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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