The hospitality staffing market is projected to grow at a compound annual growth rate (CAGR) of 6.9%, solidifying its position in the global industry. The market is expected to grow from its 2022 valuation of US$ 971.3 billion to US$ 1886.6 billion by 2032. In the past, the market was expanding at a slightly faster rate of 6.5% CAGR from 2015 to 2021, guaranteeing a market size of US$ 963.4 billion by that year.
The driving growth of the hospitality staffing market is attributed to the recovering hotel industry, new tourist spots opening up, high discounts on tourist packages along with technologically advanced platforms that make it easy for the end users to access the travel locations, hotels, and transportation.
The hospitality sectors demand competent and professional staff that adds value to the hospitality services while enrolling in time-to-time training programs to increase the understanding of the work culture.
The growing population, along with new travel locations opening, are pushing the hospitality sector and government to invest more capital into the hotels, parks, monuments, and accommodation facilities, using the latest advanced technology.
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The government and its initiative have put forward the agenda of making the travel and hospitality industry survive and then get it back on track. As soon as the restriction and lockdown had been lifted, the hospitality centers started hiring new employees.
The major restrictions that hold the hospitality staffing market backward are the use of third-party services along with the incompetency of the management that fails to hire the right set of staff that helps the business is growing exponentially.
The latest trend that changes the dynamics of the hospitality staffing market is the online marking system that helps the candidate gain market according to their skillset. This way, each position, and its required skillset gets fulfilled through these operations.
Key takeaways:
- Market analysis explains that the market is categorized by work position, work and end user. These categories are further divided into small segments that expand their channels in multiple market spaces.
- Manager segment is the largest segment by the work position type and will hold the biggest portion of the market in the forecast period, thriving at CAGR of 4.3% through 2032. The growth of segments is attributed to leadership vacuum, rising management issues, new project-based companies setting up in FMCG and travel industry.
- Growing population along with new travels locations opening through are pushing the hospitality sector and government to invest more capital into the hotels, parks, monuments and accommodation facilities, using the latest advanced technology.
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Key Segments
By Work Position Type:
- Manager
- Specialist
- Attendant
- Others (Chefs, Auditor, Receptionist)
By Work Type:
- Event Caterers
- Janitors
- Parking Attendants
- Banquet and Restaurant Servers
- Others (Prep Cooks, Housekeepers)
By End-use Industry:
- Food and Beverages
- Travel & Tourism
- Lodging
Competitive landscape:
Some of the hospitality staffing market competitors listed in the FMI’s study on Hospitality staffing market are Hospitality Staffing Solutions, Remedy Intelligent Staffing, Allinace Recruitment Agency, The Service Companies, Inc., Alrich Hospitality Staffing Inc., Bolt Staffing Services, Hospitality Staffing UK, Luxe Hospitality Staffing, and Refugee Staffing Agency.
Recent Development
- Hospitality staffing solutions has introduced its powering hospitality staffing solutions that cover workers and businesses and has also launched its new eBook named “Safety Matters: A Guide to Safety and Hospitality Contingent Labour”.
Remedy Intelligent Staffing has upgraded its hospitality staffing solutions with new best practices like introducing its app that can help the workers in finding jobs in the hospitality sector, pushing the sales of hospitality staffing solutions.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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