Summary
- • The global staffing industry was worth $498.1 billion in 2018.
- • In the United States, the staffing industry had a total revenue of $153.5 billion in 2019.
- • The total market size of the global human resources market is estimated to reach $38.17 billion by 2027.
- • By industry sector, the healthcare segment accounts for the highest share of the staffing industry revenue.
- • Temporary and contract staffing accounted for 53% of the US staffing industry revenue in 2020.
- • The staffing industry in Europe is estimated to have provided employment to 10.5 million agency workers in 2020.
- • The global recruitment process outsourcing (RPO) market is projected to reach $40.57 billion by 2027.
- • The top 100 staffing firms in the US generated $97 billion in revenue in 2019.
- • The staffing industry penetration rate in the US reached 2.05% in 2020.
- • The technology sector is one of the fastest-growing segments within the staffing industry.
- • The on-demand segment of the staffing industry is expected to grow at a CAGR of 8.7% from 2020 to 2027.
- • Staffing companies in the US employed an average of 3.1 million temporary and contract workers per week in 2019.
- • The staffing industry in the UK is estimated to be worth £38.07 billion as of 2021.
- • Industrial staffing is a significant segment, accounting for 22% of the US staffing industry revenue in 2020.
- • The global market for staff augmentation services is projected to reach $145.2 billion by 2027.
Blink and you might just miss the staggering amounts flowing through the global staffing industry – from billions to trillions, its a world where talent meets opportunity in the most lucrative of ways. With revenues soaring to dizzying heights and projections reaching for the stars, the staffing sector is not just about filling gaps; its a power player in the grand scheme of economics. From the healthcare behemoth to the tech trailblazers, and with a nod to the ever-growing on-demand segment, the staffing landscape is a mosaic of innovation and digits that just cant help but make you sit up and take notice.
Global Staffing Industry Size
- The global staffing industry was worth $498.1 billion in 2018.
- Staffing companies in the US employed an average of 3.1 million temporary and contract workers per week in 2019.
Interpretation
Like a well-oiled machine fueled by the hustle and bustle of temporary and contract workers, the global staffing industry stands tall at a value nearing half a trillion dollars in 2018. In the land of opportunity, the United States proudly flaunts its workforce diversity, with an average of 3.1 million temporary and contract workers clocking in each week in 2019. In this evolving employment landscape, these statistics not only embody the heartbeat of flexibility and adaptability but also highlight the crucial role of staffing companies in shaping the future of work.
Industry Sector Analysis
- By industry sector, the healthcare segment accounts for the highest share of the staffing industry revenue.
- The technology sector is one of the fastest-growing segments within the staffing industry.
- Industrial staffing is a significant segment, accounting for 22% of the US staffing industry revenue in 2020.
- Digital transformation is driving the need for specialized staffing services in the IT sector.
- The retention rate for temporary staff in the US staffing industry was 76% in 2019.
- IT staffing accounted for 15% of the total revenue generated by the staffing industry in the UK in 2020.
- The average profit margin for staffing agencies in the US was 1.7% in 2019.
- The average number of placements per recruiter in the staffing industry was 13.47 in 2019.
- The staffing industry in Singapore contributed to 2.8% of the total employed workforce in 2020.
Interpretation
In the intricate dance of industry sectors and revenue streams, the staffing industry plays a vital role like a trusted matchmaker, aligning talent with opportunity. Healthcare reigns supreme in the revenue realm, showcasing its dominance with a healthy share of the pie. Meanwhile, the technology sector struts its stuff as the sprightly upstart, sprinting ahead in the race for growth. Industrial staffing stands tall as a stalwart contributor, proving that good ol' sweat and grit still have their place. And let's not forget the ever-evolving IT landscape, where the buzzword is specialization, driven by the relentless march of digital transformation. As the numbers juggle and dance, one thing remains clear—the staffing industry is a dynamic force, shaping employment landscapes with finesse and flair.
Market Trends and Forecasts
- The total market size of the global human resources market is estimated to reach $38.17 billion by 2027.
