February 25, 2019: The global temporary labor market size is estimated to reach USD 673.43 billion by 2025, registering a CAGR of 6.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Soaring need to employ temporary labor to offset labor shortages while handling additional projects or during peak periods is expected to drive the temporary labor market.
Surging use of latest and advanced technologies, including augmented reality (AR) and virtual reality (VR), in recruitment processes is allowing recruiters to select best workforce. Small and medium enterprises across the world are increasingly hiring employees on temporary basis to reduce costs and provide flexible staff on an as-needed basis. This is likely to boost the growth of the market over the forecast period.
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There is an increasing demand for temporary workforce required during execution phase of development programs launched by various governments. At the same time, several nations are introducing guest worker programs, which envisage allowing foreign workers to work in host nation on a temporary basis as temporary workers. For instance, in the U.S., the H-2A and H-2B programs allow farm owners to bring in low-skilled workers for agricultural and non-agricultural tasks, respectively; provided these tasks are temporary, after applying formally to the Department of Labor (DOL).
An employer is not obliged to provide retirement security, health insurance, and other compensations to temporary workers. In other words, enterprises can reduce average cost of hiring and prevent additional overhead costs from incurring by opting for temporary labor services. Moreover, organizations are free to hire temporary workers whenever they are required, for example, while handling additional projects and during peak periods. Such benefits bode well for the global temporary labor market.
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Further key findings from the study suggest:
- The management labor type segment is projected to post the highest CAGR of 11.0% during the forecast period. Intense competition is prompting organizations to hire temporary workers as part of their efforts to increase productivity, thereby propelling the market.
- The healthcare end-use segment is poised to witness the highest CAGR of 8.3% from 2019 to 2025, as increasing number of temporary workers are being deployed on healthcare programs and medical campaigns launched in various nations
- Europe will dominate the market throughout the forecast horizon. It is anticipated to reach USD 222.37 billion by 2025, owing to burgeoning popularity of online food ordering
- The key industry participants include Adecco; Allegis Group; Kelly Services, Inc.; ManpowerGroup Inc.; Randstad N.V.; Hays plc; Robert Half International Inc.; Express Services, Inc.; Westaff; and Persol Holdings Co. Ltd.
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