CAGR of 9% predicted for contract or temporary staffing market

Global temp and contract market to value $130 billion by 2030

For many businesses and organisations, the business case for contract and temp staffing seems rock solid. This assertion is borne out by a report on Global Contract or Temporary Staffing from market research and industry consulting firm Spherical Insights.

Late last year, the report valued the global contract and temporary staffing market size at $90 billion in 2021, with the segment projected to grow to $131.2 billion in 2030, suggesting a CAGR in excess of 9%.

Since then, the case for hiring contract or temporary workers has only got stronger, because it helps many businesses deal with their key staffing challenges that stem from the uncertain economic prospects faced by many nations:

• Worker shortages – large enterprises face shortages during peak periods or unexpected situations, requiring temporary labour to fill the gaps.
• Demand for specific skills – evolving technology fuels the need for skilled workers in using the latest tools for design, marketing, software development, and more.
• Bridging skills gaps – contract workers help bridge temporary skill gaps, especially when specific expertise is in high demand.
• Addressing seasonal peaks – retail and businesses with seasonal peaks hire temporary workers during busy periods to match demand and ensure customer satisfaction.

What does the global market look like?

Regionally, North America is the gravitational centre of the global contract and temporary staffing market due to the increasing uptake of staffing services. This trend is followed by Asia Pacific and Europe respectively. Demand for temporary employment is driven by demand from employers, but it is a lifestyle choice that has proved popular with workers.

• North America – The temp and contract staffing market in North America is the largest in the world, and the market is driven by the growth of the service sector.
• Asia Pacific – The temp and contract staffing market in Asia Pacific is growing rapidly, due to the economic growth of countries like China and India.
• Europe – The temp and contract staffing market in Europe is also growing, due to the ageing population and the need for flexible workforce solutions.

ETZ supports growth by streamlining the back office

The predicted growth of the market means that your agency operations are likely to grow substantially out to 2030. Whatever segment of the temp and contractor market your agency specialises in, ETZ streamlines your back office operations to create efficiency, reduce costs, support growth and maximise profitability.

To find out more, call us on 0800 311 2266 or book a demo.