New York, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Online Recruitment Market: Key Insights
According to our new research study on “Online Recruitment Market to 2028 - COVID-19 Impact and Global Analysis – by Job Type, Application, and Geography,” the Online Recruitment Market is projected to reach US$ 47,315.0 million by 2028 from US$ 29,292.3 million in 2021; it is expected to grow at a CAGR of 7.1% during 2021–2028.
Online Recruitment Market: Competition Landscape and Key Developments
ABC Consultants; Glassdoor, Inc.; iPlaceUSA, Inc..; itForte; Info Edge (India) Ltd. (naukri.com); LinkedIn Corporation; Multi Recrut, SH Inc.; StepStone GmbH; and TalenTECH Solutions Pvt Ltd (Hiring Plug) are among the key players that were profiled during the market study. The players are adopting strategies such as product developments, partnerships, mergers and acquisitions, and collaborations for sustaining the competitive edge.
In 2021, Tribepad Ltd., a recruitment software company, announced a partnership with WeLove9am, a marketing and advertising agency. The partnership aims to assist Signature Senior Lifestyle Care Homes in facilitating a smooth online recruitment process for their clients.
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In 2018, LinkedIn launched a new product to assist employers in managing candidate sourcing, interviewing, and hiring. LinkedIn is also experimenting with how it can assist businesses in improving their diversity by allowing recruiters to assess the gender proportions in a pool of candidates.
Recruiter chatbots are also gaining momentum in the online recruitment market. The main goal of a recruiter's chatbot is to have real-time interactions with applicants by posing specific questions. Chatbots powered by artificial intelligence are supposed to take the candidate experience to the next level. If job seekers receive daily updates during the application process, they are more likely to have a favorable opinion of the organization. Thus, the growing awareness of the benefits of AI integrated recruiting process is expected to influence more companies to adopt the same, thereby contributing to the growth of the market over the forecast period.
Several businesses use artificial intelligence in the HR, some way or another. AI is expected to be used in the recruiting process by businesses. AI for hiring refers to the use of artificial intelligence to solve problems in the same way that a machine does. The use of technology is assisting in the streamlining of high-volume activities in the recruitment process. Online application management is one of the ways AI is assisting businesses with the recruiting process. Applicant monitoring from recruiter databases involves many keywords and other data points that AI can easily filter and analyze. To speed up the hiring process, AI assists recruiters in sorting through thousands of resumes.
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Digital transformation is changing how businesses work (internal) or communicate with their customers (external). However, in most situations, digital transformation entails purchasing software and data technologies such as recruiting solutions and online recruitment channels, to reduce or remove administrative activities and improve operational performance within and across departments and hiring teams. There are various benefits of digitalization or shifting to the online mode of recruitment such as: Better productivity and time efficiency: In a variety of ways, online recruiting aids in the speeding up of everyday hiring procedures. Companies can automate administrative tasks such as keeping track of applicant paperwork or arranging interviews. Online recruiters use applicant tracking system (ATS) solutions to screen candidates quickly since the ATS stores all of the requisite candidate data in one location. They will not have to read a resume before moving on to the candidate's cover letter, portfolio, or appraisal because it will be on the same page. Recruiters are not the only ones that profit from online recruitment systems. Candidates can also apply quickly since the processes include auto-filling application forms and one-click apply buttons. Other factors promoting the digitalization are improved candidate analysis and access to vast number of applicants, among others. The above-mentioned factors are promoting the digitalization in recruitment process among companies across the globe, thereby fueling the growth of the online recruitment market.
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Online Recruitment Market: Segmental Overview
Based on application, the online recruitment market is segmented into finance, sales & marketing, engineering, IT, and others. The IT segment led the market in 2020. Information technology (IT) refers to the transfer or other use of data by computers or computer systems. IT experts are responsible for a variety of activities. They test, develop, install, repair, or manage the hardware and software associated with complex computer systems in one or more locations. In order to manage their diverse network of computer systems, some businesses employ a number of IT professionals from around the world. This encourages the adoption of online recruitment for IT professionals across organizations. Main job profiles of IT professionals include cloud infrastructure architect, enterprise architect, IT systems architect, solutions architect, and technical architect. Various online recruitment companies, such as itForte, Dice, Angel.co, and Authentic Jobs, focus on only IT recruitment.
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