North America Staffing and Recruitment Market Forecast to 2031 - Regional Analysis - by Staffing Type, Recruitment Channel, and End User [IT & Telecom, BFSI, Healthcare, Retail & E-Commerce, and Others]

The North America staffing and recruitment market was valued at US$ 2,79,685.90 million in 2023 and is expected to reach US$ 6,98,629.76 million by 2031; it is estimated to register a CAGR of 12.1% from 2023 to 2031.

Huge Job Opportunities in BFSI and IT Sectors Fuel North America Staffing and Recruitment Market

The BFSI and IT industry at global level is growing at an unprecedented pace. According to The World Bank data, small and medium enterprises (SMEs) play a major contributor to job creation and global economic development. It represents around 90% of businesses and over 50% of employment worldwide. According to the same source, by 2030, SMEs will create approximately 600 million jobs, due to government initiatives & support to expand the private sector. The growth in the SME sector has had a significant impact on economic growth, which is essential for sustainable development.

SMEs help to create jobs, generate income, and promote innovation by providing opportunities for entrepreneurship and innovation, which increases business productivity and economic growth. The expansion of SMEs is generating more job opportunities in the economy. These factors are projected to fuel the market soon. Within the BFSI industry, technology accounts for about a third of all new jobs, owing to increasing demand for development, IT management, and IT analyst roles.

According to Project Management Institute, Inc., vast vacancies for project management positions are expected to open in the coming years, and nearly 2.3 million employees are needed to fill all the project management-oriented positions each year. Companies are focusing on hiring problem solvers and relationship builders to deliver strategic value by remaining competitive in the market, which requires staffing and recruitment professionals to fill these positions.

North America Staffing and Recruitment Market Overview

The US, Canada, and Mexico are the major contributors to the North America staffing and recruitment market . North America is a leading region in terms of developing and accepting new, advanced technologies. The staffing and recruitment industry is projected to increase significantly due to the presence of various human resource management (HRM) solution providers. Businesses in the US are focusing on enhancing employee’s efficiency and productivity by implementing HRM (human resource management) solutions in numerous activities such as payroll, time & attendance, and talent management, which fuels the market. Cloud-based solutions offer robust processing and ease of accessing the software for employers.

According to Glassdoor, each job opening gets more than 250 applications. The use of AI-based intelligent algorithms supports employers in filtering the candidate’s profiles that match closely to the job descriptions. The rising adoption of new technologies such as AI, cloud, and automation by small & medium size enterprises (SMEs) and other employers is boosting the global staffing and recruitment market in the region.

The US and Canada are considered developed countries in terms of modern technologies. The proliferation of staffing and recruitment industry is mainly attributed to easy access to new technologies, a rise in pharmaceutical manufacturing, and a surge in labor costs in emerging markets. The rising use of technologies in the last five years has fueled the staffing and recruitment software in the region. Prominent staffing software providers in the industry, such as Bullhorn, Inc.; Avionté; and Ceipal Corp.; are focusing on acquisitions and product launches to increase their customer base, thereby boosting the market growth in the region. For instance, in January 2022, Bullhorn, Inc.

acquired Able to make significant investments in staffing agencies across the globe. With this acquisition, Bullhorn, Inc. is modernizing its business and reducing candidate drop-out. Also, Canada is becoming a more favorable country for manufacturing activities due to the availability of power at a lower cost, owing to advancements in the coal, metal, and oil industries. The expansion of manufacturing facilities is creating more job opportunities in Canada, which increases the demand for staffing and recruitment services among employers. Thus, the growing access to innovative technologies is transforming production processes along with enabling enterprises to reduce their production costs and time.

Further, the manufacturing sector in Mexico is also witnessing significant growth due to government initiatives for attracting FDIs, its proximity to the US, and its ability to achieve cost-competitiveness with the support of the North American Free Trade Agreement (NAFTA). Such favorable prospects are encouraging businesses in the region to make high investments in automation, which is supporting the growth of the staffing and recruitment market.

North America Staffing and Recruitment Market Revenue and Forecast to 2031 (US$ Million)

North America Staffing and Recruitment Market Segmentation

The North America staffing and recruitment market is categorized into staffing type, recruitment channel, end user, and country.

Based on staffing type, the North America staffing and recruitment market is bifurcated into temporary and permanent. The temporary segment held a larger market share in 2023.

In terms of recruitment channel, the North America staffing and recruitment market is categorized into online, hybrid, and offline. The online segment held the largest market share in 2023.

By end user, the North America staffing and recruitment market is segmented into IT & telecom, BFSI, healthcare, retail & e-commerce, and others. The IT & telecom segment held the largest market share in 2023. Furthermore, the healthcare segment is sub segmented into hospitals & clinics, pharmaceutical, and others.

Based on country, the North America staffing and recruitment market is segmented into the US, Canada, and Mexico. The US dominated the North America staffing and recruitment market share in 2023.

Adecco Group AG, Alliance Recruitment Agency, Brunel International NV, Hays Plc, Korn Ferry, Morgan Philips Group SA, NES Fircroft, and Randstad NV, are some of the leading companies operating in the North America staffing and recruitment market.

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