Applicant Tracking Systems Market Analysis
The Applicant
Tracking Systems Market will develop at a 10% CAGR between the forecast period
2017- 2023, states the recent Market Research Future (MRFR) analysis. An
applicant tracking system, simply put, is a solution that helps in the
electronic handling of recruitment needs. This applicant tracking can be
assessed online by businesses in various levels resting on the needs of the
recruitment, thus allowing them to collate and analyze applicant data.
Various factors are
propelling the global applicant tracking systems market share. According to the
recent MRFR market estimates, such factors include increasing need for
cost-saving, need for improved and strategic hiring decisions, the emergence of
social media, growing demand among SMEs and large organizations, growing demand
in developed economies, and the different feature that it offers such as speed
up the recruitment process, lower cost-per-hire, increase efficiency, upgrade
HR team communication, sort application data, and automate the whole procedure.
Besides, the increase in remote recruiting during the COVID-19 outbreak is also
adding market growth.
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On the contrary,
privacy concerns about the implementation of such a form of software over
cloud-based deployment, complexity in process automation and integration, and
rising security may limit the global applicant tracking systems market growth
over the forecast period.
Market Segmentation
The MRFR report
highlights an inclusive segmental analysis of the global applicant tracking
systems market based on industries, organization size, deployment, and
services.
By services, the
global applicant tracking systems market is segmented into professional service
and managed services.
By deployment, the
applicant tracking systems market is segmented into on-premises and on-cloud.
Of these, the on-cloud segment will dominate the market over the forecast
period.
By organization
size, the global applicant tracking systems market is segmented into large
enterprises and SMEs. Of these, large enterprises will spearhead the market
over the forecast period.
By industries, the
global applicant tracking systems market is segmented into manufacturing, IT
and telecommunications, government, and others. Of these, IT and
telecommunication will have the largest share in the market over the forecast
period.
Regional
Analysis
By region, the
applicant tracking systems market covers the growth opportunity and recent
trends across Europe, North America, the Asia Pacific (APAC), and the Rest of
the World (RoW).
Of these, North
America will lead the market over the forecast period. Growing adoption of
artificial intelligence, growing preference for advanced recruiting
technologies among different IT organizations, increasing adoption of
cloud-based services, and constant investments in research and development
activities by enterprises in Canada and the US to introduce advanced and new
technologies, and strong economies are adding to the global applicant tracking
systems market growth in the region.
In Europe, the
applicant tracking systems market is predicted to hold the second-largest share
over the forecast period. Technological advancements in applicant tracking
systems to increase recruiter productivity and improve staffing operations are
adding to the global applicant tracking systems market growth in the region.
In the APAC region,
the applicant tracking systems market is predicted to have healthy growth over
the forecast period at the highest CAGR. The growing adoption of cloud-based
platforms coupled with the growing demand for digitalization and automation in
China, India, and Japan are adding to the global applicant tracking systems
market growth in the region.
In the Rest of the
World, the applicant tracking systems market is predicted to have sound growth
over the forecast period.
Key Players
Key players
profiled in the global applicant tracking systems market report include Findly
Talent LLC (U.S.), ClearCompany (U.S.), Bullhorn, Inc. (U.S.), iCIMS, Inc.
(U.S.), Hyrell (U.S.), ApplicantStack (U.S.), Workday, Inc. (U.S.), SAP
(SuccessFactors) (Germany), Paycor (U.S. ), Lumesse Limited (England), Jobvite
Inc. (U.S.), IBM Corporation (U.S.), ExactHire (U.S.), Cornerstone OnDemand
Inc. (U.S.), BambooHR (U.S.), and Oracle Corporation (U.S.), among others.
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