According to our latest market study on "On-Demand Staffing Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Deployment and Enterprise Size," the market is expected to grow from US$ 168.48 million in 2022 to US$ 386.24 million by 2028; it is expected to register a CAGR of 14.8% from 2022 to 2028.
On-demand staffing platform is a mobile marketplace that enables recruiting agencies to hire temporary workers, freelance professionals, and contingent staff for short-term positions. It allows candidates to share their work portfolios with companies, create online profiles, and search options for appropriate job openings based on their qualifications. Moreover, as it delivers a similar or higher-quality workforce compared to conventional sourcing channels, staffing companies are increasingly adopting on-demand staffing platforms to fill specific roles for temporary assignments. Furthermore, with consumers' changing demands and needs, there is a rapid technological advancement in terms of new employee hiring application in the staffing industry that optimizes filling open job orders by providing a seamless mobile experience for candidates, contributing to the on-demand staffing platform market growth. In May 2019, Indeed acquired Syft, a UK-based staffing platform. In April 2021, the company rebranded as Indeed FlexTo. It developed the platform with a simpler and faster process by implementing cutting-edge HR-matching technology and registering high-quality temporary staff.
The spread of COVID-19 affected several business verticals in terms of permanent layoffs, temporary vacancies, or reductions in hours and pay. The onset of the COVID-19 pandemic impacted the ability of companies to hire and retain full-time employees. As a result, hiring temporary workers from staffing agencies increased, which is expected to support the staffing industry in North America during the forecast period, contributing to the growth of on-demand staffing platform market. Hence, the staffing industry recovered the business of companies that experienced pandemic-related unemployment claims and losses associated with the initial shutdown of companies. A few of the major industries significantly adopting on-demand staffing platforms include retail trade, nonessential healthcare, manufacturing, and professional services. Moreover, the demand for supplemental staffing for hiring temporary or contingent workers such as travel nurses, per diem nurses, and locum tenens doctors had increased due to the shortage of nurses, physicians, and other healthcare personnel across North America. Staffing agencies such as Delta Healthcare Providers; Weatherby Healthcare; The Plus Group, Inc.; Rx Relief; and VISTA Staffing Solutions work with these temporary clinicians and offer them available jobs at ambulatory surgical centers, hospitals, and long-term care facilities. As a result, these factors are boosting the on-demand staffing platform market growth in North America.
Key Findings of Study:
The on-demand staffing platform market is segmented on the basis of deployment, enterprise size, and geography. Based on deployment, the on-demand staffing platform market is bifurcated into on-premise and cloud based. By enterprise size, the on-demand staffing platform market is segmented into small & medium enterprises and large enterprises. Based on geography, the on-demand staffing platform market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the on-demand staffing platform market.
There is an increasing demand for instant employee hiring, mainly to fulfil the need for temporary and contingent workers. Also, with the advancements in technology and increasingly agile workplaces, staffing companies are focusing on improving their talent-sourcing capabilities with the help of on-demand staffing platforms. Additionally, a surge in the need for talent acquisition and management and a rise in the focus on candidate experience and employee engagement are among the major factors fueling the on-demand staffing platform market growth. However, the lack of flexibility to adapt to changing demand of employees and misconceptions about on-demand employment hiring among companies are limiting the market growth. On the contrary, on-demand staffing platforms can transform temporary employee hiring by implementing technologies such as artificial intelligence (AI) and machine learning (ML), which is expected to create lucrative opportunities for the on-demand staffing platform market growth in the coming years. The constant shortage of skilled workers is creating demand for temporary staffs; as a result, staffing firms across North America are experiencing new opportunities to expand and diversify their services. According to survey, the staffing industry in the US is expected to remain above pre-pandemic levels as mass employee layoffs will further accelerate the demand for contingent workers, and enterprises will not want to invest in full-time hiring in the markets, boost the demand for on-demand staffing platform market in the region. Organizations across the retail & hospitality industries are outsourcing their functional tasks toward assembling a virtual and temporary staff. On-demand staffing platforms are a quicker and cheaper method to find and shortlist qualified candidates for temporary assignments than traditional staffing agencies, which typically take six to eight weeks to hire the right candidate. A few of the key players such as ShiftGig, Upwork, Wonolo, Workpop, Uber Works, and Recruitzi continue to provide innovative end-to-end software solutions on a platform for on-demand staffing across North America, which is expected to fuel the on-demand staffing platform market during the forecast period.
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