Applicant Tracking System Market is Expected to Reach USD 2.33 Billion in 2028
Increasing need to improve candidate hiring experience is a key factor driving applicant tracking system market revenue growth
Applicant Tracking System Market Size – USD 1.38 Billion in 2020, Market Growth – at a CAGR of 6.5%, Market Trends – Increased adoption of applicant tracking system in countries in Asia Pacific
The global applicant tracking system market size is expected to reach USD 2.33 Billion in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. Increasing preference for automated recruitment process is driving market revenue growth.
Applicant tracking system is a software that implements the task of short-listing candidates by selecting their resumes. Features of this software such as scheduling interviews and candidate tracking are helping in handling the recruitment process effortlessly. Adoption of advanced cloud technology services which allows thousands of customers to access similar resources help companies to cut down their expenses. Companies are competing and adopting various strategic methods to develop innovative products and strengthen presence in the market. Applicant tracking software solutions assist businesses to promote themselves through brand marketing, especially for qualified job seekers.
Automation helps recruiters to complete the overall recruitment process more efficiently. Recruitment automation streamlines each step along the hiring methods, thereby allowing recruiters to gain strong control and tracking abilities, while influencing candidates with modern communication and up-to-date technology. It can simultaneously reduce the load of paperwork and increase chances of obtaining the best and stable talent. It is difficult for recruiters to keep up with all the applicants in spreadsheets manually, however, an applicant tracking system can quickly process applications and swiftly sort through large volumes of data, owing to unique combination of workflow software and database apps/spreadsheet. Industry-specific qualifiers can also be appended to check credential and qualification adaptability.
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Some major companies profiled in the global market report are IBM Corporation, Jobvite, iCIMS Inc., Oracle Corporation, SAP SE, Workday, Inc., BambooHR, Cornerstone OnDemand, ClearCompany, and Zoho Corporation.
Some Key Highlights in the Report
- Software segment accounted for a larger revenue share in 2020. Applicant tracking software solutions collect and store resumes in a database for hiring professionals to access. Resumes may also be stored long after the original job one has applied for, is filled. Adoption of applicant tracking system software among enterprises has become a central part of the business operation, due to ease of use and high flexibility it offers, thereby boosting revenue growth of the segment.
- On-premises segment accounted for a significant revenue share in 2020. Rising demand for cost-effective application tracking systems that are suitable for on-premise infrastructure is expected to boost growth of this segment. Deployment and integration of software permits archiving maintenance and communication within the corporate sector.
- Large enterprises segment accounted for a steady revenue share in 2020. Large enterprises require a support system which can ease the burden of hiring. Applicant tracking system software and solutions can make it easy to receive applications, as well as store, and process these. This system also supports compliance across multiple countries and can keep hiring staff of these companies up-to-date with applicable laws. This software may also help to submit reports correctly and thus avoid penalties and fees.
- Banking, financial services, and insurance sector is moving towards a customer-centric approach and has started adopting technologically advanced solutions to increase interaction with consumer base through mobile interfaces and social media platforms such as Twitter, Facebook, and Instagram. Moreover, increased competition and heightened customer expectations are also impacting the way banks conduct business in a significant manner.
- Applicant tracking system market growth in North America is attributed to rapid economic development and increasing adoption of digital business strategies across various organizations. Furthermore, organizations have invested heavily in advanced technologies to gain a competitive advantage over their competitors and to improve business operations. Faster and timely access to desired candidate related information, along with shortage of job specific candidates are major market growth drivers in the region.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/applicant-tracking-system-ats-market
For the purpose of this report, Reports and Data has segmented the global applicant tracking system market based on offerings, deployment mode, employee type, organization size, end-use, and region:
Offerings Outlook (Revenue, USD Billion; 2018–2028)
Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
Employee Type Outlook (Revenue, USD Billion; 2018–2028)
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Small and Medium-sized Enterprises
- Large Enterprises
End-use Outlook (Revenue, USD Billion; 2018–2028)
- IT & Telecommunications
- Government and Public Sector
- Banking, Financial Services and Insurance
- Retail and Consumer Goods
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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