At 13.8% CAGR, Asia Pacific Staffing and Recruitment Market is Projected to be Worth US$ 4,44,818.76 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific staffing and recruitment market was valued at US$ 1,58,137.02 million in 2023 and is expected to reach US$ 4,44,818.76 million by 2031, registering a CAGR of 13.8% from 2023 to 2031. Rise in youth population and automation and AI-driven recruitment are among the critical factors attributed to drive the Asia Pacific staffing and recruitment market growth.

The youth (aged under 30) constitute more than half (i.e., 33%) of the population across the globe. The magnitude of this youth population varies significantly globally, with 1.2 billion young population aged between 15 to 24 years, accounting for 16% of the global population. According to Sustainable Development Goals (SDGs), by 2030, the number of youths is projected to grow by 7%, reaching 1.3 billion. The significant growth in the youth population presents an opportunity and the need for renewed efforts and investments to create new jobs. The rising number of youth population creates a larger pool of potential job candidates, which increases the requirement for skilled staffing and recruitment professionals. Thus, generating opportunities in the market during the forecast period. According to the International Labour Organization (ILO), in July 2023, India had the largest youth population across the globe, with around 66% of the population (more than 808 million people) under the age of 35. The huge population of India has played a key role in achieving the country’s objective. The country is also planning to provide the required skills and leverage the youth population to boost employability, entrepreneurship and capacity development in tier 2,3,4 towns in India. Increasing government initiatives and support to develop skills of the youth population is also driving the market. Growing demand for IT specialists or technicians to manage the technical complexities of business requires skilled workers in various industries. The dominance of technology in the business for managing day-to-day operation mandate entrepreneurs to update themselves with the new technology or hire skilled workers. Hiring an IT technician requires appropriate staffing and recruitment agencies that are capable of fulfilling the vacant position. Today’s youth are highly attracted to new technology and eager to learn and use it in their tasks. Companies across the globe are transforming their operation by implementing new technologies such as artificial intelligence (AI), big data, internet of things, and others. These technologies should be appropriately used to skill and empower the youth in their jobs. AI technology is highly adopted to reduce the manual staffing and recruitment process. Increased digitalization offers lucrative opportunities by creating new jobs and entrepreneurship. Thus, the increasing youth population in the India will generate the need for new job creation drives the staffing & recruitment market growth during the forecast period.

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

Based on staffing type, the Asia Pacific staffing and recruitment market is bifurcated into temporary and permanent. The temporary segment held 62.8% market share in 2023, amassing US$ 99,334.47 million. It is projected to garner US$ 2,94,556.43 million by 2031 to register 14.6% CAGR during 2023–2031.

In terms of recruitment channel, the Asia Pacific staffing and recruitment market is categorized into online, hybrid, and offline. The online segment held 52.6% share of Asia Pacific staffing and recruitment market in 2023, amassing US$ 83,177.01 million. It is anticipated to garner US$ 2,52,980.19 million by 2031 to expand at 14.9% CAGR during 2023–2031.

By end user, the Asia Pacific staffing and recruitment market is segmented into IT & telecom, BFSI, healthcare, retail & e-commerce, and others. The IT & telecom segment held 38.0% share of Asia Pacific staffing and recruitment market in 2023, amassing US$ 60,125.18 million. It is projected to garner US$ 1,85,806.52 million by 2031 to expand at 15.1% CAGR from 2023 to 2031. Furthermore, the healthcare segment is subsegmented into hospitals & clinics, pharmaceutical, and others.

Based on country, the Asia Pacific staffing and recruitment market is categorized into China, Japan, South Korea, India, Australia, Thailand , Vietnam, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.7% share of Asia Pacific staffing and recruitment market in 2023. It was assessed at US$ 48,578.48 million in 2023 and is likely to hit US$ 1,55,150.11 million by 2031, registering a CAGR of 15.6% during 2023–2031.

Key players operating in the Asia Pacific 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 November 2022, Singapore-based technical services company International Commissioning & Engineering Pte Ltd (ICE) has been acquired by Brunel. ICE is a Project Risk Assurance and Commissioning & Startup firm that focuses on coordinating and delivering large-scale Oil & Gas, Infrastructure, and Energy projects. Brunel aims to offer a distinctive combination of its global recruitment, workforce, and mobilization services with ICE's specialist project assurance, execution, and delivery expertise, following the merger.
• In December 2022, Hays, a global leader in workforce solutions and specialist recruitment, has announced the opening of a new office in Bangkok, Thailand. This expansion aims to strengthen Hays' presence and capacity in Asia and enhance partnerships in its seven operating markets, including China, Hong Kong SAR, Japan, Malaysia, Singapore, India, and now Thailand. The decision to expand into Thailand is part of Hays' strategy to grow its footprint in Asia, considering Thailand's proximity to Malaysia and the significant number of international and domestic companies with investments and operations in various industries.

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