At 10.6% CAGR, South & Central America Staffing and Recruitment Market is Projected to be Worth US$ 52,282.32 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America staffing and recruitment market was valued at US$ 23,295.84 million in 2023 and is expected to reach US$ 52,282.32 million by 2031, registering a CAGR of 10.6% from 2023 to 2031. Automation and AI-driven recruitment and huge job opportunities in BFSI and IT sectors are among the critical factors attributed to drive the South & Central America staffing and recruitment market growth.

Recruitment technology is taking over the hiring process. Artificial intelligence (AI) and automation in the recruitment process provide benefits such as efficiency, personalization, and data-informed decision-making. Integrating AI and automation into the recruitment process helps companies shortlist ideal candidates, automate manual tasks, streamline the recruitment workflow, and others. There are many ways to leverage AI and automation technology for talent attraction and candidate experience throughout the recruiting process. AI technology allows personalizing outreach while tracking candidates’ behavior on the website and sends them customized content and messages based on their interests. Moreover, AI helps find the best-fit candidate by matching an applicant’s experience and skills with the job description. The recruitment chatbox is another AI technology that offers job seekers real-time updates and interaction 24/7 by allowing them to ask questions about job requirements or recruitment timelines while providing helpful feedback and suggestions. Further, AI-based video interview software helps assess a candidate’s word choices, speech patterns, and facial expressions to check if the candidate is the right fit for the position. For instance, Brother International Corporation adopted an AI-powered Intelligent Talent Experience platform to attract, engage, and convert more job explorers with industry-leading AI technology. The platform integrates with the company’s Workday Recruiting ATS to provide candidates with a smooth end user experience. In addition, the platform also helps the company to manage content and easily make edits to their career site without any IT technicians or an outside agency for coding. AI and automation have brought about significant changes in the recruitment process and have revolutionized the entire process. Thus, automation and AI-driven recruitment will further contribute to the market's growth in the coming years.

On the contrary, the lack of qualified job seekers hampers the growth of South & Central America staffing and recruitment market.

Based on staffing type, the South & Central America staffing and recruitment market is bifurcated into temporary and permanent. The temporary segment held 71.8% market share in 2023, amassing US$ 16,726.64 million. It is projected to garner US$ 38,890.05 million by 2031 to register 10.7% CAGR during 2023–2031.

In terms of recruitment channel, the South & Central America staffing and recruitment market is categorized into online, hybrid, and offline. The online segment held 59.3% share of South & Central America staffing and recruitment market in 2023, amassing US$ 13,814.49 million. It is anticipated to garner US$ 32,973.80 million by 2031 to expand at 11.1% CAGR during 2023–2031.

By end user, the South & Central America staffing and recruitment market is segmented into IT & telecom, BFSI, healthcare, retail & e-commerce, and others. The IT & telecom segment held 41.8% share of South & Central America staffing and recruitment market in 2023, amassing US$ 9,738.38 million. It is projected to garner US$ 23,160.93 million by 2031 to expand at 11.0% CAGR from 2023 to 2031. Furthermore, the healthcare segment is sub segmented into hospitals & clinics, pharmaceutical, and others.

Based on country, the South & Central America staffing and recruitment market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 60.9% share of South & Central America staffing and recruitment market in 2023. It was assessed at US$ 14,176.57 million in 2023 and is likely to hit US$ 33,575.28 million by 2031, registering a CAGR of 11.0% during 2023–2031.

Key players operating in the South & Central America staffing and recruitment market are Adecco Group AG, Brunel International NV, Hays Plc, Korn Ferry, Morgan Philips Group SA, NES Fircroft, and Randstad NV, 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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