At 14.5% CAGR, Europe Staffing and Recruitment Market is Projected to be Worth US$ 6,87,190.63 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe staffing and recruitment market was valued at US$ 2,32,952.54 million in 2023 and is expected to reach US$ 6,87,190.63 million by 2031, registering a CAGR of 14.5% from 2023 to 2031. Growing adoption of remote working and hybrid business model across the globe and rise in youth population are among the critical factors attributed to drive the Europe staffing and recruitment market growth.

The COVID-19 pandemic shifted consumer preference towards the adoption of remote or hybrid work models. Millions of workers across the globe have already started working from home. Businesses have seen opportunities and resounding success while working from home. Today, many companies worldwide have fully adopted work from home model. Remote work allows employees to access a broader and more diverse talent pool beyond geographical boundaries. Remote or hybrid work models benefited both employers and candidates. Staffing and recruitment solutions help employers to connect candidates across the globe. The adoption of remote and hybrid working model mandate businesses to create or adopt staffing and recruitment protocols for designing job offers, recruiting appropriate candidates, and hiring & onboarding new candidates regardless of where they live. Furthermore, remote and hybrid working helps businesses to reduce overhead costs associated with traditional office space. Efficient staffing and recruitment solutions help employers to minimize the cost incurred in their numerous hiring processes such as advertising, administrative, and traveling expenses. Staffing agencies offer companies temporary, contract, and freelance workers as per their needs. This flexibility is particularly valuable in a remote work environment where entrepreneurs commonly use project-based or seasonal work. Currently, enterprises require workers to fulfill consumer needs, which increases the demand for staffing and recruitment solutions. These solutions support entrepreneurs in hiring remote or contractual-based workers. Staffing and recruitment agencies help entrepreneurs by connecting with the right candidate, reducing costs, and ensuring compliance while offering flexibility in remote working, thereby enhancing the adoption of staffing & recruitment solutions to streamline the hiring process.

On the contrary, the lack of qualified job seekers hampers the growth of Europe staffing and recruitment market.

Based on staffing type, the Europe staffing and recruitment market is bifurcated into temporary and permanent. The temporary segment held 69.9% market share in 2023, amassing US$ 1,62,796.59 million. It is projected to garner US$ 4,99,173.43 million by 2031 to register 15.0% CAGR during 2023–2031.

In terms of recruitment channel, the Europe staffing and recruitment market is categorized into online, hybrid, and offline. The online segment held 65.3% share of Europe staffing and recruitment market in 2023, amassing US$ 1,52,090.50 million. It is anticipated to garner US$ 4,70,918.47 million by 2031 to expand at 15.2% CAGR during 2023–2031.

By end user, the Europe staffing and recruitment market is segmented into IT & telecom, BFSI, healthcare, retail & e-commerce, and others. The IT & telecom segment held 32.2% share of Europe staffing and recruitment market in 2023, amassing US$ 75,095.01 million. It is projected to garner US$ 2,44,390.33 million by 2031 to expand at 15.9% CAGR from 2023 to 2031. Furthermore, the healthcare segment is sub segmented into hospitals & clinics, pharmaceutical, and others.

Based on country, the Europe staffing and recruitment market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 37.4% share of Europe staffing and recruitment market in 2023. It was assessed at US$ 87,084.93 million in 2023 and is likely to hit US$ 2,72,571.11 million by 2031, registering a CAGR of 15.3% during 2023–2031.

Key players operating in the Europe staffing and recruitment market are Adecco Group AG, Alliance Recruitment Agency, Brunel International NV, Hays Plc, Korn Ferry, Medacs Global Group Limited, Morgan Philips Group SA, NES Fircroft, and Randstad NV, among others.

• In August 2023, Korn Ferry launched Korn Ferry Nimble Recruit used for hiring. Korn Ferry Nimble Recruit is a one-stop data-driven recruitment technology that offers scalable solution for hiring. It is a cost effective and agile technology that provide a high-touch experience in early career and professional roles.
• In April 2022, Randstad NV announced that Randstad France is planning to acquire Side. Through this acquisition, Randstad France will expand its current portfolio and strengthen its market position in the growing digital staffing market.

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