Global IT Staffing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global IT Staffing Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global IT Staffing market finds that the global IT Staffing market reached a value of USD 60053.1 million in 2022. It’s expected that the market will achieve USD 88911.03 million by 2028, exhibiting a CAGR of 6.76% during the forecast period.

Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization has declared it an emergency public health event. The COVID-19 epidemic is infected with a large number of people, and its spread and scope far exceed SARS. At present, the number of confirmed cases in Worldwide has exceeded 7 million. Different industries are affected differently by the epidemic situation. The impact on IT Staffing is mainly reflected in the downstream market demand.

For the downstream industry, during the COVID-19 epidemic, in order to firmly prevent the spread of epidemics, governments have promulgated measures to extend vacations, delay business recovery, flow control and traffic control measures, and postpone recovery activities. COVID-19 has a huge impact on the operation of the industry, of which the impact on SMEs is more obvious. The company's inability to conduct normal operations and sales has exacerbated the shortage of funds for SMEs and reduced the company's solvency. Some small and medium-sized enterprises are in trouble or even bankrupt. The bankruptcy of small and medium-sized enterprises in the downstream application market due to the broken capital chain has affected the demand for IT Staffing to a certain extent. Coronaviruses bring uncertainty to global companies and cause many employees to worry about their work. This is where the staffing industry can provide great help in alleviating this problem. Many of staffing industry clients, particularly in the hospitality industry and certain light industrial spaces, are experiencing severe and immediate business contractions. Others, including healthcare and certain logistics-related sectors, are experiencing increases in demand.

Drivers

Downstream applications continue to increase
The demand for technology in any industry is increasing, but according to relevant surveys, certain vertical industries are extremely in need of scientific and technological personnel. Professionals in healthcare, finance and manufacturing are increasingly demanding tech talent in their respective industries.
For example, in the healthcare industry, there is a need for modern and innovative technology to better perform patient care. In the financial services industry, security and data practitioners are also in demand, because security has become the company's primary consideration. Automation is affecting manufacturing, and manufacturing is seeking innovative IT professionals to help them adapt to the automation process.
In the fields of cloud technology, open resources, mobile, big data and security, the demand for scientific and technological talents is the largest. As the pressure on the company's demand for talent increases, the management is more willing to hire employees with less technical background, because these people have great potential and strong desire for knowledge. Therefore, the increase in demand for downstream applications will provide more powerful support for recruitment services in the IT Staffing market.

Limitations

IBM's research lists the four most important technology trends: big data and analysis, cloud computing, mobile, and social networking. This research shows that early adopters of these technologies are more likely to achieve business goals by accelerating innovation, enhancing the consumer experience, optimizing decision-making processes, and improving employee effectiveness, compared to companies that have not yet adopted these technologies.
Big data and analytics, cloud computing, mobile, social networking-all require high-level IT skills. The shortage of technical talent is a global phenomenon. The above four important technology trends all require solid programming skills as the basis, but also need to adapt to the rapidly changing business and technical environment, and require technical experts to have the ability to learn quickly and communicate smoothly. This requirement of compound skills makes it more difficult for organizations to obtain the talents they need. Secondly, People in some niche areas, such as cryptography, security and other fields, even in the fields of artificial intelligence and machine learning, it is still difficult to hire. This will become one of the challenges in the IT Staffing market.

Region Overview:

Geographically, North America held the largest market share – 36.73% in 2022.

Company Overview:

TEKsystems (Allegis Group) is one of the major players operating in the IT Staffing market, holding a share of 6.66% in 2023.

TEKsystems (Allegis Group)

Main field: IT Services, IT Talent Management Expertise, Staffing Services, Digital Services, Advisory Services, Co-led Services, Enterprise Services, DevOps and Automation, Risk & Security, Cloud Enablement and Migration, Enterprise Applications, Telecom Design and Implementation and Technology Operations

ASGN Incorporated

ASGN Incorporated (NYSE: ASGN) is one of the foremost providers of IT and professional services in the technology, digital, creative, engineering, and life sciences fields across commercial and government sectors.

Segmentation Overview:

As for product types, the Contract-to-Hire Staffing Service segment held the largest market share in 2022.

Temporary Staffing Service

Temporary staffing services enable companies to facilitate coverage during peak workloads, staff for finite projects and awarded contracts, and cover short-term absences due to vacation, PTO, maternity leave, and more.
In many cases, temporary and contract to hire roles are mutually beneficial to both employees and companies due to the flexibility they provide.

Long-term Staffing Service

Some positions are constant, long-term and require a full-time hire.
However, staffing agencies face different limitations in terms of short-term and long-term solutions. Short-term staffing may last several days to several weeks, while long-term staffing may exceed three years. The complex issues involved in long-term employment will be managed in accordance with the agreement signed between the employee service company and the customer. When the working time exceeds six weeks, it is regarded as long-term work. Under certain conditions, if the employer wishes to retain the service, they can extend the contract period or hire temporary employees for long-term employment. In many cases, the employment period can be extended to a longer period.

Contract-to-Hire Staffing Service

Contract to hire jobs to offer candidates short-term employment with the opportunity to become full-time employees at the end of the contractual period. In many cases, contract to hire positions is mutually beneficial to both candidates and employers.
Contract to hire positions to provide an employee with the flexibility of a short-term placement and the opportunity to try out a company before engaging in a full-time commitment.

Application Overview:

The market's largest segment by application is the segment Software, Internet and Communications, with a market share of 45.33% in 2022.

Key Companies in the global IT Staffing market covered in Chapter 3:

Kelly Services
MATRIX Resources, Inc.
Kforce
Recruit Holdings
Synergie
Robert Half International
Insight Global
Randstad NV
TEKsystems (Allegis Group)
Artech Information Systems llc
Hays
ManpowerGroup
Collabera
ASGN Incorporated
Adecco
Impellam Group
Express Employment Professionals

In Chapter 4 and Chapter 14.2, on the basis of types, the IT Staffing market from 2018 to 2029 is primarily split into:

Temporary Staffing Service
Long-term Staffing Service
Contract-to-Hire Staffing Service

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the IT Staffing market from 2018 to 2029 covers:

Aerospace and Defense
Automotive and Transportation
Energy
Electronics and Semiconductors
Software, Internet and Communications
Industrial Manufacturing
Life Science and Health
Financial Services
Public Sector and Infrastructure
Retail & Logistics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)