- Temporary and contract staffing accounted for 53% of the US staffing industry revenue in 2020.
- The global recruitment process outsourcing (RPO) market is projected to reach $40.57 billion by 2027.
- The staffing industry penetration rate in the US reached 2.05% in 2020.
- The on-demand segment of the staffing industry is expected to grow at a CAGR of 8.7% from 2020 to 2027.
- The global market for staff augmentation services is projected to reach $145.2 billion by 2027.
- The median revenue growth for US staffing companies was 7% in 2019.
- The average duration of a temporary placement in the US staffing industry was 9.1 weeks in 2020.
- The temporary staffing market in Japan is expected to reach $21.44 billion by 2027.
- Healthcare staffing agencies in the US experienced a 22% increase in demand due to the COVID-19 pandemic.
- The staffing industry in Australia is estimated to be worth AUD 20.5 billion by 2024.
- The average bill rate for temporary staffing services in the US was $33.50 per hour in 2020.
- The healthcare staffing market in the US is projected to grow at a CAGR of 6.3% from 2020 to 2027.
- Gender diversity in leadership roles in the staffing industry increased by 25% in 2019.
- The staffing industry in South Africa is expected to reach ZAR 287 billion by 2026.
- The non-clinical healthcare staffing market in the US is projected to grow at a CAGR of 6.9% from 2020 to 2027.
- The staffing industry in India is forecasted to grow at a CAGR of 11% from 2021 to 2026.
- The travel nursing staffing market in the US is expected to reach $5.36 billion by 2027.
Interpretation
The statistics paint a picture of a dynamic and evolving staffing industry landscape, where numbers tell a tale of growth, adaptability, and resilience in the face of changing market conditions. With projections soaring into the billions and percentages fluctuating, it's clear that the world of human resources and recruitment is no small player in the global economy. Whether it's the surge in demand for healthcare staffing post-COVID-19 or the steady rise in on-demand services, one thing is certain - the staffing industry is a force to be reckoned with, proving that when it comes to finding the right fit, these professionals are the true matchmakers of the business world.
Regional Staffing Industry Overview
- In the United States, the staffing industry had a total revenue of $153.5 billion in 2019.
- The staffing industry in Europe is estimated to have provided employment to 10.5 million agency workers in 2020.
- The top 100 staffing firms in the US generated $97 billion in revenue in 2019.
- The staffing industry in the UK is estimated to be worth £38.07 billion as of 2021.
- The staffing industry in Canada generated $14.2 billion in revenue in 2020.
- The staffing industry in Germany provided employment to over 350,000 temporary workers in 2020.
- The legal staffing market in the UK is estimated to be valued at £53.7 million.
- The staffing industry in China had an annual growth rate of 10.5% in 2020.
- In 2020, the staffing industry in France provided temporary employment to over 776,000 workers.
- The professional services staffing market in the US reached $71.1 billion in revenue in 2020.
Interpretation
In a world where flexibility is key and the workforce is ever-evolving, the staffing industry emerges as a trillion-dollar powerhouse, sashaying through economic landscapes like a well-choreographed dance routine. From the grand stages of the United States to the sophisticated ballrooms of Europe, this industry waltzes with billions in revenue, employing millions in its elegant embrace. As France and China join the symphony with their own spirited movements, it's clear that in this age of temporary partnerships and on-demand talent, the staffing industry isn't just a supporting act—it's a star performer in its own right, captivating audiences with its staggering figures and intricate footwork. Step aside, traditional employment models, the staffing industry is here to tango its way to the top.
Technology Influence on Staffing
- The adoption of AI and automation technologies is expected to transform the staffing industry significantly in the coming years.
Interpretation
The staffing industry is gearing up for a technological revolution as the steady march of AI and automation technologies promises to shake up the status quo. While some may fear machines taking over, the smart players in the industry are embracing this change as an opportunity to streamline processes, enhance candidate matches, and ultimately deliver better results for both clients and job seekers. It's time for staffing professionals to adapt and evolve, or risk being left in the dust while robot recruiters take over the world—or at least the office.