Employment Services Market Characteristics
The employment services market consists of the sales of employment services and related goods by entities (organizations, sole traders and partnerships) that list employment vacancies and refer or place applicants for employment; provide executive search, recruitment, and placement services; 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.
Competitive Landscape of the Employment Services Market
Major players in the global employment services recruitment market include Adecco S A, Randstad Holding NV, Manpower Inc, HireRight LLC, and Sterling Talent Solution.
Employment Services Market Size
The employment services market size is expected to significantly grow at a CAGR of slightly more than 7% during the forecast period. The growth in the employment services market is due to the availability skilled workforce, and enhanced regulatory compliance with respect to employment.
However, the market for employment services is expected to face certain restraints from several factors such as technological risks associated with the employment screening data and discrimination concerns.
Employment Services Market Segmentation
The global employment services market is further segmented based on type and geography.
By Type - The employment services market is segmented into employment placement agencies, executive search services, temporary help services, professional employer organizations.
By Geography - The global employment services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific’s employment services market accounts for the largest share in the global employment services market.
Trends in the Employment Services Market
Staffing agencies are increasingly using technology to effectively recruit and manage candidates. These technologies offer features such as passive activity tracking, integration with email platforms and maintains candidate databases. This reduces recruitment time, improves placement quality, and strengthens relationship with clients.
Recruitment analytics software also provides helpful business insights for staffing agencies. For example, in North America, 64% of firms use technologies such as an applicant tracking system (ATS) to track candidate activity and about 60% firms use a customer relationship management (CRM) system for business development.
Potential Opportunities in the Employment Services Market
With the increasing application of big data analytics, the scope and potential for the global employment services market is expected to significantly rise in the forecast period.