With 9.2% CAGR, Staffing Agency Software Market Worth USD 772.8 Million by 2029
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Staffing Agency Software Market size is projected to reach USD 772.8 million in 2029, at a CAGR of 9.2% during the forecast period
Pune, India, July 14, 2022 (GLOBE NEWSWIRE) -- The global staffing agency software market size reached USD 390.9 million in 2021. The market value is estimated to rise from USD 418.3 million in 2022 to USD 772.8 million by 2029, exhibiting a CAGR of 9.2% during 2022-2029. The use of staffing agency software solutions across enterprises is increasing for sourcing, tracking, and recruiting candidates. The adoption of these solutions is higher across Small and Medium-sized Enterprises (SMEs). Rising technological advancements and digitalization in developing countries will drive the market growth during the projected timeframe, says Fortune Business Insights™, in its report titled “Staffing Agency Software Market, 2022-2029."
Key Industry Development:
March 2022 – EduThrill announced a partnership with Zoho Corporation to integrate the EduThrill suite of solutions with Zoho Recruit.
As enterprises shifted to work-from-home practices during the COVID-19 pandemic, they faced several unprecedented challenges. The pandemic has been extremely challenging for recruitment teams. Due to the shift in remote operations, the use of staffing software powered by AI and cloud increased significantly. As of 2020, over 65% of HR organizations already utilize AI for talent acquisition, while more than 77% use it for recruitment. These trends will positively influence the market growth in the next few years.
Improvements in Staffing Agency Software to Augment Market Growth
The staffing agency software market growth will be influenced by the ongoing improvements in existing products by integration of advanced technologies such as AI. As organizations prioritize providing efficient, cost-effective, and creative projects, they are seeking advanced solutions for improving working capital utilization and regulating company costs.
On the contrary, certain technical limitations could hamper the market growth in the coming years.
Segments:
By Type, Cloud Segment to Gain Traction during 2022-2029
In terms of type, the market is bifurcated into cloud and on-premise. The cloud segment is projected to capture the dominant market share and grow at the highest CAGR during 2022-2029, led by growing adoption of cloud technologies. On the other hand, the on-premise segment will record slower growth, owing to lower adoption rate.
By Application, SMEs to Generate Strong Demand for Staffing Agency Software
In terms of application, the market is segmented into small and medium-sized enterprises and large enterprises. Large enterprises being early adopters of new software solutions will likely to capture the majority market share through 2029. Meanwhile, the small and medium-sized enterprises segment could witness the highest CAGR during 2022-2029, owing to rapid adoption among SMEs.
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights:
North America to Dominate Market Share Led by Presence of Key Players
North America dominated the staffing agency software market share in 2021 with a revenue worth USD 196.1 million. The dominance of this region is due to the increasing adoption of AI, cloud, and other solutions across organizations.
Asia Pacific is slated to record the highest CAGR during 2022-2029 led by the increasing number of market players. Meanwhile, the market in Europe will capture a substantial market share through 2029, owing to rapid technology adoption.
Competitive Landscape:
Key Players Adopt Various Growth & Expansion Strategies to Boost Market Presence
Major market players are investing in R&D to develop new staffing agency solutions that help meet the unique needs of organizations. Increased focus on developing new, advanced solutions leads to increased competition in the global market. To sustain in the market, companies are also adopting strategies such as mergers, acquisitions, and partnerships.
List of Key Players Mentioned in the Report:
Zoho Corporation Pvt. Ltd. (India)
Ramco Systems Ltd (India)
Bullhorn, Inc (U.S.)
Avionté (India)
CEIPAL Corp (U.S.)
Main Sequence Technology, Inc. (U.S.)
Vicere (U.K.)
AkkenCloud (U.S)
JobDiva (U.S.)
JobAdder (Australia)
Quick Buy -Staffing Agency Software Market Research Report
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
