The global temporary labor market size is projected to touch USD 673.43 billion by 2025, according to a new report by Million Insights. The market is projected to register a CAGR of 6.4% over the forecast duration. The need to employ extra labors in additional projects during peak working periods are supplementing the market demand.
With the evolution of various technologies such as Virtual Reality (VR) and Augmented Reality (AR), the demand for skilled labor has increased significantly. Small and large enterprises are hiring temporary employees to reduce the cost of the projects and increase the efficiency of their operations.
Further, governments across the globe are introducing various programs such as smart cities construction, healthcare schemes and others. Additionally, countries are also introducing programs for guest workers where workers from other countries work in host countries. For example, H-2B and H-2A programs in the U.S allow owners of the farms to bring workers for different tasks including agricultural and non-agricultural.
Market Share Insights
Major players in the market include Allegis Group, ManpowerGroup Inc., Robert Half International Inc. Westaff, Hays plc, Randstad N.V, Kelly Services, Inc., Persol Holdings Co. Ltd and Adecco. These players are engaged in designing new products and services with an aim to get a competitive edge in the market. For example, ManpowerGroup Inc. launched IntelliReach, which will digitalize management tools.
Further, players are emphasizing mergers and acquisitions to strengthen their dominance in the market. For example, Adecco, in September 2017, acquired Biobridge LLC to expand its base in professional staffing offerings in the field of medical devices, pharmaceuticals, and biotechnology.
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Regional Insights
In 2018, Europe occupied the largest market share by value and accounted for USD 149.61 billion. The rise in the number of temporary workforce in manufacturing sectors including automobiles is proliferating the growth in the region. Further, the demand for temporary labor is projected to grow with an increasing number of enterprises in Europe.
On the other hand, Asia Pacific is predicted to grow at a steady rate over the next few years. The introduction of several healthcare programs by governments is anticipated to fuel the demand for temporary healthcare workers in the region. For example, the Indian government has introduced different healthcare programs such as Pradhan Mantri Swasthya Suraksha Yojana (PMSSY), National Aids Control Program, and National Vector Borne Disease Control Program (NVBDCP). Such schemes are projected to create the need for temporary laborers, thereby, attributing to the growth of the market.
COVID-19 Impact Insights
The temporary labor market has witnessed a mixed response owing to the outbreak of COVID-19. The pandemic has led to the closure of various activities including manufacturing, mining, and construction among others. The social distancing norms and growing focus on curbing the COVID-19 spread have led to labor migration, consequently, affecting the market growth.
However, with the systematic reopening of economies, the demand for temporary labor is rising owing to their easy and cost-effective procurement. The significant drop in the temporary labor requirement has caused unemployment both skilled and unskilled labor, this makes the availability of labor easy.
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