Applicant Tracking Systems Industry Size, Industry Trends, Revenue, Growth Drivers, In-Depth Analysis to 2023
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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