USD 2366.21 million
Report ID: SQSG45E2013 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 119 | Figures: 77
Global Recruitment Software Market size was valued at USD 2366.21 million in 2021 and is poised to grow from USD 2504.63 million in 2022 to USD 4177.94 million by 2030, growing at a CAGR of 5.85% in the forecast period (2023-2030).
Hiring managers and talent acquisition professionals use recruitment tools to improve candidate flow. It is frequently used by businesses to manage applications, advertise job positions, schedule interviews, and collect feedback from applicants. This program integrates interviewing software, candidate relationship management (CRM), and application tracking systems (ATS). Additionally, it might do background checks and pre-hire evaluations before training and orienting new hires, improving the effectiveness of the organization's hiring managers.
Organizations may quickly screen, rate, and store candidate data by implementing recruiting software systems like IBM's Kenexa Talent Acquisition Suite and Lumesse's Talent Acquisition Experience Platform. Additionally, these technologies automate the process of posting jobs on various job boards and make it simpler to monitor the status of an application. Recruitment software keeps and tracks all employee information, including financial details, home address, social security number, and home address.
The market for recruitment software is expanding as a result of the increasing adoption of mobile-based recruitment systems and cloud-based platforms. The usage of automated resume screening techniques that employ artificial intelligence (AI) to assess the degree of abilities and expertise of the candidate is also promoting market expansion. Through analytical inputs and transactional operations, this software also uses machine learning (ML) algorithms and optical trackers to detect market patterns and trends. The global market for recruitment software is expected to grow over the next few years due to a variety of other factors, including the expanding need to replace conventional hiring practices in order to reduce overhead costs, the emergence of social recruiting trends, and the rising number of start-up businesses.
US Recruitment Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2366.21 million
Largest Segment
Solution
Fastest Growth
Solution
Growth Rate
5.85% CAGR
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The Global recruitment software market is segmented based on the Component, Industry, organization size, and region. Based on the Component, the Global Recruitment Software Market is segmented as Software, Services. Based on the Industry the Recruitment Software market is segmented as Manufacturing, Healthcare, BFSI, Education, Hospitality, Others. Based on organization size, the Recruitment Software market is segmented into SMEs and large enterprises. Based on Region Recruitment Software market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Recruitment Software Market Analysis by Component
Based on the Component, the Global Recruitment Software Market is segmented as solution, services. Among these the solution segment accounted larger share owing to the advancements in rising software. In solution, new features and programs are always being added. In the future years, software for AI recruitment will have a lot of new functions. More consumers will visit the market as a result of all these improvements. Additionally, during the projection period, technology advancements will raise consumer awareness of the product. Opportunities for market expansion in the recruitment software sector will result from the software's usage in the talent acquisition platform.
Recruitment Software Market Analysis by Industry
Based on the Industry the Recruitment Software market is segmented as Manufacturing, Healthcare, BFSI, Education, Hospitality, and Others. Among these segments, the BFSI segment has held its lead for a past few years. As a service sector, banking is centered on a variety of service activities. This makes it necessary for the banking sector to have HR software in order to handle their service activities and actions effectively and seamlessly. An HR Software or recruitment software for the Banking Sector aids in the streamlining of all human resource management operations, including recruiting suitable talents for the banking industry, handling client demands and real-time processing of requests, maintaining employee involvement in the industry, looking after their payroll and retirement benefits, and much more. The capabilities of the HR software can be enhanced or diminished based on the banking workflow.
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In 2021, the North America region held the largest global Recruitment software market share. The growth of the regional Recruitment Software market can be attributed to Silicon Valley's growing reliance on diverse solutions. The Asia Pacific is predicted to experience a huge increase in Recruitment Software market revenue during the projected period as a result of the region's significant industrialization and the rise of start-up businesses focused on developing smartphone applications. Throughout the forecast period, Recruitment Software market expansion is expected to be driven by rising mobility needs in developing countries like China and India. Due to the rapid expansion of corporate headquarters in a variety of industrial verticals the region of Europe is predicted to grow exponentially during the forecast period.
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Recruitment Software Market Driver
Recruitment Software Market Restraint
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The Global Recruitment software market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase Recruitment Software market share and profitability.
Recruitment Software Market Top Players Company Profiles
Recruitment Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Recruitment software Market Analysis, in 2021, the North America region led the global Recruitment software market. The growth is attributed to Silicon Valley's growing reliance on diverse solutions. According to the segmental analysis, the segment of software segment acquired a larger share due to increasing software advancement whereas among the industries the segment of BFSI segment is increasing at steady rate owing to the efficiency and greater demand for recruitment software in industry.
Report Metric | Details |
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Market size value in 2021 | USD 2366.21 million |
Market size value in 2030 | USD 2504.63 million |
Growth Rate | 5.85% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Recruitment Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Recruitment Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Recruitment Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Recruitment Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQSG45E2013