Chicago, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The U.S. IT staffing market is expected to grow at a CAGR of over 5.05% during the period 2021−2027. Texas, Florida, and Virginia are key states accounting for a high share of the Southern US in the US IT staffing market.
KEY HIGHLIGHTS OFFERED IN THE REPORT:
- The IT staffing market continues to be an integral part of the overall staffing industry in the US. The trend of a rising contingent workforce driven by the need for scalability, flexibility, and minimized risk is fueling the growth of the IT staffing market in recent years.
- In terms of end-user industries, tech/telecom, BFSI, and healthcare are expected to compete among each other to gain a higher share of the IT staffing market in the US due to consistent growth in demand for IT professionals in these domains
- The Southern US dominated the US IT staffing market, accounting for the highest share of 37.58% of the market revenue in 2021. This highest share of this region can be attributed to the presence of certain leading states in tech employment.
- The IT staffing market in the US is largely driven by the improving US economy and is one of the most highly fragmented markets across the diverse verticals of staffing. The market has comparatively low entry barriers that push vendors to consider innovation and differentiation in terms of their client offerings.
- Large staffing companies with their vast network and pool of resources are rapidly expanding their footprint in the market. Thus, smaller and local vendors have a high probability of getting acquired by these companies. The competitive environment in this market is likely to intensify further with an increase in product/service extensions, technological innovations, and M&As
- A crucial factor that is fueling the growth of the IT staffing market is the expected increase in billing rates in the country. The higher billing rates are expected to account for a large share of the overall revenue growth of the staffing market in the US.
KEY OFFERINGS:
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by skillset, end-user, and geography
- Competitive Landscape – 5 key vendors and 25 other vendors
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U.S. IT STAFFING MARKET – SEGMENTATION
- The demand for software developers in the US is expected to grow by almost 25% by 2025. This, in turn, is expected to increase the count of the number of software engineers in the US from the current level of about 3.5 million.
- The business/systems analysts have observed rising demand across the banking & financial services industry over the past few years. The demand for high-quality data monitoring along with strong industry knowledge is a key requisite for such skilled professionals.
- One of the fastest growing and demanding sectors for IT professionals in the US is the healthcare sector. Over the past 5–6 years, IT has brought about a complete revolution in the healthcare sector across the globe, including the US. One of the most relevant industries across the US, healthcare is expected to witness rising demand.
Segmentation by Skillset
- Software Engineers/ Developers/ DevOps
- Project Management
- Business/Systems Analyst
- Help Desk/ Technical Support
- Software Architect
- QA/Testing
- Networking
- Security
- Data Analytics
- Cloud Computing
- Mobile App Developer
Segmentation by End-user
- Tech/Telecom
- BFSI
- Healthcare
- Manufacturing
- Others
Segmentation by Geography
- Southern United States
- Western United States
- Northeastern United States
- Midwestern United States
U.S. IT STAFFING MARKET – DYNAMICS
The IT staffing market in the US is currently witnessing a wave of transformations owing to the digital and innovative technological adoptions across the IT sector in the country. The modern-day era of digital innovations and technologies such as AI, Machine Learning, Blockchain, Internet of Things, Robotics, and Data Analytics, among others, are pushing companies to adopt new and innovative approaches for project execution. These projects often require skills that are hard to find in just one professional, thereby the need to hire people with maximum skills at a low cost, drives the IT staffing firms to operate smartly. This in turn also urges companies to hire/recruit individuals with specific skill sets, thereby adding a lesser burden of a long-term association and responsibility towards the employee. The short-term association model works well for companies that in turn opt to take assistance from the IT staffing firms with the best of potential candidates for their projects.
KEY DRIVERS AND TRENDS FUELING MARKET GROWTH:
- Freelance & GIG Economy Expansion
- Referral Relevance of Staffing
- IT Spending Bolstering Staffing
- Rising Demand for Workforce Retention
U.S. IT STAFFING MARKET – COMPETITIVE LANDSCAPE
IT staffing continues to remain one of the key business segments for vendors within the staffing industry owing to the immense staffing opportunities that the segment offers. The IT staffing market in the US is largely driven by the improving US economy and is one of the most highly fragmented markets across the diverse verticals of staffing. The market has comparatively low entry barriers that push vendors to consider innovation and differentiation in terms of their client offerings. Vendors usually gain an edge over their competitors through differentiated offerings, which could range from updating and enhancing an efficient applicant tracking system to adopting a region-specific market expansion strategy. With specialization being one of the key focus areas for vendors in the IT staffing market, major players concentrating on STEM skills sets continue to enjoy growth and profit.
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Major Vendors
- TEKsystems
- ASGN Incorporated
- Insight Global
- Randstad
- Kforce
Other Prominent Vendors
- Acro Service Corporation
- ALKU
- American CyberSystems
- Artech Information Systems
- Beacon Hill Staffing
- BG Staffing
- Collabera
- Compunnel Software group
- Consulting Solutions International
- Digital Intelligence Systems
- DIVERSANT
- Experis
- Modis
- Mastech Digital
- MATRRIX Resources
- Mindlance
- NTT DATA
- Optomi
- Robert Half International
- Rose International
- Signature Consultants
- System One
- VACO
- Vincent Benjamin
- vTech Solution
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