This year, the HR services industry experienced explosive growth and has made tremendous progress. In 2021, the industry generated an incredible €579 billion (US$655.6 billion) in revenue globally and placed 62 million individuals in the labor market. All segments of the HR services industry, except for outplacement, experienced growth; agency work, the largest segment, saw a 13.7% increase while direct recruitment jumped 20.8% and the managed service providers market saw an impressive 25% increase. On a regional level, Europe experienced a 16.4% growth in its agency work market, while South America had the strongest growth, jumping 18.4%. In the face of the record-high global vacancy rates and the deceleration of economic activity expected due to the energy crisis and increasing inflation, the HR services industry is sure to be facing more challenges in the coming years.