At 11.2% CAGR, Middle East & Africa Staffing and Recruitment Market is Projected to be Worth US$ 1,48,421.09 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa staffing and recruitment market was valued at US$ 63,489.48 million in 2023 and is expected to reach US$ 1,48,421.09 million by 2031, registering a CAGR of 11.2% from 2023 to 2031. Huge job opportunities in BFSI and IT sectors and automation and AI-driven recruitment are among the critical factors attributed to drive the Middle East & Africa staffing and recruitment market growth.

The BFSI and IT industry at global level is growing at an unprecedented pace. According to The World Bank data, small and medium enterprises (SMEs) play a major contributor to job creation and global economic development. It represents around 90% of businesses and over 50% of employment worldwide. According to the same source, by 2030, SMEs will create approximately 600 million jobs, due to government initiatives & support to expand the private sector. The growth in the SME sector has had a significant impact on economic growth, which is essential for sustainable development. SMEs help to create jobs, generate income, and promote innovation by providing opportunities for entrepreneurship and innovation, which increases business productivity and economic growth. The expansion of SMEs is generating more job opportunities in the economy. These factors are projected to fuel the market soon. Within the BFSI industry, technology accounts for about a third of all new jobs, owing to increasing demand for development, IT management, and IT analyst roles. According to 2021 Project Management Institute, Inc., vast vacancies for project management positions are expected to open in the coming years, and nearly 25 million employees are needed to fill all the project management-oriented positions each year globally. Companies are focusing on hiring problem solvers and relationship builders to deliver strategic value by remaining competitive in the market, which requires staffing and recruitment professionals to fill these positions.

On the contrary, the lack of qualified job seekers hampers the growth of Middle East & Africa staffing and recruitment market.

Based on staffing type, the Middle East & Africa staffing and recruitment market is bifurcated into temporary and permanent. The temporary segment held 60.7% market share in 2023, amassing US$ 38,555.94 million. It is projected to garner US$ 95,465.46 million by 2031 to register 12.0% CAGR during 2023–2031.

In terms of recruitment channel, the Middle East & Africa staffing and recruitment market is categorized into online, hybrid, and offline. The online segment held 48.3% share of Middle East & Africa staffing and recruitment market in 2023, amassing US$ 30,655.56 million. It is anticipated to garner US$ 78,837.88 million by 2031 to expand at 12.5% CAGR during 2023–2031.

By end user, the Middle East & Africa staffing and recruitment market is segmented into IT & telecom, BFSI, healthcare, retail & e-commerce, and others. The others segment held 44.1% share of Middle East & Africa staffing and recruitment market in 2023, amassing US$ 28,000.36 million. It is projected to garner US$ 55,886.72 million by 2031 to expand at 9.0% CAGR from 2023 to 2031. Furthermore, the healthcare segment is sub segmented into hospitals & clinics, pharmaceutical, and others.

Based on country, the Middle East & Africa staffing and recruitment market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 43.2% share of Middle East & Africa staffing and recruitment market in 2023. It was assessed at US$ 27,404.17 million in 2023 and is likely to hit US$ 70,331.10 million by 2031, registering a CAGR of 12.5% during 2023–2031.

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

• In January 2020, Adecco Group sold its healthcare staffing business, Soliant Health, to a Zurich-based staffing firm for a cash amount of USD 612 million. The decision is part of Adecco Group's plan to focus on globally scalable brands and digital solutions. The sale of Soliant Health aligns with the company's strategy to streamline its portfolio and prioritize investments in areas with higher growth potential. The move will allow Adecco Group to direct its resources toward its core businesses and expand its market position in strategic regions.
• 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.

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