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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The key players in the temporary labor market include Adecco, Allegis Group, Express Services, Inc., Hays plc, Kelly Services, Inc., ManpowerGroup Inc., Persol Holdings Co. Ltd., Randstad N.V., Robert Half International Inc. and Westaff.
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The key players in the temporary labor market include Adecco, Allegis Group, Express Services, Inc., Hays plc, Kelly Services, Inc., ManpowerGroup Inc., Persol Holdings Co. Ltd., Randstad N.V., Robert Half International Inc. and Westaff.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Temporary Labor Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/temporary-labor-market/download-sampleMarket DynamicsThe increasing demand for temporary professionals in the IT industry is driving market growth.
Also, the benefits of less hiring cost, as well as savings on employee benefits and training cost, are further fuelling the market growth.
On the other hand, increasing replacement of temporary labor by robotics and artificial intelligence may hamper market growth.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
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The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the temporary labor market include Adecco, Allegis Group, Express Services, Inc., Hays plc, Kelly Services, Inc., ManpowerGroup Inc., Persol Holdings Co. Ltd., Randstad N.V., Robert Half International Inc. and Westaff.
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