$893.9bn
$XX.Xbn
11m
1m
$XXX.Xbn
HR and recruitment companies rely on a businesses' desire to outsource their recruitment process and human resource management activities. Regulation, especially for temporary employees, can hamstring providers, as this makes it more difficult to operate. More liberal labor laws in developed nations have been essential to HR and recruitment companies' growth. Large companies are now focusing on emerging markets that will undergo the same process in the future. COVID-19 temporarily put a halt to positive momentum, as businesses seeking to cut costs were unwilling to hire and minimized their HR programs. However, as the economy normalized and labor markets strengthened, HR and recruitment companies have benefited. As a result, revenue is forecast to increase at a CAGR of 1.9% to $893.9 billion over the five years to 2024, including 2.9% during the current year.<br /><br />HR and recruitment providers rely on corporate profit and a low employment rate, which are bastions of strong economic growth. When corporate profit is high, businesses are more likely to reinvest those funds and expand their workforce, using HR and recruitment companies to do so. Businesses performing well will want to keep their employees focused on core functions instead of hiring. A low unemployment rate tightens the labor market and increases competition between businesses for workers. This benefits HR and recruitment companies, as finding the right employee is more difficult and time-consuming. Businesses will outsource these tasks instead of completing them themselves, to the benefit of HR and recruitment companies.<br /><br />HR and recruitment companies' growth will remain stable in the coming years. Economic expansion in the wake of the pandemic will keep the labor market tight while corporate profit will continue to swell. This will make outsourcing HR and hiring tasks to HR and recruitment providers more attractive. Consequently, revenue is expected to expand at a CAGR of 3.8% to $1.1 trillion over the five years to 2029, while profit margins will remain more or less unchanged as competition grows.
Industry revenue has grown at a CAGR of 1.9 % over the past five years, to reach an estimated $893.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Randstad NV | 35,141.6 | N/A | N/A | |
The Adecco Group | 27,953.5 | N/A | N/A | |
ManpowerGroup Inc. | 20,765.5 | N/A | N/A |
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Global HR & Recruitment Services
Industry revenue is measured across several distinct product and services lines, including Temporary placement, Permanent staffing and Managed services programme. Temporary placement is the largest segment of the Global HR & Recruitment Services.
Temporary employment is the backbone for providers
Companies in the Global HR and Recruitment Services industry provide outsourced human resource and employment placement services. These services include selecting and placing permanent and temporary staff, employee leasing, listing employment vacancies and outsourcing management of personnel-related administrative functions, such as payroll and employee benefit administration.
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L6741-GL - Global HR & Recruitment Services
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
HR and recruitment companies’ progress was halted by COVID-19. A weak economy made businesses cut costs, limiting demand. However, this quickly reversed as the pandemic abate...
Learn about an industry's products and services, markets and trends in international trade.
Temporary employment services generate most revenue for HR and recruitment companies. This work is outsourced to providers because of their temporary basis.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Business locations follow economic development patterns. More developed nations have an increased need for employment services.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Price competition is high. Many small companies offer indistinguishable services, which makes price a sticking point for clients.
Learn about the performance of the top companies in the industry.
HR and recruitment companies operate in a fragmented landscape. Many players are small- and medium-sized companies that operate in one local area or industry.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Regulations can vary greatly between countries. Japan and the European Union have strict rules, while others have very few laws regarding HR and recruitment companies.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wages comprise a strong majority of revenue. Most tasks can’t be automated, so providers must employ skilled and knowledgeable employees.
Including values and annual change:
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Key data sources globally include:
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The market size of the Global HR & Recruitment Services industry in Global is $893.9bn in 2024.
There are 1m businesses in the Global HR & Recruitment Services industry in Global, which has grown at a CAGR of 5.2 % between 2019 and 2024.
The market size of the Global HR & Recruitment Services industry in Global has been growing at a CAGR of 1.9 % between 2019 and 2024.
Over the next five years, the Global HR & Recruitment Services industry in Global is expected to grow.
The biggest companies operating in the Global HR & Recruitment Services market in Global are Randstad NV, The Adecco Group and ManpowerGroup Inc.
Employment agencies or registries and Employment referral agencies or registries are part of the Global HR & Recruitment Services industry.
The company holding the most market share in Global is Randstad NV.
The level of competition is high and increasing in the Global HR & Recruitment Services industry in Global.