RECRUITMENT MARKET REPORT OVERVIEW

The size of the worldwide recruitment market was estimated at around USD 757 billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of roughly 13.1% to reach USD 2292 billion by 2033.

Hiring (recruitment) is one of the most crucial aspects of human resource management. "Recruitment" is the process of swiftly and affordably selecting the best applicant for a position, whether that applicant is from within or outside the company. The hiring process includes evaluating a job's needs, recruiting candidates for the position, screening and choosing candidates, hiring, and integrating the new hire into the company. Internet-based solutions are now widely used to assist with all hiring-related tasks.

The rise in employment opportunities has led to a major growth in the need for advanced recruiting platforms. The handling of resumes, employee screening, assessment tools, and other hiring procedures can all be simplified with the help of these platforms. Over the course of the forecast period, the market for online hiring services is anticipated to develop as a result of the extensive outsourcing of traditional hiring procedures to online recruiting platforms.

COVID-19 IMPACT

Pandemic Hampered the Demand for Recruitment 

The world has been surprised by the pandemic's restrictions, but the hiring market has also been negatively affected. The majority of sectors around the world have suffered in recent months due to the pandemic. Around the world, businesses have set up remote work options for their staff members. Reducing needless travel and face-to-face interactions was the goal. Consequently, in-person employment interviews were also prohibited. An increase in unemployment was a very regrettable consequence of layoffs. More people applied for jobs as a result. As people grew less open to new career options, it became harder to find candidates. People put safety over uncertainty during the crisis because of unexpected 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

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

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 Top Recruitment Companies

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

REPORT COVERAGE

The size, share, and growth rate of the recruitment market are examined in this study, along with its segmentation by type, application, major players, and past and present market conditions. Additionally, the research compiles accurate market statistics and expert forecasts. Along with providing in-depth insights into the current market structure and competitive analysis based on key players, it also describes the study of this industry's financial performance, investments, growth, innovation marks, and new product launches by the top companies. It also provides information on the factors that influence the demand for growth, opportunities, and risks.

Additionally, the paper outlines the impact of the post-COVID-19 pandemic on worldwide market constraints as well as a thorough overview of the industry's recovery and initiatives. To shed light on the competitive landscape, a thorough analysis of it has also been conducted.

The research based on methodologies that specify price trend analysis of target companies, data collecting, statistics, target rivals, import-export, information, and data from prior years based on market sales is also disclosed in this report. Additionally, a detailed explanation of all the important market-influencing aspects, including demand-side dynamics, value chain analysis, macroeconomic indicators, and small and medium-sized business industries, has been provided for all of the major business players. If the major players and the viability of the market dynamics analysis alter, this study could be adjusted.