Rising population, increasing demand for flexible workforces, shifting demographics, and labor force participation rates drive the growth of the global contingent workforce management market. On the other hand, workers are likely to have difficulty incorporating into the organization and may suffer from low morale. Also, contingent workforce management lack commitment to the organization when compared to core workers. These factors restrict market growth to some extent. However, the emergence of AI will present new growth opportunities for the global contingent workforce management market in the coming years.
The global contingent workforce management market generated $171.5 trillion in 2021 and is estimated to reach $465.2 trillion by 2031 witnessing a CAGR of 10.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Contingent Workforce Management Market Segment Review
The business/professional Service segment is projected to witness the fastest growth rate:
Based on end-user industry, the IT and telecom segment is expected to rule the roost during the forecast period. However, the business/professional Service segment is projected to witness the fastest CAGR of 14.1% from 2022 to 2031. The term “business/professional service” is broad and encompasses a wide range of businesses. Professional services can include any responsibilities that a business owner might need to outsource in order to devote more time to their top priorities. The report also analyzes BFSI, healthcare, manufacturing-Automotive, business/ professional service, retail trade, pharma/biotech/medical equipment, manufacturing-consumer products, government (excluding education), transportation/warehousing/packaging, Manufacturing-others, real estate and rental leasing segments.
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The flexible staffing segment to dominate in terms of revenue during the forecast period:
Based on type, the flexible staffing segment contributed to the largest share of nearly four-fifths of the global contingent workforce management market in 2021 and is expected to maintain progressive growth during the forecast period. HR departments and other departments use a contingent workforce instead of hiring permanent employees to solve changing business and operational challenges. However, the permanent staffing segment is projected to witness the fastest CAGR of 11.9% from 2022 to 2031. Permanent staffing refers to the process of supplying essential individuals for long-term employment based on predefined candidate criteria.
North America garnered the major share in 2021:
Based on region, North America garnered the highest share in 2021, accounting for more than half of the global contingent workforce management market revenue and is expected to rule the roost during the forecast period. The segment is driven by rapid industrialization, and rising labor force participation, which has increased the demand for flexible workforces from businesses in a variety of industries, including the healthcare, IT and telecom, manufacturing, and retail sectors in North America region. On the other hand, Asia-Pacific region is projected to witness the fastest CAGR of 15.1% from 2022 to 2031. This is due to most IT companies based in the Asia-Pacific region hiring employees as a contingent workforce.
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Contingent Workforce Management Market Key Players
- PRO Unlimited Inc.
- cxc global
- the bowen group
- Ramco Systems Ltd.
- SAP SE
- Coupa Software Inc.
- IMPARTX
- avature, Beeline
- Zeel Solutions Ltd.
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