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Global Recruitment Software Market to Reach US$ 2.8 Billion by 2027, Facilitated by Surging Need to Streamline Recruitment Processes

Published on Nov 02, 2022

IMARC Group’s latest report, titled “Recruitment Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global recruitment software market size reached US$ 2 Billion in 2021. Recruitment software refers to a system that automates the recruitment process from posting jobs online to onboarding recruits. It combines applicant tracking systems (ATS), candidate relationship management (CRM), and interviewing software. It assists recruiters, talent acquisition professionals, and hiring managers in optimizing and digitizing the hiring process, including sourcing, selecting, screening, and interviewing candidates. It can also conduct the pre-hire assessment and background checks, along with onboard training and orientation of new employees, to improve the efficiency of hiring managers and the company. As a result, recruitment software is widely used by organizations to maintain a database of candidates, post vacancies, process applications, schedule interviews, and collect candidate feedback.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.                                                 

Global Recruitment Software Market Trends:

The surging need to streamline recruitment processes and candidate flow represents the primary factor driving market growth. Besides this, recruitment software relies on optical trackers and machine learning (ML) systems to recognize market trends and patterns through analytical inputs and transactional activities. Consequently, the growing emphasis of enterprises on enhancing the candidate experience and improving their organizational efficiency has augmented product demand. In addition, there has been a significant rise in the use of automated resume screening methods that employ artificial intelligence (AI) to analyze the level of skills and experience of candidates while eliminating time-consuming tasks, such as manual screening of resumes. Along with this, the escalating demand for enhanced communication capabilities and productivity of recruiters has accelerated the adoption of recruitment software. Furthermore, the introduction of mobile-based recruitment systems coupled with the increasing adoption of cloud-based platforms is positively influencing the market growth. In line with this, the rising need to replace traditional hiring methods to minimize paperwork, deployment and maintenance expenses, and wastage of resources have propelled the market growth. Other factors, including the surging number of startups, emerging social recruiting trends, continual product innovations, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 2.8 Billion by 2027, expanding at a CAGR of 6.5% during 2022-2027.

Market Summary:

  • Based on the deployment model, the market has been bifurcated into on-premises and SaaS-based.
  • The market has been segregated based on the component into software (contact management, resume management, mobile recruitment, reporting and analytics, workflow management, and others) and services (professional and managed). 
  • On the basis of enterprise size, the market has been classified as small and medium-sized, and large enterprises. 
  • Based on the vertical, the market has been segmented into manufacturing, healthcare, hospitality, BFSI, education, and others. 
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.                           
  • The competitive landscape of the market has also been analyzed, with some of the key players being Accenture PLC, ADP Inc., Ceridian HCM Inc., Cognizant Technology Solutions Corporation, Cornerstone OnDemand Inc., iCIMS Inc., Kenexa Corporation (IBM), Oracle Corporation, PeopleAdmin (PowerSchool Group LLC), SAP SE, SumTotal Systems Inc., and Zoho Corporation.
     

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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