According to DataHorizzon Research, The temporary labor market size was valued at USD 511.7 Billion in 2022 and is expected to reach USD 930.7 Billion by 2032 at a CAGR of 6.3%.
Fort Collins, Colorado, Sept. 28, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Temporary Labor Market Size, Growth, Share, Statistics Report, By Labor Type (Unskilled, Skilled, Professional), By Industries (FMCG, BFSI, IT, Construction), By Contract (Fixed, Temporary), By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, The temporary labor market size was valued at USD 511.7 Billion in 2022 and is expected to reach USD 930.7 Billion by 2032 at a CAGR of 6.3%. Temporary employment is when workers are hired/engaged for a specific period per the company's requirement. It can be project-based, task-based, or seasonal contracts as well. For instance, the nature of temporary employment encompasses peak festive seasons, delivery services utilize temporary labor to assist in fulfilling orders, and clerical workers who work in the real estate industry can be beneficial in the peak seasons. Besides, project-based short-term employment includes hiring insurance brokers and retail store employees.
Temporary laborers can help cover seasonal fluctuations in manpower needs, such as spiked demand for products or services. It helps retain the staff, commonly called relievers and helps when permanent employees are unavailable for various reasons. This benefits organizations that offer remote jobs, such as third-party staffing and recruiting for various companies that come under a contractual basis. Temporary labor also reduces the time taken in the hiring process, helps the organization save hiring costs, and has benefits like insurance and annual bonuses.
The temporary labor market benefits employers by getting them the most suitable personnel for the job. The tenure of the personnel depends on the expectations fulfilled. People seek remote employment because many companies operate outside their home country mainly for cost-cutting with temporary and contractual jobs for people from other demographics.
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Report Snapshot:
| Report Title | Temporary Labor Market |
| Market Size in 2022 | USD 511.7 Billion |
| Market Size by 2032 | USD 930.7 Billion |
| CAGR from 2023 to 2032 | 6.3% |
| Largest Market | Europe |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Labor Type | Unskilled, Skilled, Clerical, Professionals |
| By Industries | FMCG, BFSI, Healthcare, IT, and Construction |
| By Contract | Fixed and Temporary |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Adecco, Randstad, Manpower Group, Robert Half International, Westaff, Persol Holdings, Hays Pic, Kelly Services, Allegis Group |
Segmentation Overview:
The global temporary labor market has been segmented as labor type, industries, contract, and region.