United States $39 Billion IT Staffing Market Outlook & Forecasts to 2024

4/29/2019, 2:10 PM (Source: GlobeNewswire)

Dublin, April 29, 2019 (GLOBE NEWSWIRE) -- The "IT Staffing Market in US - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The US IT staffing market is expected to reach around $39 billion by 2024, growing at a CAGR more than 3% during 2018-2024.

A resurgent US economy, along with consistently low staffing levels is a major factor for IT staffing firms. Further, high billing rates and increasing use of social media recruitment platforms are major drivers driving millennials toward top-notch IT jobs. As modern-day job aspirants -millennials are tech-savvy and are adept at the social media websites; they prefer unconventional modes for job recruitments. US IT staffing market is driven by the evolving IT industry, technological advancements, and investments. Increased revenue opportunities are projected to drive the IT recruitment sector.

The report considers 2018 as the base year and provides in-depth information about the existing market growth enablers, restraints, and trends. It also features details and information about recent IT advancements in the staffing market, skill set demand, and technologies used in the US IT staffing market.

US IT Staffing Market: Dynamics

Abolishing gender cobwebs and bringing diversity in workplaces is growing among IT organizations

Nowadays, recruitment firms are focusing on inclusivity and diversity in their recruitment processes. Firms are no longer obsessed with seeing man at the top management positions. IT companies with progressive work outlook are doing away with their gender-biased notions and are consistently bringing dynamism in their workplaces. Upholding the balance of genders among organizations is increasing among recruiters and hiring leaders.

The introduction of the data-driven recruitment process is a significant growth trend witnessed in the US IT staffing market. IT staffing firms continuously focus on expanding and enhancing the quality of their databases and the applicant tracking system available with them to meet the client's demand efficiently.

Millennials account for more than 1/3rd of the US workforce, thereby constituting a major segment of the modern-day workforce. More than 50% millennials in the US work in professional and business services. The percentage of women (close to 46%) against men (close to 54%) in the millennial workforce across the US strongly indicates the blend of genders in the current work environment.

US IT Staffing Market: Segments

This market research report includes a detailed segmentation of the market by skill sets and end-users.

The US IT staffing market by skill sets majorly includes software engineers/developers/DevOps, project managers, business/system analysts, software architects, QA/testers, networking and security experts, data analytics and cloud computing scientists, mobile applications developers. The software engineers/developers/devOps segment accounted for the highest revenue in the IT job market in 2018. The demand for software engineers, mobile application developers, and software architects remained high in 2018. DevOps is another crucial skill set, which helps in the automation of software development and IT operations.

The US IT staffing market by end-users is divided into tech/telecom, BFSI, healthcare, manufacturing, and others (pharma/biotech/medical devices, government, public administration, retail, energy, transportation, and warehousing). The US IT staffing market in the US by tech/telecom industry is expected to grow at a CAGR of around 3% during the forecast period.

The telecom industry is actively looking for trained IT professionals for running IoT and upcoming 5G technology and working for cross-industry associations such as mPayment and mHealth. Cloud computing, IT support skills, networking, programming knowledge, and cybersecurity are key skill sets, which are expected to witness demand in the coming years.

Key Vendor Analysis:

The US IT staffing market is one of the most highly fragmented markets across the diverse verticals of staffing. The market majorly depends on improving US economy. It has comparatively low entry barriers that push vendors toward project innovation and differentiation. Vendors try to gain an edge over their competitors through differentiated offerings, which could be an efficient applicant tracking system or a region-specific market expansion strategy.

Market Dynamics

Market Growth Enablers

  • Digital Embracement Driving Staffing Transformation
  • Freelance & GIG Economy Expansion
  • Growing Relevance of Referrals
  • Diversity & Data-driven Recruitment

Market Growth Restraints

  • Subdued Immigration Outlook
  • Existence of Stringent Government Regulations
  • Scarcity of Skilled Workforce

Market Opportunities & Trends

  • IT Spending Bolstering Staffing Market
  • Leveraging Automation for Differentiation
  • Millennials Transforming IT Workforce
  • Holistic Branding to Reshape Staffing

Major vendors in the market are

  • TEKsystems (Allegis Group)
  • ASGN Incorporated
  • Insight Global
  • Randstad
  • Kforce

Other prominent vendors are

  • Acro ServicesCorporation
  • Alku
  • American Cybersystems
  • Artech Information Systems
  • Beacon Hills Staffing
  • BG Staffing
  • Collabera
  • Compunnel Software Group
  • Consulting Solutions International
  • Digital Intelligence Systems
  • Diversant
  • Experis
  • Modis
  • Mastech Digital
  • Matrix Resources
  • Midilance
  • NTT Data
  • Optomi
  • Robert Half International
  • Rose International
  • Signature Consultants
  • System One
  • Vaco
  • VincentBenjamin
  • vTech Solutions

For more information about this report visit https://www.researchandmarkets.com/r/8xq8cw

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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