Worldwide eRecruiting Services Market Continues Growth Despite Reduction in Hiring and Slow Economy, IDC Reveals
FRAMINGHAM, MA – MAY 21, 2002 – Despite the decline in the overall recruiting and staffing services market due to the economic recession, erecruiting services continued to show strong growth in 2001 as employers looked for services that helped them find the best candidates faster and cheaper than their current processes. A new report published by IDC reveals that the worldwide erecruiting services market grew 53% in 2001 to $2.8 billion, in line with IDC's projected growth rate from adjusted 2000 annual revenue.
The economic slowdown, however, has flattened out the once-rocketing erecruiting services market in the second half of 2001, thus delaying overall growth in later years of the forecast. Due to this decline, IDC has adjusted its forecast accordingly and now projects the worldwide erecruiting services market to reach almost $15.7 billion by 2006 with a 2001-2006 compound annual growth rate (CAGR) of 40.9%.
"eRecruiting services demonstrated strong annual growth rates in 2001, despite the slowing economy and reduction in hiring," said Marc Pramuk, IDC senior analyst. "This growth emphasizes the fundamental shift in the recruiting and staffing services market that identifies erecruiting services as a vital part of how organizations attract and hire the best candidates for open positions."
IDC’s examination of the overall worldwide recruiting and staffing services market reveals that this market declined 13% in 2001 to an estimated $62.9 billion, due in large part to the economic downturn in the United States. Despite this sharp drop in revenue for the total recruiting and staffing services market, emerging markets — including erecruiting, online job boards, and end-to-end erecruiting services — continued to demonstrate strong growth rates. The worldwide recruiting and staffing services market will exceed $96 billion in 2006, posting a 2001-2006 compound annual growth rate (CAGR) of 8.9%.
"Although the economic slowdown in the United States took a significant toll on traditional recruiting and staffing services in 2001, we expect the market to stabilize and continue to grow over the forecast period as the economy recovers," said Pramuk. "Continued strong growth in the erecruiting market segment across all regions will be a primary driver of overall market growth."
IDC’s study, Worldwide eRecruiting Services Forecast, 2002-2006 (IDC #26763) presents the worldwide forecast for the erecruiting services market from 1999 to 2006, divided into three regions: the Americas; Europe, the Middle East, and Africa (EMEA); and Asia/Pacific. This document also provides a comprehensive look at IDC’s assumptions and their impact on the forecast. The document presents the U.S. portion of the forecast separately and offers additional analysis specifically for this breakout. Finally, this bulletin concludes with recommendations to vendors to capitalize on growth opportunities within the worldwide erecruiting services market.
IDC’s study, Worldwide Recruiting and Staffing Services Forecast, 2002-2006 (IDC #26705) presents the worldwide forecast for the recruiting and staffing services market from 1999 to 2006, split into three regions: Americas; Europe, Middle East, and Africa (EMEA); and Asia/Pacific. This document also provides a detailed summary of assumptions and their impact on the forecast. Subsequently, the United States portion of the forecast is presented separately and discussed in detail. Finally, this study presents IDC’s vision of what the recruiting and staffing services market will look like in five years and provides recommendations that will enable vendors to identify and take advantage of growth opportunities.
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IDC is the foremost global market intelligence and advisory firm helping clients gain insight into technology and ebusiness trends to develop sound business strategies. Using a combination of rigorous primary research, in-depth analysis, and client interaction, IDC forecasts worldwide markets and trends to deliver dependable service and client advice. More than 700 analysts in 43 countries provide global research with local content. IDC's customers comprise the world’s leading IT suppliers, IT organizations, ebusiness companies and the financial community. Additional information can be found at www.idc.com.
IDC is a division of IDG, the world's leading IT media, research and exposition company.
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