USD 2366.21 million
Global Recruitment Software Market Size, Share, Growth Analysis, By Component(Solution, Services), By Industry(Manufacturing, Healthcare), By Organization Size(SMEs and Large Enterprises), By Region(North America, Europe) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2168 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
119 |
Figures:
77
Global Recruitment Software Market Insights
Recruitment Software Market size was valued at USD 2366.21 million in 2019 and is poised to grow from USD 2504.63 million in 2023 to USD 4177.94 million by 2031, growing at a CAGR of 5.85% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Services
Growth Rate
5.85% CAGR
Global Recruitment Software Market ($ Mn)
Country Share for North America Region (%)
Country Share for Aisa Pacific Region (%)
Global Recruitment Software Market By Component ($ Mn)
Global Recruitment Software Market By Component (%)
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Global Recruitment Software Market Segmental Analysis
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.
Global Recruitment Software Market By Component, 2023 (%)
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Global Recruitment Software Market Regional Insights
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.
Global Recruitment Software Market By Region, 2024-2031
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Global Recruitment Software Market Dynamics
Recruitment Software Market Driver
- Utilization of cloud-based solutions is driving the Recruitment Software market. Cloud Services improves recruiters' capacity to more effectively match job searchers with suitable prospects. Technology is also assisting recruiters in narrowing their focus on and expanding the pool of qualified candidates for open vacancies. Cold calls are no longer used. Today's hiring practices are extremely focused and are supported by data and research. When a recruiter makes the call, they are aware that they are speaking with a highly qualified and competitive candidate.
- According to a recent statistic, 91% of Americans can access their mobile phone at any time. Therefore, it shouldn't be a surprise that mobile recruiting will become more significant in the future. Future hiring will increase as a result of mobile-optimized career pages, particularly for passive candidates who lack the patience to read through lengthy forms. Mobile recruiting technology that makes the process quicker and easier will undoubtedly be in high demand. The use of mobile job search apps was already prevalent among 77% of job seekers. As big businesses use competitive research and forward metrics to dramatically influence traditional HR recruiting strategies, the number of recruiting-focused mobile phone apps and the opportunity to apply directly for positions through mobile apps will grow. The change in these HR models to reflect a Mobile platform will generate data-driven results to demonstrate candidate engagement and return rates to websites (both mobile and other), which will support a more externally focused business model centered around risk management and forecast hiring. easy accessibility of recruitment software or applications on mobile phones makes it handy for candidates and gives them wide exposure to opportunities and thus this supports the Recruitment Software market growth.
Recruitment Software Market Restraint
- Recruitment software may filter out good candidates such in the accuracy of the software and biased functions could limit the market growth for the recruitment software market. Candidates who think outside the box may be eliminated from consideration for jobs for reasons unrelated to their qualifications or fit since recruiting software is based on established standards. A candidate who would have been perfect for your business based on "soft" talents like creativity and communication might have been overlooked because they lacked the necessary credentials or experience to compete with other applicants. Since the recruiting software used by your competitors is probably designed to function in a similar manner, you can unintentionally lose a competitive edge as a result.
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Global Recruitment Software Market Competitive Landscape
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
- ClearCompany
- HappierWork
- Oracle Corporation
- SAP SE
- Workday, Inc.
- ADP, LLC
- Ultimate Software Group, Inc.
- Bullhorn, Inc.
- Jobvite, Inc.
- JazzHR (formerly The Resumator)
- SmartRecruiters, Inc.
- Lever, Inc.
- Workable Software Ltd.
- BambooHR LLC
- Zoho Corporation Pvt. Ltd.
- Greenhouse Software, Inc.
- JobAdder Pty Ltd.
- Recruiterbox Inc.
- ApplicantPro
- Cornerstone OnDemand, Inc.
Recruitment Software Market Recent Developments
- In July 2022 Defence ICT company Insitec has signed a $26.5 million deal to acquire technology recruitment specialists The Network., The Network is a recruitment agency that specialises in sourcing hard-to-reach talent to work with emerging technologies across digital, software & application development, cloud, IT security and data & analytics.
- In June 2022, Loxo, the #1 Talent Intelligence Platform and global leader in recruiting software introduced a new Loxo Source™. Loxo Source™ now offers customers access to the industry’s largest talent pool of diverse candidates, Github engineers (73 million+), and ultra-precise proprietary location search. The new release also includes AI-driven identity verification and data merging system and access to industry-specific talent search engines for hard-to-find candidates.
Global Recruitment Software Key Market Trends
- Big Data and Predictive Analytics are growing at the faster pace. Companies are having a tougher time managing the volume of applicants, so they are looking to technology to help sort through candidate data and identify individuals who are likely to be top achievers. To improve their predicting powers, they seek a comprehensive perspective of the applicant, including information about how applicants in the past have fared. SaaS apps will intensify their fierce rivalry with on-premises solutions.
- Video conferencing via the cloud is used to conduct more frequent interviews. Customers use video conferencing for hiring and recruitment purposes. Employers can conduct the interviews inside the context of business-process tools, such as LinkedIn or Salesforce, to have all the interview candidate's information at their fingertips, without worrying about the candidate having access to a costly room-based system. According to conservative estimates, when businesses do just two video interviews each month instead of flying in candidates, they will see a return on their investment in video conferencing within four months. This trend is predicted to go long and accelerate the Recruitment Software market growth.
Global Recruitment Software Market SkyQuest Analysis
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 |
|---|---|
| Market size value in 2023 | USD 2366.21 million |
| Market size value in 2031 | USD 4177.94 million |
| Growth Rate | 5.85% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Recruitment Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Recruitment Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Global Recruitment Software Market Report Snapshots
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