temporary labor market Size to Reach USD 930.7 Billion by 2032 — DataHorizzon Research
In 2022, the temporary labor market boasted a value of USD 511.7 Billion, projected to surge to USD 930.7 Billion by 2032, showcasing a robust Compound Annual Growth Rate (CAGR) of 6.3%.
This growth trajectory is underpinned by diverse factors including logistics, healthcare, real estate, and delivery services. Furthermore, the escalating demand for temporary labor is fueled by global smart city initiatives spearheaded by governments, contributing to the market’s upward momentum over the years.
Request Sample Report: https://datahorizzonresearch.com/request-sample-pdf/temporary-labor-market-2207
The growth of the Temporary Labor Market is driven by several key factors:
- Flexibility: Temporary labor offers employers flexibility in adjusting their workforce size according to fluctuating demand. They can easily scale up or down based on project
- Cost-effectiveness: Hiring temporary workers can be more cost-effective for businesses, as they often don’t require benefits such as health insurance
- Specialized Skills: Temporary workers often possess specialized skills that are in demand for specific projects or tasks. Employers can access a pool of talent with diverse expertise without investing in long-term employment contracts.
- Short-term Projects: Many industries, such as construction, events management, and IT consulting, frequently undertake short-term projects that require additional manpower for a limited duration
- Seasonal Demand: Industries such as retail, agriculture, and tourism experience seasonal fluctuations in demand, requiring additional staff during peak periods.
Top Companies are:
The burgeoning temporary labor market continues to expand. Dominant figures in this realm include Adecco, Randstad, Manpower Group, Robert Half International, Westaff, Persol Holdings, Hays Pic, Kelly Services, and Allegis Group. These industry leaders predominantly embrace collaborative approaches to address industry requirements, facilitating the influx of talent and manpower necessary to meet growing demands.
Market Segmentations:
By Type (2023–2032)
- Unskilled
- Skilled
- Clerical
- Professional
By Industry Vertical (2023–2032)
- FMCG
- BFSI
- IT
- Healthcare
- Construction
By Contract (2023–2032)
- Fixed
- Temporary
For Further Information Regarding this Report: Ask For Discount:
Regional Analysis :
In the realm of the temporary labor market, Europe has historically held sway, and projections suggest it will continue to do so with significant growth anticipated in the coming years. This is largely attributed to the expanding industries and the increasing demand for labor and manpower across various sectors. Following closely in this trajectory is the Asia Pacific region, benefiting from its abundant labor pool available at competitive rates. Many enterprises are relocating their operations to Asian nations due to the availability of skilled labor at cost-effective rates. Furthermore, governments in countries such as India, Singapore, and Thailand are incentivizing manufacturing ventures through subsidies. An emblematic example is Samsung’s establishment of the world’s largest manufacturing facility in Noida, India, which has generated employment opportunities for numerous locals.
Recent developments in the Temporary Labor Market include:
- Remote Work Opportunities: The COVID-19 pandemic has accelerated the acceptance and adoption of remote work arrangements.
- Gig Economy Expansion: The gig economy continues to grow, offering temporary or freelance work opportunities through digital platforms.
- Increased Use of Freelancers and Contractors: Many companies are opting to hire freelancers or independent contractors for short-term projects or specialized tasks.
- Focus on Upskilling and Reskilling: With rapid technological advancements, there’s a growing emphasis on upskilling and reskilling workers to meet evolving job requirements.
- Demand for Flexible Staffing Solutions: Companies are seeking more flexible staffing solutions to adapt to fluctuating demand and economic uncertainty.
Key highlights of the report include:
- Growth Trends: An analysis of the recent growth trends in the temporary labor market, including factors driving this growth such as economic conditions.
- Industry Sectors: Examination of which industry sectors are driving demand for temporary labor, and insights into why certain sectors are more reliant .
- Worker Demographics: Data on the demographics of temporary workers, including age, gender, educational background, and employment status.
- Employer Perspectives: Surveys or interviews with employers utilizing temporary labor, exploring their motivations for doing so.
- Regulatory Environment: An overview of relevant labor laws and regulations impacting the temporary labor market.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
DataHorizzon Research
North Mason Street, Fort Collins,
Colorado, United States
Ph: +1–970–672–0390
Website: https://datahorizzonresearch.com/
