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.
Asia Pacific is the leading region for temporary labor markets. Employment opportunities and a wider presence of several players are anticipated to encourage market growth in the regional markets. Europe is a fast-growing market and is projected to account for a dominant position in the following years. Travel and tourism offer multiple employment opportunities on a temporary basis in the European market.
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Temporary Labor Market Report Highlights:
- The temporary labor market growth is projected at USD 930.7 Billion at a CAGR of 6.3% by 2032.
- The growing demand for labor in the job market is significantly driven by market growth. The changing nature of employment and potential benefits associated with temporary labor are expected to offer more growth in the global market.
- The clerical segment holds the largest market share in the temporary labor segment market. Positions for which temporary laborers are hired as receptionists, typists, office secretaries, and computer operators.
- The healthcare industry dominates the segment because of continuous vaccination programs worldwide.
- Some prominent players in the temporary labor market report include Adecco, Randstad, Manpower Group, Robert Half International, Westaff, Persol Holdings, Hays Pic, Kelly Services, and Allegis Group.
Key Developments in the Industry:
- Recently, in 2023, United Parcel Service (UPS) is planning to hire more than 100,000 temporary workers to cope with the upcoming holiday rush across the nation. The employment opportunities with UPS would happen in shifts across multiple locations in the U.S. The company also states that it will be a five-year contract-based employment that adds to the revenue and company management.
- France reported a decline of 2.3% in the number of temporary workers in July 2023, amidst the business slowdown in several sectors. However, the construction sector maintained an upper hand throughout the year, while other sectors, such as industrial, transport, trade, and services, witnessed a decline in manpower.
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Temporary Labor Market Report Segmentation:
Temporary Labor Market, By Labor Type (2023-2032)
- Unskilled
- Skilled
- Clerical
- Professional
Temporary Labor Market, By Industries (2023-2032)
- FMCG
- BFSI
- IT
- Healthcare
- Construction
Temporary Labor Market, By Contract (2023-2032)
- Fixed
- Temporary
Temporary Labor Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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