Global revenue in the staffing industry grew 4% last year to USD 648 billion, slowing from the fast-paced growth of 23% in 2021, according to Staffing Industry Analysts’ “Global Staffing Market Estimates & Forecasts May 2023” report.

Growth is expected to slow further this year to 2% before picking up speed again in 2024.

Of global staffing revenue in 2022, three countries — the US, Japan and the UK — generated 55% of revenue. The US was the largest contributor, representing 34%, with Japan representing 13% and the UK representing 8%. Another 12 countries have staffing revenue of at least USD 6 billion.

Looking ahead to 2023, Asia Pacific staffing revenue is expected to grow 9% year over year, and Middle East and Africa revenue is expected to increase by 3% in 2023.

In Europe, the staffing industry is expected to see revenue grow by just 1%, although performance varies by country. Hungary is expected to see revenue grow by 10%, but Slovenia is expected to see revenue decline by 9%.

In the US, staffing revenue is expected to fall 3% this year, while Canadian staffing revenue is expected to rise by 2%. Overall, in the Americas, revenue is forecast to decline by 3% year over year.

The full report is available to corporate members of Staffing Industry Analysts.