New York, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published a new research publication on "Online Recruitment Market Size, Share, Trends, Demand, Growth, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis By Job Type (Permanent and Part-Time) and Application (Finance, Sales and Marketing, Engineering, IT, and Others),” The growth in online recruitment market is driven by the integration of technologies in online recruitment, digitalization of all business processes including recruitment and emergence of fully remote companies and social media recruiting.
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Global Online Recruitment Market – Report Scope:
| Report Coverage | Details |
| Market Size Value in | USD 29.29 Billion in 2021 |
| Market Size Value by | USD 47.31 Billion by 2028 |
| Growth rate | CAGR of 7.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 144 |
| No. of Tables | 56 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Job Type and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Global Online Recruitment Market: Competitive 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) amongst others. In addition to all the players profiled in the report, there are several other global, regional, and local players operating in the market which were also analyzed and studied during this study, to get a holistic view of the entire market. Such as, SEEK, Zhilian, 51job, Recruit Holdings Co., Ltd., CareerBuilder, indeed, Eluta, Craigslist, Jobboom, Totaljobs, Jobcentre Plus, and Startpagina, among others.
The existence of important players such as LinkedIn and Naukri.com (Info Edge (India) Ltd.) in the global online recruitment market has fragmented the market. These companies are attempting to consolidate their positions by partnering and expanding their online recruiting services.
August 2020: Tribepad Ltd., a recruitment software company, also 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. Such factors are anticipated to impact the market growth in the coming years.
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Global Online Recruitment Market: Key Insights
Recruiters are constantly using HR automation software in their work. These integrated technology solutions aid in the identification, attraction, engagement, nurturing, and conversion of candidates into applicants. These tools streamline the recruiting process by automating it, making it more effective and quicker. AI is being used by a growing number of companies in their recruiting processes. Various solutions such as applicant tracking software, interviewing software, and candidate relationship management software are enhancing the overall online recruitment processes across the globe.
To take optimum advantage of online recruitment, recruitment firms are implementing data analytics-driven solutions for their applicant tracking processes. Jobvite unveiled a data science strategy to power its HR product portfolio in January 2020. This program aims to ensure that company recruiters are given the best-fit applicants and that both candidates and recruiters are not wasting time. This data-driven approach combines various algorithms and data sources to cover both enterprise-wide recruiting preferences and employee recruiter preferences. To increase technology adoption in online recruitment processes, recruitment firms are forming several cutting-edge technology alliances. For example, Talview, an AI recruitment startup, announced in January 2020 that it had become an integration partner with LinkedIn's Talent Hub applicant tracking system. Talview's live interviewing services are now incorporated into the LinkedIn Talent Hub experience, allowing businesses to source, manage, and recruit applicants from a single source. Thus, the above-mentioned factors, coupled with the availability of various recruitment solutions in the global market, are influencing the adoption of online recruitment processes, thereby driving the market.
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Impact of COVID-19 Pandemic on Online Recruitment Market Growth:
Various challenges are faced by industries in the US due to the outbreak of COVID-19. Thus, any impact on industries will directly affect the economic development of North America. The US is the world's worst-affected country by the COVID-19 outbreak. The consequent economic downturn has led to the rise in number of jobless candidates by more than 14 million in the country, which reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment increased from 3.8% in February to 13.0% in May in the US; the rise in unemployment rate continued in April as well with 14.4%. This also led to a standstill in recruitment process across the region thereby impacting the online recruitment market. However, post Q3 2020, the number of COVID-19 cases in the US started declining, thus triggering gradual normalization of economic activities in the country. This resulted in rise in demand of products and services across the region. Moreover, with the improved vaccine distribution and administration drives, the US witnessed a more than expected increase in job openings in February 2021. According to data released by the Job Openings and Labor Turnover Survey (JOLTS), in 2021, the number of job openings rose to 7.4 million in March 2021 from 7.1 million in February 2021. Nonetheless, the labor market has a long way to go before resuming its late-2019 status. The US hiring rate increased to 4% in February 2021 from 3.8% in February 2020. To hire people easily and rapidly while maintaining social distancing, the demand for online recruitment rapidly increased across the region.
The online recruitment market is segmented on the basis of job type, application, and geography. Based on job type, the market is segmented into permanent and part-time. In 2021, permanent segment accounted for the largest market share. In terms of application, the market is bifurcated into Finance, Sales and Marketing, Engineering, IT and Others. In 2021, IT segment accounted for a larger share in the market. Geographically, the global Online Recruitment market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, the North America segment accounted for the significant share in the global market.
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Key Findings of the Study:
- In 2020, North America accounted for a substantial share in the global online recruitment market. The high internet penetration rate in North American countries, along with a high rate of digitization among businesses, is a primary driver for the region's online recruitment sector. In January 2020, the United States had 288.1 million internet users. The number of internet users in the United States increased by 1.8 million (+0.6%) between 2019 and 2020. The United States has an Internet penetration rate of 87 percent in January 2020. In addition, the country had 230.0 million social media users in January 2020. The number of social media users in the United States increased by 6.9 million (+3.1%) between April 2019 and January 2020. Social media penetration in the United States reached 70% in January 2020. The increased use of the internet and social media by the North American populace prompted the region's adoption of online recruitment to attract more candidates for specific job openings.
- 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.
- The permanent job type segment led the online recruitment market in 2020. A permanent job, also known as a full-time job, is an employment arrangement in which a person works for an employer and is paid directly by them. Unlike a temporary or contract employee who is employed to do a job for a certain period, a permanent employee's employment does not have a fixed end date. Permanent is described as working 35 hours or more per week, according to the Bureau of Labor Statistics (BLS). The Affordable Care Act describes permanent workers as those who work an average of 30 hours a week for the purposes of determining employer required payments for larger employers.
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