The “IT Staffing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global IT Staffing Market is expected to register a CAGR of 3.66% during the forecast period (2021-2026).
The growth of the market can be attributed to the increasing outsourcing of HR activities and the emergence of technologies, like AI and IoT, which is expected to create demand for IT professionals across end-user segments.
- According to the global staffing giant TEKsystems, 69% of tech companies are expected to have AI initiatives by 2020. The company also adds that at least 85% of organizations across end-user segments have digital transformation initiatives underway. This is expected to generate enormous opportunities for the market.
- The growing use of analytics in recruitment is expected to proliferate the need for specialized HR services. According to a recent Linkedin report, at least 92% of professionals consider analytics to be the key to recruitment in India.
- The market is expected to be impacted by the outbreak of the COVID-19 pandemic in multiple ways. The slowdown in recruitments across the world has affected the IT industry as well and hence has somewhat affected the market studied.
- However, firms across end-user segments are migrating to cloud to continue delivering a solution to their clients and ensure continuity of critical operations. According to Microsoft 365, the company has seen a massive 775% increase in the use of its cloud services. This has led to a significant spike for cloud and cybersecurity professionals.
Telecommunication End-user Segment is Expected to Generate Considerable Demand
- AI-driven analytics are also helping telecom provide better services by utilizing data and machine learning techniques. For instance, US-based AT&T is using an AI-driven analytics solution to support its maintenance procedures. The company is testing a drone to expand its LTE network coverage and to utilize the analysis of video data captured by drones for tech support and maintenance of its cell towers. The integration of analytics with the telecom industry is expected to proliferate the need for analytics professionals further.
- In September 2019, India-based Reliance Jio collaborated with US-based Guavus to deploy AI-based solutions for real-time customer experience analytics. The company also plans to automate network troubleshooting like other players in the industry. This is expected further to expand the avenues of IT applications in Telecommunication.
- According to Ericsson and GSA survey, the rapid 5G deployment leads to 13 billion subscriptions expected by the end of 2019. This is expected further to generate a need for IT professionals in this vertical.
Asia-Pacific is Expected to be the Fastest Growing Market
- Asia-Pacific continues to be the leading IT services market in the world. The companies in the region continue to invest in new resources that have the right skill sets. The hiring at the top four IT companies (Tata Consulting Services, Infosys, Wipro, and HCL Technologies) of India in 2019 hit an eight-year high of 78,500. The continually increasing need for proper resources across the region is expected to create significant opportunities for the market studied.
- The Government of China has unveiled a plan to foster research in AI and become a market leader in such technologies by 2030. The Chinese Ministry of Education also plans to 50 AI research centers by 2020. This is expected to create huge demand for analytics professionals in the country.
- The Japanese government has announced their national Big data strategies- The Integrated ICT Strategy for 2020 with an aim to develop country’s new national IT strategy with an open public data as its core during 2013-2020 in order to promote Japan as the country with the world’s highest standards in the extensive use of data analytics in the information technology industry. Such initiatives are expected to further augment market expansion.
The IT Staffing Market is a fragmented market. Several players are operating in the market, serving the needs of various end-user segments. The growth of opportunities offered by the market continues to attract new players across geographies. Some of the recent developments in the market are as follows:
- Nov 2019 – Toptal announced the launch of Staffing.com that would facilitate conversations regarding technologies that increase the efficiency of staffing, growth of remote work, and the future of procurement and staffing at large enterprises.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Emergence of Technologies, like AI and IoT, is Expected to Create Demand from the End-User Segments
4.2.2 Increasing Outsourcing of HR activities
4.3 Market Restraints
4.3.1 Talent Shortages in Specific Technologies might Act as a Restraint for the Market Growth
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Skill Set
5.1.1 Software Developer
5.1.3 Systems Analyst
5.1.4 Technical Support Professionals
5.1.5 Networking and Security Experts
5.1.6 Other Skill Sets
5.2 By End-user Industry
5.2.6 Other End-user Industries
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 TEKsystems Inc. (Allegis Group Holdings Inc.)
6.1.2 ASGN Incorporated
6.1.3 Insight Global LLC
6.1.4 Randstad N.V.
6.1.5 Kforce Inc.
6.1.6 Artech Information Systems LLC
6.1.7 Consulting Solutions International Inc.
6.1.8 MATRIX Resources Inc.
6.1.9 NTT DATA Corporation
6.1.10 Beacon Hill Staffing Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 INVESTMENT ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/syui4t
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