Impact Of COVID-19 On The Global Employment Services Market Size Of $1,081.4 billion in 2020, By TBRC
The employment services market report describes and explains the global employment services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region. The employment services market is segmented by type into employment placement agencies, executive search services, temporary help services, and professional employer organizations; by end-use industry into banking and financial, engineering, medical, information and technology; by mode into offline and online.
LONDON, Aug. 04, 2021 (GLOBE NEWSWIRE) -- As per The Business Research Company’s analysis of the global employment services market, the COVID-19 pandemic has triggered one of the worst jobs crises since the Great Depression. The nationwide lockdowns and closure of business operations led to high unemployment rates and could lead to an increase in poverty and widen inequalities.
The economic downturn due to COVID-19 has led to a rise in the number of jobless candidates across the globe. The halt in business operations and fall in demand for goods and services led to a decrease in the workforce and a decline in the number of jobs that were being offered. The decline in the requirement of jobs from companies led to a decline in the business of employment services companies. The revenues for employment services companies fell steeply during the second quarter of 2020 when the lockdowns were in full force and business operations were suspended. However, gradually the steep fall in revenues improved with companies performing better in the third quarter, as there was an improvement in economic activity and business opened up slowly.
Post-pandemic, most employers are seeking out more employees, which is driving the employment services market, which matches companies with potential hires. Apart from short-term workforce disruptions, the changing ways in which individuals choose to work will make employment service providers busy and revenues of the companies bounce back to be at pre-covid level.
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The global employment services market is expected to grow from $1,081.4 billion in 2020 to $1,264.4 billion in 2021 at a compound annual growth rate (CAGR) of 0.16%. The market is expected to grow at a CAGR of 10.7% from 2020 to reach $1,795.0 billion in 2025. The global employment services market is then expected to reach $2,578.7 billion in 2030, at a CAGR of 7.5%.
The growth of the employment services market is expected to be driven by increasing demand for global automation to stimulate market growth. In all the industries, there has been a significant increase in demand for automation which led to the development of evolved technologies applicable in all sectors. The traditional method of job hunting is replaced by the utilization of digital platforms to search for a job. The majority of companies are switching to online platforms to recruit employees as the process is convenient and hassle-free. Whereas, the employees too are applying on these portals, as it is more involving and reduces time consumption in traveling. All communication processes such as job postings, confirming employee’s job applications and online interviews too are done online.
The Business Research Company’s report titled Employment Services Global Market Report 2021: C COVID-19 Growth And Change To 2030 covers employment services market growth rate, employment services market size, employment services market forecasts, employment services market trends and drivers.
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The global employment services market is highly fragmented, with a large number of small players and only few global players have emerged. The top ten competitors in the market made up 11.46% of the total market in 2020. Major players in the market include Randstad NV, The Adecco Group, Manpower Inc, Recruit Holdings Co. Ltd., Allegis Group, Inc.
Employment Services Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provide employment services market overviews, analyze and forecast employment services market size and growth for the whole market, employment services market segments, and geographies, employment services market trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the employment services market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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