The global applicant tracking software market size is projected to grow from $1.21 billion in 2020 to $2.25 billion by 2025, at a CAGR of 13% during the forecast period. The increasing demand for automation in recruitment processes, the need for enhanced candidate experience, and the growing adoption of cloud-based solutions are expected to drive the growth of the market. Applicant Tracking Software (ATS) is a type of software that enables recruiters and human resources professionals to manage the entire recruiting process, from job posting to hiring. This software automates the recruitment process and improves efficiency by reducing the time and effort required to sift through resumes and other candidate data. The global ATS market is expected to experience significant growth over the next few years due to the increasing adoption of cloud-based software and the growing need for efficient hiring practices.
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Key Players Of The Market
- SAP SuccessFactors
- Cornerstone OnDemand
- Smart Recruiters
- Increased adoption of cloud-based applicant tracking software solutions
- Growing demand for mobile-enabled applicant tracking software
- Integration of artificial intelligence (AI) and machine learning (ML) in applicant tracking software
- Increasing use of social media platforms for recruitment
- Rising demand for customized and industry-specific applicant tracking software solutions
- Growing popularity of video interviewing and assessment tools in applicant tracking software
- Emergence of virtual recruiting events and job fairs
- Focus on improving candidate experience through applicant tracking software
- Rising demand for applicant tracking software with advanced reporting and analytics capabilities
- Integration of applicant tracking software with other HR technologies such as HRMS, payroll, and performance management systems.
Key Drivers Of The Market
- Need for efficient recruitment processes: Applicant Tracking Software helps organizations to streamline their recruitment processes, reduce hiring time and costs, and improve the quality of hires.
- Increase in the volume of job applications: With the increasing number of job applications, organizations require advanced software to manage and filter these applications effectively.
- Rising demand for cloud-based solutions: Cloud-based Applicant Tracking Software provides flexibility and accessibility, enabling organizations to manage their recruitment processes from anywhere and on any device.
- Growing adoption of artificial intelligence (AI) and machine learning (ML): AI and ML-powered Applicant Tracking Software can automate tasks such as resume screening, scheduling interviews, and sending automated follow-up emails, saving time and improving the efficiency of the recruitment process.
- Emphasis on diversity and inclusion: Applicant Tracking Software can help organizations to ensure diversity and inclusion in their recruitment processes by removing unconscious bias and standardizing the selection process.
Recent Developments Of The Market
In recent years, the Global Applicant Tracking Software Market has witnessed various developments. One of the significant developments is the emergence of AI-powered applicant tracking software. This software uses machine learning algorithms to automate the hiring process and improve the recruitment experience for both candidates and recruiters. Moreover, companies are adopting cloud-based applicant tracking software that provides access to data from anywhere and enables collaboration between recruiters. Integration with other HR technologies such as HR analytics, employee onboarding software, and performance management software is another trend that has emerged in the market. Overall, the market is experiencing rapid technological advancements that are improving the efficiency and effectiveness of the recruitment process.
- Increasing demand for cloud-based solutions
- Integration with other HR technologies
- AI-powered features
- Mobile-friendly solutions
- Expansion into emerging markets
- Remote hiring and virtual recruitment events have become more prevalent due to social distancing guidelines, which has led to increased demand for applicant tracking software.
- Companies have been forced to reduce their hiring efforts due to economic uncertainties caused by the pandemic, leading to a slight decline in market growth.
- The pandemic has accelerated the adoption of artificial intelligence and automation in applicant tracking software to streamline the hiring process and reduce reliance on human recruiters.
- The pandemic has also highlighted the importance of diversity and inclusion in the workplace, which has led to an increased demand for applicant tracking software that includes features to support these efforts.
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- Based on deployment mode, the market can be segmented into:
- Based on organization size, the market can be segmented into:
- Based on industry vertical, the market can be segmented into
- North America:
Rest of Europe
- Asia Pacific:
Rest of Asia Pacific
- Latin America:
Rest of Latin America
- Middle East & Africa:
Rest of Middle East & Africa
Regions Of The Market
- North America
- Asia Pacific
- Middle East & Africa
- South America.
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TOC Of The Market
- Executive Summary
- Market Drivers and Challenges
- Market Trends
- Competitive Landscape
- Global Applicant Tracking Software Market Analysis, by Deployment Mode
- Global Applicant Tracking Software Market Analysis, by Component
- Global Applicant Tracking Software Market Analysis, by Organization Size
- Global Applicant Tracking Software Market Analysis, by Industry Vertical
- Global Applicant Tracking Software Market Analysis, by Region
- Company Profiles
- Conclusion and Future Outlook
FAQs Of The Market
- What is the CAGR and Forecast of Global Applicant Tracking Software Market?
The global applicant tracking software market size is projected to grow from $1.21 billion in 2020 to $2.25 billion by 2025, at a CAGR of 13% during the forecast period.
- What is applicant tracking software?
Applicant tracking software is a tool used by organizations to manage and streamline the recruitment process.
- What are the benefits of using applicant tracking software?
Benefits of using applicant tracking software include improved efficiency, better candidate quality, reduced time-to-hire, and increased compliance with hiring laws and regulations.
- What industries use applicant tracking software?
A variety of industries use applicant tracking software, including healthcare, education, finance, retail, and technology.
- Can applicant tracking software integrate with other HR tools?
Yes, many applicant tracking software solutions offer integrations with other HR tools such as payroll and performance management software.
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