The global temporary labor market size is projected to touch USD 673.43 billion by 2025, according to a new report by Million Insights. The market is projected to register a CAGR of 6.4% over the forecast duration. The need to employ extra labors in additional projects during peak working periods are supplementing the market demand.
With the evolution of various technologies such as Virtual Reality (VR) and Augmented Reality (AR), the demand for skilled labor has increased significantly. Small and large enterprises are hiring temporary employees to reduce the cost of the projects and increase the efficiency of their operations.
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Further, governments across the globe are introducing various programs such as smart cities construction, healthcare schemes and others. Additionally, countries are also introducing programs for guest workers where workers from other countries work in host countries. For example, H-2B and H-2A programs in the U.S allow owners of the farms to bring workers for different tasks including agricultural and non-agricultural.
Unlike regular workforce, in temporary employment, employers are not obliged to offer different benefits such as health insurance, retirement security and different other compensations. Thereby, the total cost of hiring reduces significantly. Such advantages to employers encourage them to hire temporary labors.
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Further key findings from the report suggest:
• The management labor type segment is anticipated to grow at a CAGR of 11.0% over the forecast duration.
• Among different end-use, the healthcare segment is projected to register a CAGR of 8.3% over the forecast period.
• Europe is estimated to be the largest region in terms of value with share expected to reach USD 222.37 billion by 2025. This growth is largely attributed to the growing popularity of online food services.
• Leading players of the temporary labor market are Allegis Group, Manpower Group Inc., Westaff, Hays plc, and Robert Half International Inc. among others.
Million Insights has segmented the global temporary labor market on the basis of labor type, end use, and region:
Temporary Labor Type Outlook (Revenue, USD Billion, 2014 – 2025)
Temporary Labor End-use Outlook (Revenue, USD Billion, 2014 – 2025)
• FMCG & retail
• Logistics & Telecom
Temporary Labor Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
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