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The global employment services market is projected to hit US $354.3 billion by the year 2017. Market growth is set to be predominantly driven by an increase in enterprise numbers, GDP trends, rising need for human resources, and increasing role of Internet in the employment services market.
The employment services market is counted among the most adversely affected markets during times of crisis due its high dependence on a strong employment environment. The recession in recent years, led several companies resorting to cost cutting through massive laying-offs, freeze on new hiring, and salary cuts.
The global employment services market is highly competitive and extremely fragmented. Various local players dominate in discrete regional markets. The fragmented nature of the industry creates a situation wherein entry barriers are minimal. Liberalisation of world economies and entry of multinational companies has paved the path for increased competition in different regional markets.
The recession has exhibited the advantages of diversification, both in terms of industries as well as geographic markets for recruitment companies. For instance, employment services in Asia-Pacific and the Middle East fared better than their counterparts in the developed countries.
Additionally, while sectors such as construction, computing, and IT were battered the most, sectors such as medicine, education, and food were relatively less affected by the recession.
Europe represents the largest employment services market worldwide. Asia-Pacific is projected to lead the growth rate chart owing to rapidly developing economies such as China, India and South East Asia. Major employment service providers are foraying into the lucrative Asia-Pacific, East Europe and Latin American markets, while those who are already present in the market are strengthening services.
For more information on the employment services market, see the latest research: Employment Services Market Report
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