COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Employment Services market worldwide will grow by a projected US$217.4 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 4%. Temporary Staffing/Agency Work, one of the segments analyzed and sized in this study, is forecast to grow at over 3.8% and reach a market size of US$645.4 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Temporary Staffing/Agency Work market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 4.9% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$10.4 Billion to the region's size over the next 7 to 8 years. In addition, over US$9.6 Billion worth of projected demand in the region will come from Rest of European markets. In Japan, the Temporary Staffing/Agency Work segment will reach a market size of US$46.6 Billion by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Employment Services market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 4.5% over the next couple of years and add approximately US$39.8 Billion in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Employment Services market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, 51job; ADP LLC; Allegis Group Inc.; Beijing Foreign Enterprise Human Resource Service Co. Ltd; CDI Corporation; China International Talent Development Center; Cielo Inc.; Hays Plc; Kelly Services Inc.; Korn/Ferry International; ManpowerGroup Inc.; Poolia AB; Randstad Holding NV; Recruit Holdings Co. Ltd.; Robert Half International Inc.; Synergie SA; The Adecco Group