Recruitment Market Size, Share, Growth, and Industry Analysis, By Type (Traditional Recruitment, and Digital Recruitment), By Service (Recruitment of Permanent Staffing, Recruitment of Temporary Staffing), Regional Forecast From 2024 To 2031

Updated On: 29 April 2024

Recruitment Market Report Overview

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The global recruitment market size expanded rapidly in 2021. As per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the recruitment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

One of the most important parts of human resource management is hiring (recruitment). The term "recruitment" refers to the procedure of quickly and economically hiring the most qualified candidate for a job opening, whether that candidate comes from within or outside the organization. Analyzing the requirements of a job, attracting employees to that job, screening and selecting applicants, hiring, and integrating the new employee into the organization are all parts of the hiring process. There is now a widespread use of internet-based technologies to support all aspects of hiring.

The demand for sophisticated recruiting platforms has significantly increased as employment opportunities have increased. The management of resumes, employee screening, assessment tools, and other hiring procedures can all be simplified with the help of these platforms. The widespread outsourcing of traditional hiring processes to online recruiting platforms is likely to support the growth of the online hiring service market over the forecast period.

COVID-19 Impact: Pandemic Hampered the Demand for Recruitment

The restrictions imposed by the global pandemic have shocked the world, but the recruitment market has also been seriously impacted. In recent months, the pandemic has had a negative effect on the majority of industries worldwide. Companies all over the world made arrangements for their employees to work from home remotely. The objective was to cut down on unnecessary travel and in-person interaction. As a result, office-based job interviews were also out of the question. A very unfortunate result of layoffs was an increase in unemployment. As a result, more people applied for jobs. Recruiting candidates became more challenging as people became less receptive to new job opportunities. During the crisis, people prioritized safety over uncertainty due to unanticipated layoffs. All these factors had a serious impact on recruitment market.

Latest Trends

"Digital Transformation to Boost Market Demand"

The market is expected to grow during the forecast period due to rising technological advancements. In order to reap the full benefits of service, these agencies are incorporating data analytics-driven solutions into their applicant monitoring procedures. Jobvite unveiled a data science strategy to support its HR product line in January 2020. By sending the best candidates to firm recruiters, this tool aims to save time for both candidates and recruiters. The market has also benefited from the fourth industrial revolution and digital transformation, which have brought about a new generation of employment opportunities. The market is growing as a result of each of these developments.

Recruitment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into traditional recruitment and digital recruitment.

In terms of product, Digital Recruitment is the largest segment.

• By Service Analysis

Based on service, the market can be divided into recruitment of permanent staffing, recruitment of temporary staffing.

In terms of application, the largest application is Recruitment of Permanent Staffing.

Driving Factors

"Rising demand for Digital hiring to Drive Market Demand"

The recruitment market is likely to grow in the coming years as a result of several government agencies and businesses' growing shift away from traditional hiring methods and towards more cost-effective and efficient online options. Because they can automatically screen a large number of candidates, advanced technologies like artificial intelligence and data science are likely to support the growth of the market over the forecast period. A major trend that is driving the market is the increasing availability of high-speed internet connections and internet-enabled devices like tablets, laptops, and smartphones. Companies gain access to a wider range of candidates, and candidates can easily apply for more jobs. All these factors will boost recruitment market growth.

Restraining Factors

"Market Expansion Impeded By Rising Incidence of Fraudulent Online Applications "

Employers and hiring managers have a difficult time weeding out unqualified candidates from the plethora of online applicants brought on by easy access to the internet. Employers should be careful when describing their job openings and as specific as they can be about the positions and skills they are looking for in order to reduce the number of applications they receive. Companies may not require tests for the majority of hiring procedures that are carried out online. Interviews are often conducted in person or over the phone, especially for businesses located overseas. Given specific cultural and environmental factors, hiring managers and recruiters cannot guarantee a candidate's professional ethics in this situation. All these factors act as restraints for the growth of the market during the forecast period.

Recruitment Market Regional Insights

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"Increasing Demand in Asia-Pacific Anticipated to Boost Market Growth"

Asia-Pacific holds the leading position in recruitment market share because of presence of leading market players in the region. The region's market expansion is likely to be fueled by a number of market players working to improve employee and employer hiring procedures. This is because more and more people are using social media recruiting and mobile recruiting platforms. Employers in the region are gaining more assistance and have improved efficiency as a result of the growing adoption of advanced technologies like AI and data mining, among others.

Key Industry Players

"Market Development is being influenced by Key Players' Adoption of Novel Strategies "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Adecco, Randstad, Manpower, Recruit, Allegis, ADP, CIIC, Hays and others. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• Adecco
• Randstad
• Manpower
• Recruit
• Allegis
• ADP
• CIIC
• Hays
• Kelly Services
• Robert Half
• Mercer
• Aon Hewitt
• Temp Holdings
• Teamlease
• Jobrapido
• CareerBuilder
• Innovsource
• IKYA

Report Coverage

This report examines an understanding of the recruitment market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.