Recruitment Market
Recruitment Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Recruitment Market is segmented by Staffing Type, Recruitment Channel, End-User, and by Region. KDMI analyst foresees market revenue to cross USD 62.62 Billion by 2032 by growing with a CAGR of 13.6% during 2024-2032.
Recruitment Market Highlights
The global recruitment market is expected to cross a value of USD 62.62 billion by the end of 2032. The market was valued at USD 20.51 billion in 2023 and is expected to expand at a CAGR of 13.6% between 2024-2032.
- Over the mid-term, the increasing number of business organizations is the primary factor anticipated to drive the global recruitment market.
- Primary restraint factor/s is/are the major factors to challenge the market growth.
- The North America recruitment market is projected to dominate the global market.
Recruitment Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 20.51 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 62.62 Billion |
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CAGR Value |
13.6% |
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Recruitment Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Recruitment Market Segmentation |
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Recruitment Market Key Players |
Adecco Group AG, ALLIANCE RECRUITMENT AGENCY, BAC Middle East, Brunel, Hays plc, Korn Ferry, Medacs Healthcare Limited, Morgan Philips Group SA, NES Fircrof, Randstad N.V., and others. |
Recruitment Market Outlook
The process of actively seeking, attracting, and selecting qualified individuals to fill job vacancies within an organization is known as recruitment. The professional services provided by external agencies or internal departments within organizations to assist in the process of sourcing, attracting, and selecting qualified candidates to fill job vacancies is known as recruitment services.
According to our analysts at KD Market Insights, the increasing number of business organizations globally is one of the major factors anticipated to drive the growth of the global recruitment market. Economic expansion and increasing business activity create demand for skilled labor across various industries. As companies grow and expand, they require additional staff to support their operations, driving demand for recruitment services. Adecco Group AG, ALLIANCE RECRUITMENT AGENCY, BAC Middle East, are some of the significant parties in the global market for recruitment.
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Recruitment Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global recruitment market are:
- Growing Concerns for Shortage of Talented Individuals: The concern for skill mismatch and talent shortages faced by businesses around the globe is increasing at a rapid pace. Businesses also face the unavailability of qualified candidate when the demand for specific skills exceeds. Hence, there is a growing need for recruiting services providers who play a crucial role in sourcing, attracting, and placing skilled professionals in high-demand sectors, to bridge the talent gap.
- Increasing Use of Modern Day Technologies for Recruitment: Modern day recruitment practices involve the use of advanced tools, such as artificial intelligence (AI), data analytics, and automation. The use of these advanced tools is also required due to the evolving workforce trends, such as remote work, flexible schedules, and the availability of gig economy, that is reshaping traditional employment models. On the other hand, the companies worldwide are increasingly prioritizing diversity and inclusion in their hiring practices so as to have a more inclusive workplace. Owing to these factors, the need for professional recruitment services is expected to increase, in turn, driving the growth of recruitment market.
Which Probable Factors Could Hamper the Growing Recruitment Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of recruitment are:
- Highly Competitive Recruitment Industry: The recruitment industry is highly competitive, with numerous agencies and internal HR departments vying for the same pool of candidates. This, as a result, results in lower profit margins, which is predicted to restrict the market growth.
- Growing Concern for Economic Uncertainty: Economic fluctuations, recessions, and periods of uncertainty can lead to reduced hiring activity as businesses may postpone recruitment efforts to cut costs or mitigate risks. This may hamper the growth opportunities for recruitment agencies, in turn, hampering the demand for recruitment services.
How is the Global Recruitment Market Segmented?
Our experts at KD Market Insights have segmented the global recruitment market as:
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By Staffing Type |
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By Recruitment Channel |
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By End User |
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By Region |
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What are the Probable Factors Influencing the North America Recruitment Market Forecast?
The North America recruitment market is majorly driven by the presence of several businesses in the region, which according to the statistics by the United States Census Bureau, recorded 6294604 firms in the United States alone in the year 2021. The region is home to a dynamic and diverse economy with robust job creation across various industries. On the other hand, the market in the region benefits from technological innovations such as AI-driven recruitment platforms, automated applicant tracking systems (ATS), and data analytics tools, which enhance the efficiency, accuracy, and effectiveness of recruitment processes. Such factors are therefore expected to drive the growth of the recruitment market in North America.
As per our analysts at KD Market Insights, the following five players lead the North America recruitment market growth:
- Robert Half International Inc.
- Randstad North America, Inc.
- Adecco Group North America
- ManpowerGroup Inc.
- Kelly Services, Inc.
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Key Countries to Watch for in North America Recruitment Market |
Key Insights |
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United States Recruitment Market to Register the Largest Regional Market Share |
USD 17.6 Billion |
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Canada Recruitment Market to Grow with the Highest CAGR During 2024-2032 |
13.7% |
Which Key Players Top the Global Recruitment Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global recruitment market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with recruitment market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global recruitment market share:
- Adecco Group AG
- ALLIANCE RECRUITMENT AGENCY
- BAC Middle East
- Brunel
- Hays plc
- Korn Ferry
- Medacs Healthcare Limited
- Morgan Philips Group SA
- NES Fircrof
- Randstad N.V.
What are the Recent Developments Observed in the Recruitment Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global recruitment market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Korn Ferry shared that it has launched its recruitment platform, Korn Ferry Nimble Recruit, which is a cost-effective and agile technology, providing a high-touch experience in early career.
Further, NES Fircroft shared that it has acquired Evolve Scientific Recruitment, a company known for its scientific and technical recruitment solutions.
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- Publication date: 4th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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