Global Recruitment Market - WishTree Insight

Global Recruitment Market by Type (Permanent Recruitment and Part-Time Recruitment), Application (IT, Sales & Marketing, Finance, Engineering, and Others), and Regions (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Recruitment market size was valued at USD 29.8 billion in 2022 and is expected to surpass USD 48.4 billion by 2032, expanding at a CAGR of 7.9 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing demand for talent, the rise of remote work, and the adoption of AI and other technology-enabled solutions in recruitment.

INTRODUCTION

Recruitment refers to the process of attracting, screening, and selecting potential job candidates for an organization. This process typically involves job advertising, resume screening, conducting interviews, and making offers of employment. The goal of recruitment is to find and hire the best candidates to fill open positions and meet the needs of the organization.

The global recruitment market refers to the market for human resources services, including staffing and recruitment services, provided by companies to organizations worldwide. This market has grown significantly in recent years, driven by factors such as the increasing demand for skilled labor, the rise of the gig economy, and the growth of technology-enabled recruitment solutions. The global recruitment market is highly competitive, with a large number of players operating across different geographies and segments, including staffing firms, recruitment agencies, and technology-enabled recruitment platforms.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for skilled labor: As organizations seek to remain competitive, there is a growing need for skilled and talented employees to fill various roles. This is driving the demand for recruitment services.
• Rise of the gig economy: The gig economy has created new opportunities for flexible work arrangements, which has led to an increase in the demand for short-term or project-based staffing solutions.
• Growth of technology-enabled recruitment solutions: The adoption of technology-enabled recruitment solutions, such as applicant tracking systems, artificial intelligence, and cloud-based platforms, has made the recruitment process more efficient and effective, leading to increased demand for such solutions.
• Remote work: The COVID-19 pandemic has accelerated the trend of remote work, leading to an increased demand for flexible staffing solutions and the use of technology-enabled recruitment platforms to connect with a larger pool of candidates.
• Economic growth: The growth of the global economy is driving the demand for additional labor and increasing the need for recruitment services

Scope of the Report

Market Segment Insights

The permanent recruitment segment is expected to register a considerable CAGR

Based on type, the recruitment market is divided into permanent recruitment and part-time recruitment. The permanent recruitment segment is expected to expand rapidly during the forecast period owing to the growing demand for skilled manpower across various industries.

The IT application segment is expected to spur at a rapid pace

Based on application, the recruitment market is divided into IT, sales & marketing, finance, engineering, and others. The IT segment is expected to expand rapidly during the forecast period.

The Asia Pacific region dominates the global recruitment market

In terms of regions, the recruitment market is classified as APAC, Europe, North America, and LAMEA. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period owing to growing awareness among job seekers regarding job opportunities and salaries offered by various companies. Middle East & Africa is anticipated to expand at a rapid pace in the global recruitment market during the forecast period due to increasing government initiatives related to creating more job opportunities.

Competitive Landscape

Key players competing in the Recruitment market are IKYA; ADP; Aon Hewitt; Temp Holdings; Jobrapido; Career Builder.

FAQs

How much is the market worth?

The Recruitment market size was valued at USD 29.8 billion in 2022 and is expected to surpass USD 48.4 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 7.9%.

What are the key drivers of the market?

The market's growth is attributed to the increasing demand for talent, the rise of remote work, and the adoption of AI and other technology-enabled solutions in recruitment.

What segments are covered in the Recruitment report?

The segments covered in the report are type (permanent recruitment and part-time recruitment), application (it, sales & marketing, finance, engineering, and others).

Mention which region is expected to hold the highest share of the Recruitment market.

The Asia Pacific region is expected to hold the highest share of the Recruitment market.

Which segment holds the largest market share in Recruitment by 2032?

The Permanent Job segment holds the largest market share in Recruitment by 2032.

Mention the key players in the market.

Key players competing in the Recruitment market are IKYA; ADP; Aon Hewitt; Temp Holdings; Jobrapido; Career Builder.