Applicant Tracking System Market Trends

Drivers

• Growing Implementation of Automation

Automated hiring and recruitment capabilities continue advancing each year, bringing both promise and peril to job seekers and employers alike. Individualized tracking of applicants, algorithmic resume sorting, personalized data collection portals, and digitized meet-and-greet scheduling will surely sway more companies to invest in such systems. Efficiency gains and productivity boosts will propel most of the application tracking platforms during the forecast period.

• Remote Working Opportunities Post Pandemic

The COVID-19 pandemic shook the foundations of the job market. While social distancing mandates locked down physical workplaces and interviews, innovative applicant tracking systems unlocked remote recruitment possibilities. Through virtual access to candidates' profiles and video call functions, along with collaborative evaluation apps, these digital hiring solutions were instrumental in maintaining recruitment momentum during the pandemic, facilitating connections between opportunistic employers and qualified contenders wherever they were sheltering. This remote hiring has remained a key driver post pandemic as most companies still prefer to conduct the hiring process remotely.

Restraints

• Lack of Skills Professionals

Human resources face struggles using applicant tracking systems as current expertise inadequately operates such programs. Proper instruction and learning are essential for staff to utilize this software knowledgeably. Anticipated insufficient abilities among HR specialists may hamper applicant tracking system market expansion unless skills rapidly reform. With evolving workplaces, the recruiting field demands a shifting skillset addressing altering job duties across industries.

• High Cost of Implementation

One of the major limiting factors constraining the growth of the applicant tracking system market is the high initial financial investment associated with the establishment and operation of some of applicant tracking system technologies. In most cases of machinery, software, or infrastructure, the costs required are beyond the means of the emerging economies and some small businesses. This may serve to delay if not prevent some new entrants into the market.