Applicant Tracking System Market Size Set to Touch USD 4.03 Billion by 2029
Applicant tracking system market is flourishing because of the rising need for automation in the recruitment process, increasing reporting and compliance, and improved candidate experience through streamline process.
Applicant tracking system market size at USD 2.44 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global applicant tracking system market size to grow at a significant CAGR of 7.64% reaching a value of USD 4.03 billion by 2029. Major growth drivers for the global applicant tracking system market include an increasing digitization in the recruitment process, the need for efficient talent acquisition, and the rising demand for better candidate management and compliance. Governments and corporations are increasingly adopting Applicant Tracking Systems (ATS) due to the automation it brings to the recruitment process. ATS software automates applicant screening and job application posting across multiple job boards, minimizing manual errors and bias through the use of natural language processing and data mining. The market for applicant tracking systems has witnessed the convergence of various technologies, including Artificial Intelligence (AI) and cloud-based computing, making such software readily available for commercial use. These market trends have contributed to the growth and popularity of ATS systems among organizations seeking streamlined and efficient recruitment processes. However, lack of relevant expertise and knowledge is anticipated to restrain the overall market growth during the period in analysis.
Global Applicant Tracking System Market – Overview
The global applicant tracking system market refers to the industry that encompasses the software solutions and platforms designed to streamline and automate the recruitment process for organizations. Applicant tracking systems (ATS) are software applications that assist in managing the entire recruitment process, from job posting and candidate screening to interview scheduling and onboarding. These systems allow companies to effectively track and manage candidate information, facilitate collaboration among hiring teams, and improve overall efficiency in talent acquisition. The global applicant tracking system market involves various vendors and providers offering ATS solutions with features such as resume parsing, candidate database management, interview management, and analytics. The market is driven by the increasing demand for efficient and streamlined recruitment processes in organizations of all sizes and industries.
Impact of COVID-19 on Global Applicant Tracking System Market
COVID-19 pandemic had caused a global economic slowdown and had highlighted the necessity for alternative business systems. With the impact of the pandemic, businesses realized the importance of embracing cloud computing and transitioning to cloud-based solutions for applicant tracking systems. This shift was crucial for organizations to adapt to the challenges brought about by the pandemic and ensure seamless hiring processes and business continuity. The positive impact of COVID-19 on the Applicant Tracking System (ATS) market was evident as corporates increasingly adopted technology-aided recruitment tools to facilitate remote hiring and overcome disruptions. The ATS market had gained significant traction during the pandemic, catering to the growing adoption of remote working models and virtual recruitment needs. Despite the challenges posed by the pandemic, businesses leveraged technology to stay connected and operate efficiently, driving the ATS market during the COVID era.
Global Applicant Tracking System Market – By End User
Based on end user, the global applicant tracking system market is divided into IT & Telecommunication, BFSI, Healthcare & Life Sciences, Consumer Goods & Retail, and Manufacturing segments. The consumer goods and retail segment is expected to dominate the market during the forecast period. This vertical is experiencing significant advancements in technology, changing customer demands, and workforce dynamics. Companies operating in this sector face several challenges, including forecasting, budgeting, ensuring customer satisfaction, timely task execution, and managing store labor schedules. Moreover, retailers require comprehensive visibility and control over the recruitment process, particularly for a diverse and varied workforce consisting of in-store employees, drivers, and field service providers. Manual recruitment methods in the Middle East and Africa region can make it challenging to attract and hire the right employees. Given these complexities, the retail and consumer goods vertical must focus on effective employee selection and hiring processes.
Major players operating in the global applicant tracking system market include Oracle, Infor, Zoho, IBM, iCMIS, PeopleFluent, Cornerstone, Workday, Bullhorn, Ultimate Software, ADP, SAP, Jobvite, Silkroad Technology, and Paycor. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Applicant Tracking System Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Applicant Tracking System Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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