globally, with there are 1.2 billion young population aged between 15 to 24 years, accounting for 16% of the global population. According to Sustainable Development Goals (SDGs), by 2030, the number of youths is projected to grow by 7%, reaching 1.3 billion. The significant growth in the youth population presents an opportunity and the need for renewed efforts and investments to create new jobs. Rising number of youth population creates a larger pool of potential job candidates, which increases the requirement for skilled staffing and recruitment professionals. thus, generating opportunities in the staffing and recruitment market during the forecast period.
Staffing and Recruitment Market – by Region, 2022 and 2030
Staffing and Recruitment Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Staffing Type (Permanent and Temporary), Recruitment Channel (Online, Hybrid, and Offline), and End User (IT & Telecom, BFSI, Healthcare, Retail & E-Commerce, and Others)
Staffing and Recruitment Market Analysis Report, Revenue & Forecast-2030
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Source: The Insight Partners Analysis
According to the International Labour Organization (ILO), in July 2023, India had the largest youth population across the globe, with around 66% of the population (more than 808 million people) under the age of 35. The huge population of India has played a key role in achieving the country’s objective. The country is also planning to provide the required skills and leverage the youth population to boost employability, entrepreneurship and capacity development in tier 2,3,4 towns in India. Increasing government initiatives and support to develop skills of the youth population is also driving the market. Growing demand for IT specialists or technicians to manage the technical complexities of business requires skilled workers in various industries. The dominance of technology in the business for managing day-to-day operation mandate entrepreneurs to update themselves with the new technology or hire skilled workers. Hire an IT technician requires appropriate staffing and recruitment agencies that are capable of fulfilling the vacant position. Today’s youth are highly attracted to new technology and eager to learn and use them in their tasks. Companies across the globe are transforming their operation by implementing new technologies such as artificial intelligence (AI), big data, internet of things, and others. These technologies should be appropriately used to skill and empower the youth in their jobs. AI technology is highly adopted to reduce the manual staffing and recruitment process. Increased digitalization offers lucrative opportunities in the country by creating new jobs and entrepreneurship. Thus, the increasing youth population in the India will generate the need for new job creation drives the staffing and recruitment market growth during the forecast period.
The staffing and recruitment market is segmented on the basis of staffing type, recruitment channel, end user, and geography. Based on staffing type, the market is bifurcated into permanent and temporary. Based on recruitment channel, the market is categorized into online, hybrid, and offline. By end user, the 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, Europe, Asia Pacific, the Middle East & Africa, and South America.
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 key players operating in the staffing and recruitment market.
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