Global Applicant Tracking System Market Size, Share, and COVID-19 Impact Analysis By Component Type (Solutions and Services), By Deployment (On-Premise and Cloud), By End-user Verticals (IT & Telecommunication, BFSI, Retail and Healthcare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.Industry: Information & Technology
Global Applicant Tracking System Market Insights Forecasts to 2030
- The global applicant tracking system market was valued at USD 1.43 billion in 2021.
- The market is growing at a CAGR of 9% from 2021to 2030
- The global applicant tracking system market is expected to reach USD 3.10 billion by 2030
- The Asia Pacific is expected to grow the fastest during the forecast period
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The global applicant tracking system market is expected to reach USD 3.10 billion by 2030, at a CAGR of 9% during the forecast period 2021 to 2030. Because applicant tracking systems are so easy to connect with other productivity tools, the market has grown a lot. For example, Oracle Corporation's PeopleSoft Recruiting Solution has tools that job seekers, recruiters, and managers can use to look for jobs and hire new workers.
A piece of software called an "applicant tracking system" is used by companies to improve how well they find and hire new employees. The system can also be used to post job openings on a company website or job feed so that resumes can be screened. It can also be used to create interview requests that can be emailed to candidates who have made the shortlist. Some of the things that the applicant tracking system can do are track each applicant, ask pre-screening questions, automatically rate resumes, track responses, and let you make your input forms. Organizations are more likely to buy the product if it has automated features like tracking each applicant, auto-rating resumes, customizable input forms, and scheduling interviews. Because the system can be automated, it can improve efficiency and productivity. This is expected to be a major factor in the growth of the applicant tracking system (ATS) market over the next few years. The move away from traditional ways of hiring people and toward online or electronic hiring has an effect on the market for applicant tracking systems. Facebook has 2.8 billion active users, while 740 million people have signed up for LinkedIn. Glassdoor found that 79% of people who recently looked for a job used social media. Instead of hiring people through job ads in newspapers, people are now being hired through social media. Because the sales and marketing business has been so successful, recruiters now use software to automate the hiring process. New technologies are being made to help with the problems that have always been a part of recruiting, from finding candidates to making the final hiring decision.
This research report categorizes the global based applicant tracking system market on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global applicant tracking system market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global applicant tracking system market sub-segments.
Global Applicant Tracking System Market Report Coverage
|Market Size in 2021:||USD 1.43 billion|
|Forecast Period 2021-2030 CAGR:||9%|
|2030 Value Projection:||USD 3.10 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||190|
|Tables, Charts & Figures:||127|
|Segments covered:||By Component Type, By Deployment, By Region|
|Companies Covered:||BambooHR LLC, Cornerstone OnDemand, Inc., IBM Corporation, iCIMS, Inc., Oracle, Paycor, Inc., Peoplefluent, SAP SE, Workday, Inc., Zoho Corporation Pvt. Ltd|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the software segment dominated the market with the largest market share of 55% and market revenue of 0.78 billion.
Based on the component type, the applicant tracking system market is categorized into Solutions and Services. In 2021, the software segment dominated the market with the largest market share of 55% and market revenue of 0.78 billion. The applicant tracking software market is expected to grow quickly in the near future. This is because businesses of all sizes use this type of software, from small to large. With the help of artificial intelligence, applicant tracking software makes it easier for businesses to score and sort resumes based on the needs of specific jobs. Through machine learning, matching applicants' curriculum vitae (CVs) to an employer's needs is made faster and better.
- In 2021, the cloud segment accounted for the largest share of the market, with 60% and market revenue of 0.85 billion.
Based on the deployment, the applicant tracking system market is categorized into On-Premise and Cloud. In 2021, the cloud dominated the market with the largest market share of 60% and market revenue of 0.85 billion. Services that are spread out over the cloud make them more adaptable, less expensive, and safer. Anyone with an internet connection can access the system with a network-based or cloud-based application tracking system. This removes the need to install software to access data, and lets recruiters keep hiring without stopping. The hiring process has been made better for 94% of recruiters and hiring managers who use recruitment software, according to a study by Capterra.
- In 2021, the IT & Telecommunication segment accounted for the largest share of the market, with 40% and market revenue of 0.57 billion.
Based on the end-user verticals, the applicant tracking system market is categorized into IT & Telecommunication, BFSI, Retail and Healthcare. In 2021, IT & Telecommunication dominated the market with the largest market share of 40% and market revenue of 0.57 billion. This is because there is a growing need for talented people worldwide, and every day there are more and more people who want to work. The job market is always changing in the information technology and telecommunications industries. This could be because technology changes so quickly and because there is always a need for trained and skilled workers in these fields. Many companies in the information technology and telecommunications fields use applicant tracking systems to deal with problems like these.
Regional Segment Analysis of the Applicant Tracking System Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global applicant tracking system market, with a market share of around 38.9% and 1.43 billion of the market revenue in 2021.
- In 2021, North America emerged as the largest market for the global applicant tracking system market, with a market share of around 38.9% and 1.43 billion of the market revenue. In order to stay competitive in the local, national, and international markets, these companies prioritize making alliances, merging with other companies, and coming up with new solutions. The people who work in North America are much more tech-savvy than people in other parts of the world. It needs trained workers from other places to supply it and work there. Most businesses in the area that need applicant tracking system solutions are in the United States. Even in countries like Canada that have been industrialized for a long time, there hasn't been much progress in modernizing HR services.
- The Asia Pacific market is expected to grow at the fastest CAGR between 2022 and 2030. The Asia-Pacific region is quickly becoming more urban, more industrial, changing its agriculture, and diversifying its economy. All of these things are creating more job opportunities in the region. Application tracking systems have become more popular as more people move from rural areas to cities to work. China needs more skilled workers because of a number of things, such as an ageing population and strong growth in the service sector.
The report offers the appropriate analysis of the key organizations/companies involved within the global applicant tracking system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- BambooHR LLC,
- Cornerstone OnDemand, Inc.,
- IBM Corporation,
- iCIMS, Inc.,
- Paycor, Inc.,
- SAP SE,
- Workday, Inc.,
- Zoho Corporation Pvt. Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- In October 2021, Pillar announced that they will be putting out a platform for interview intelligence. By combining AI with in-interview coaching, the platform gives companies an accurate way to figure out if a candidate is right for a job during the interview process.
- In November 2021, Workday paid a total of USD 510 million to buy VNDLY. VNDLY was a service for managing contractors and vendors that was based in the cloud. With this change, Workday hopes to be able to add optimization tools for both internal and external salaried, hourly, temporary, and outsourced workers.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global applicant tracking system market based on the below-mentioned segments:
Global Applicant Tracking System Market, By Component Type
Global Applicant Tracking System Market, By Deployment
Global Applicant Tracking System Market, By End User Verticals
- IT & Telecommunication
- Retail and Healthcare
Global Applicant Tracking System Market, Regional Analysis
- North America
- The US
- Rest of Europe
- The Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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