New York, United States, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Applicant Tracking System Market Size to grow from USD 1.43 billion in 2021 to USD 3.10 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9% during the forecast period. 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. The Asia Pacific is expected to grow the fastest during the forecast period.
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View a detailed Table of Content here–
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The software segment to account for the largest market size during the forecast period
Based on the component type, the applicant tracking system market is categorized into Solutions and Services. The software segment to account for the largest market size during the forecast period. It is expected that the applicant tracking software market will grow quickly in the near future. This is because businesses of all sizes, from small to large, use this type of software. 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.
Browse key industry insights spread across 240 pages with 104 market data tables and figures & charts from the report "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." in detail along with the table of contents
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The cloud segment to hold a higher CAGR during the forecast period
Based on the deployment, the applicant tracking system market is categorized into On-Premise and Cloud. The cloud segment to hold a higher CAGR during the forecast period. Services that are spread out over the cloud make them more adaptable, less expensive, and safer. With a network-based or cloud-based application tracking system, anyone with an internet connection can access the 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.
The IT & Telecommunication segment is to hold a higher CAGR during the forecast period.
Based on the end-user verticals, the applicant tracking system market is categorized into IT & Telecommunication, BFSI, Retail and Healthcare. The IT & Telecommunication segment is to hold a higher CAGR during the forecast period. This is because there is a growing need for talented people all over the world, and every day there are more and more people who want to work. In the information technology and telecommunications industries, the job market is always changing. 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.
North America is estimated to account for the highest market share in 2021.
The Global Applicant Tracking System Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. 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 both 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. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Key companies profiled; International Business Machines Corporation (IBM); iCIMS; Oracle; PeopleFluent; Cornerstone; Workday; Bullhorn, Inc.; UKG Inc.; ADP, Inc.; SAP
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