The global office administrative services market has experienced rapid growth in recent years, with a market size of $241.38 billion in 2023 and projected to reach $265.72 billion in 2024, representing a compound annual growth rate (CAGR) of 10.1%. The market is expected to continue growing and reach $387.56 billion in 2028, with a CAGR of 9.9%. The forecast period is characterized by several key trends, including an enhanced focus on employee wellbeing services, a transition to paperless office environments, a rise in outsourced administrative services, an emphasis on diversity, equity, and inclusion initiatives, and the implementation of smart office technologies. Major players in the office administrative services market include Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, KPMG International Cooperative, and Tata Consultancy Services Limited. The growth of the market is driven by rapid globalization and the adoption of advanced technologies [82976210].
The global HR services market is also experiencing significant growth, with a projected CAGR of 12% during the forecast period of 2024-2030. Key players in the market include ADP, Paychex, Ceridian HCM, Robert Half International, Randstad Holding, Adecco Group, ManpowerGroup, Accenture, IBM, Deloitte, Ernst & Young, Willis Towers Watson, Mercer, Kelly Services, and Korn Ferry. HR agencies offer a wide range of onsite and offsite HR services, including payroll services, benefit administration services, and HR consulting solutions. The market is driven by the automation of routine HR tasks, outsourcing of non-core HR functions, increasing focus on employee engagement and retention, growing complexity of HR regulations, specialization in HR services, and the development of HR analytics tools and services. The market is geographically segmented into regions such as the Middle East and Africa, North America, Latin America, Europe, and Asia-Pacific. The report includes interpretative tools such as SWOT analysis, Porter's five forces analysis, and investment return examination. The market is influenced by political, economic, social, technological, legal, and environmental factors [1b7039ae].
The U.S. IT staffing market is another sector experiencing growth, with a market value of $37.89 billion in 2023 and projected to reach $52.21 billion by 2029, growing at a CAGR of 5.49%. Key players in the U.S. IT staffing market include ASGN Incorporated, Experis (ManpowerGroup), Insight Global, Kforce, Randstad, and TEKsystems (Allegis Group). The market is dominated by the Southern U.S., with key states such as Texas, Florida, Georgia, and Virginia. The rising adoption of artificial intelligence, skill-centric staffing solutions, and the use of automation are driving the market. However, the industry faces challenges such as a shortage of skilled labor. The software engineers/developers/DevOps/architect skill set segment holds the largest share of the market, and the tech/telecom end-user segment dominates. The market is expected to witness significant growth in the future due to the increasing demand for IT professionals and the evolving technology landscape [e09698d6].
Magnit's Summer/Fall 2024 U.S. Labor Market Report reveals that the demand for professionals skilled in enterprise architecture and compliance/controls frameworks has outpaced supply. Hiring for marketing/business development and sales analysts has significantly increased. The report highlights talent shortages and skill deserts impacting businesses' ability to drive revenue. Skill availability varies regionally, with nursing specialties, compliance and controls frameworks, and enterprise architecture skills being the hardest to source. The evolution of AI requires a strategic approach, as job titles related to sales training analysts, business analysts, pharmaceutical sales representatives, financial analysts, and HR administration clerks are most likely to be impacted. Companies' use of project work has increased, leading to higher costs and risk exposure. Magnit's Integrated Workforce Management (IWM) Platform helps companies optimize talent and diversity goals while achieving operational and financial success. The report is developed by Magnit Strategic Advisory, which analyzes program data and provides cost-saving and process improvement strategies. Magnit applies proprietary algorithms to aggregate and anonymize data from internal and external sources to create a cross-client data repository. The compensation data is backed by Magnit's global job taxonomy and input from compensation experts. The report provides insights into the competitive environment, talent pools, legal and regulatory impacts, workplace dynamics, and social/political factors in the global labor market. [cdead67d]