Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "Applicant Tracking Systems - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Applicant Tracking Systems was estimated at US$3.2 Billion in 2023 and is projected to reach US$4.5 Billion by 2030, growing at a CAGR of 5.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Applicant Tracking Systems (ATS) have transformed the recruitment landscape by automating and streamlining the hiring process, allowing companies to manage large volumes of applicants more efficiently. Traditionally, recruitment involved manually sorting through resumes, scheduling interviews, and tracking candidates through various stages of the hiring funnel - a time-consuming and often error-prone process. With the advent of ATS, these tasks have become automated, enabling recruiters to focus on strategic decision-making rather than administrative tasks.
The growth in the Applicant Tracking Systems market is driven by several factors, reflecting broader technological advancements and changes in recruitment practices. The increasing demand for automation in recruitment processes is a primary driver, as organizations seek to reduce time-to-hire and improve the efficiency of their hiring workflows. The integration of AI and machine learning into ATS platforms has expanded the capabilities of these systems, enabling more accurate candidate matching and predictive hiring analytics, which are particularly valued in competitive job markets. The shift towards remote and hybrid work environments has also propelled the adoption of cloud-based ATS solutions, allowing companies to manage recruitment processes across geographically dispersed teams.
Additionally, the growing emphasis on diversity and inclusion in hiring practices has led to the adoption of ATS platforms that can mitigate bias, ensuring fair and equitable hiring decisions. Social trends, such as the increasing use of social media for job searches, have further driven the need for ATS systems that integrate seamlessly with these platforms, enhancing candidate sourcing and engagement. Finally, the rising concerns over data privacy and cybersecurity have made secure and compliant ATS solutions a necessity, particularly in industries handling sensitive candidate information, thus fueling market growth.
What Technological Advancements Are Shaping the Future of ATS?
The evolution of Applicant Tracking Systems is closely linked to technological advancements, particularly the integration of artificial intelligence (AI) and machine learning (ML). AI-powered ATS platforms are now capable of predictive analysis, which can forecast the success of a candidate based on historical hiring data and job performance metrics. This predictive capability helps in identifying the most suitable candidates early in the hiring process, thus improving the overall efficiency of recruitment efforts.
Additionally, machine learning algorithms are being used to refine the matching process, ensuring that candidates are accurately evaluated based on both their resumes and their behavior during the application process. Another significant trend is the rise of mobile-friendly ATS platforms, which cater to the increasing number of candidates who prefer to apply for jobs via mobile devices. These platforms not only enhance the user experience for applicants but also provide recruiters with real-time analytics and dashboards accessible from any device, making the hiring process more agile and responsive to market demands.
How Are Regulatory and Social Factors Influencing ATS Adoption?
The adoption of Applicant Tracking Systems is also being driven by a combination of regulatory requirements and social trends. Compliance with employment regulations, such as equal employment opportunity (EEO) laws, has made it imperative for organizations to adopt ATS solutions that can track and report on their hiring practices, ensuring that they remain within legal guidelines. Furthermore, the growing focus on diversity and inclusion in the workplace has spurred demand for ATS platforms that offer features designed to eliminate bias in the recruitment process.
These systems can anonymize candidate data, removing identifiable information that could lead to conscious or unconscious bias during the evaluation process. Additionally, the rise of remote work has increased the importance of cloud-based ATS solutions that allow for virtual recruitment, interviews, and onboarding processes. This shift has made it easier for companies to tap into a global talent pool, further expanding the reach and effectiveness of their recruitment efforts.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Applicant Tracking Software segment, which is expected to reach US$2.9 Billion by 2030 with a CAGR of a 4.9%. The Applicant Tracking Services segment is also set to grow at 6.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $860.1 Million in 2023, and China, forecasted to grow at an impressive 5.1% CAGR to reach $717.8 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as ApplicantStack, BambooHR LLC, Cornerstone OnDemand, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $3.2 Billion |
| Forecasted Market Value (USD) by 2030 | $4.5 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- Applicant Tracking Systems - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Global Economic Update
MARKET TRENDS & DRIVERS
- Increasing Demand for Remote Hiring Throws the Spotlight on Cloud-Based Applicant Tracking Solutions
- Automation in Recruitment Processes Expands Addressable Market Opportunity for Applicant Tracking Systems
- AI and Machine Learning Integration Drives Adoption of Intelligent Applicant Tracking Systems
- Growing Focus on Diversity and Inclusion Spurs Growth in Bias-Free Applicant Tracking Features
- Surge in Volume of Job Applications Generates Demand for Scalable Applicant Tracking Tools
- Rise of Mobile Recruiting Propels the Need for Mobile-Friendly Applicant Tracking Platforms
- Integration with HR Management Systems Drives Adoption of Unified Applicant Tracking Solutions
- Increasing Use of Social Media in Recruitment Spurs Demand for Social Integration in ATS
- Adoption of Video Interviewing Technologies Expands the Scope of Applicant Tracking Systems
- Shift Towards Continuous Candidate Engagement Generates Demand for CRM-Integrated ATS Solutions
FOCUS ON SELECT PLAYERS(Total 22 Featured)
- ApplicantStack
- BambooHR LLC
- Cornerstone OnDemand, Inc.
- ExactHire
- Greenhouse Software, Inc.
- Hyrell
- iCIMS, Inc.
- Jobvite, Inc.
- Lever, Inc.
- Lumesse Ltd.
- Paycor, Inc.
- SAP SE
- Workable Software Limited
- Workday, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vliatc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
