Global Contingent Workforce Management Market to Grow at a Fascinating CAGR of 10.5% in the 2022-2031 Timeframe [280-Pages] | Details by Research Dive
The global contingent workforce management market is expected to grow primarily due to the rising use of a contingent workforce. Flexible staffing sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, April 19, 2023 /PRNewswire/ -- Global Contingent Workforce Management Market Forecast Analysis:
As per the report published by Research Dive, the global contingent workforce management market is expected to register a revenue of $465,192.9 billion by 2031 at a CAGR of 10.5% during the forecast period 2022-2031.
Segments of the Contingent Workforce Management Market
The report has divided the market into the following segments:
- Type: permanent staffing and flexible staffing
- Flexible Staffing – Most dominant in 2021
Hiring contingent workers is one method of using flexible staffing in business. Flexible work arrangements help businesses boost productivity, minimize costs, and promote employee engagement, which is expected to boost the growth of the market. - Storage: BFSI, It and telecom, healthcare, business/professional service, manufacturing- automotive, retail trade, manufacturing- consumer products, pharma/biotech/medical equip, government (excluding education), manufacturing-others, transportation/warehousing/packaging, real estate and rental leasing, and others
- Business/Professional Service– Highest market share during the forecast period.
Professional services companies specialize in a particular skill or area, allowing business owners to concentrate on their core capabilities. Instead of a physical, real object, they offer concepts and knowledge to help businesses succeed. This is expected to push the growth of this sub-segment further. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
The increasing labor force participation rate and quick industrialization have boosted the need for flexible workforces from businesses in a variety of industries such as ITES/BPO, manufacturing, and retail sectors in this region.
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Dynamics of the Global Contingent Workforce Management Market
Increased adoption of flexible work options and the ability of contingent workforce management solutions to manage workers in the industrial sector are expected to make the contingent workforce management market a highly profitable one in the forecast period. Additionally, firms are increasingly adopting digital management solutions because of layoffs and remote work during the pandemic, which is predicted to propel the market forward. However, the increasing co-employment contingent workforce management might become a restraint in the growth of the market.
Growing usage of the contingent workforce in the IT and telecom sectors is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, using a contingent workforce allows tech organizations to hire employees without making a long-term financial commitment and experts with the necessary experience, which is expected to propel the market growth further in the coming period.
COVID-19 Impact on the Global Contingent Workforce Management Market
The novel coronavirus outbreak had a significant impact on how individuals worked, leading to an increase in employees working remotely. However, a trend that has considerably increased is the rise in demand for contingent workers and ultimately contingent workforce solutions. Organizations adopted flexible working options due to the implementation of social distancing norms and worldwide lockdowns during the pandemic; this helped people and businesses recognize the benefits of using outsourced workforces. Investments in contingent workforce management solutions significantly increased due to the growing need to streamline expenditures amidst the pandemic. Hence, these factors have had a positive impact on contingent workforce management market growth amidst the pandemic.
Key Players of the Global Contingent Workforce Management Market
The major players of the market include
- Impartx
- Beeline
- BOWEN Group
- Coupa Software Inc
- SAP SE
- CXC Global
- Ramco Systems
- Zeel Solutions Ltd.
- Magnit
- P Avature
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in October 2022, Eightfold AI, a leading provider of AI-powered talent intelligence, announced the launch of Eightfold Talent Flex during Unleash World 2022. Eightfold Talent Flex offers HR and procurement professionals an AI-powered solution to effectively find and manage high caliber contingent workers at scale.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Contingent Workforce Management Market:
- How Digitization Can Help Contingent Workforce Management be "Future Ready"
- Global Contingent Workforce Management Market to Generate $465,192.9 Billion Due to Increasing Applications in IT and Telecommunications Industry by 2031
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