Dublin, Aug. 12, 2021 (GLOBE NEWSWIRE) -- The "Online Recruitment Market 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)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to grow from US$ 29292.3 in 2021 to US$ 47315.0 million by 2028, it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.
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 bestofit 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 start-up, 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.
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 partotime. 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.
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 fuelling the growth of the online recruitment market.
However, the COVID 19 Impact has severely impacted the online recruitment market. The US is the world's worstoaffected 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.
Key Findings of the Study:
The global Online Recruitment market is segmented into five major regions-North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM) and significant strategic initiatives are being taken by several market players in the Online Recruitment. For instance, In August 2020, 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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global online recruitment market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global online recruitment market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Online Recruitment Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Online Recruitment Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Integration of Technologies in Online Recruitment
5.1.2 Digitalization of All Business Processes Including Recruitment
5.2 Market Restraints
5.2.1 Common Difficulties Faced in Online Recruitment
5.3 Market Opportunities
5.3.1 Integration of Artificial Intelligence (AI) in Recruitment
5.4 Future Trends
5.4.1 Emergence of Fully Remote Companies and Social Media Recruiting
5.5 Impact Analysis of Drivers and Restraints
6. Online Recruitment Market - Global Analysis
6.1 Global Online Recruitment Market Overview
6.2 Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Online Recruitment Market Analysis - By Job Type
7.1 Overview
7.2 Online Recruitment Market, By Job Type (2020 and 2028)
7.3 Permanent
7.3.1 Overview
7.3.2 Permanent: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Part-Time
7.4.1 Overview
7.4.2 Part-Time: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
8. Online Recruitment Market Analysis - By Application
8.1 Overview
8.2 Online Recruitment Market, By Application (2020 and 2028)
8.3 Finance
8.3.1 Overview
8.3.2 Finance: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Sales and Marketing
8.4.1 Overview
8.4.2 Sales and Marketing: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
8.5 Engineering
8.5.1 Overview
8.5.2 Engineering: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
8.6 IT
8.6.1 Overview
8.6.2 IT: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Online Recruitment Market - Revenue and Forecast to 2028 (US$ Million)
9. Online Recruitment Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Online Recruitment Market
10.1 North America: Impact Assessment of COVID-19 Pandemic
10.2 Europe: Impact Assessment of COVID-19 Pandemic
10.3 Asia Pacific: Impact Assessment of COVID-19 Pandemic
10.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.5 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Merger and Acquisition
11.2 New Development
12. Company Profiles
12.1 ABC Consultants
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Glassdoor, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 iPlaceUSA, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 itForte
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Info Edge (India) Ltd. (naukri.com)
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 LinkedIn Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Multi Recruit
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 SH Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 StepStone GmbH
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 TalenTECH Solutions Pvt Ltd ( Hiring Plug )
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
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