The global staffing industry generated an estimated $466 billion of revenue worldwide in 2017, according to the latest update to Staffing Industry Analysts’ global staffing market forecast. Three countries — the US, Japan and the UK — comprised a majority of the revenue, and the top 17 countries combined accounted for 90% of total global staffing revenue.
Ninety percent of staffing revenue was made up by temporary staffing.
SIA predicts global staffing revenue will continue to grow by 6% for both this year and in 2019, on a constant currency basis; strong growth in Japan, China, India and several markets in continental Europe is expected to offset slower growth in the US, the UK and Australia.
“It’s important to take into account that this $466 billion of revenue does not include the entire ‘gig’ economy; it is our estimate of the size of the global staffing market, composed of temporary staffing, which is only part of the gig workforce, and of the place & search market, which we do not associate with gig work,” said Tony Gregoire, SIA’s director of research for the Americas.
Growth in the US temporary staffing market, the world’s largest staffing market, is expected to accelerate to 4% this year from 3% in 2017. Though the more favorable economic conditions are expected to continue into 2019, SIA projects growth will decelerate back to 3% as the expansion matures and increases on top of record levels become more challenging. One headwind has been a scarcity of labor supply, noted in a variety of occupations from industrial to IT roles.
Staffing Industry Analysts expects growth in Japan, the second-largest market, to remain at 10% both this year and next.
Published twice annually, the report provides estimates and forecasts for the staffing industry by revenue and segment, with additional labor market information including regional and historical data and a ranking of the 17 largest countries in terms of staffing industry revenue.
SIA corporate members and CWS council members can download the full “Global Staffing Industry Market Estimates and Forecast: November 2018 Update” report online.