Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Growing living standards and a lack of time have given rise to an innovative rise strategy that is anticipated to have a positive impact on the online recruiting market. The scope of the applicant has also expanded as a result of changes in social media usage and other networking websites, which is projected to lead to a growth of the global online recruitment market in the years to come.
The size of the global online recruitment market was USD 29293.4 million, and by 2029, it is projected to increase to USD 47316.1 million, with a compound annual growth rate (CAGR) of 8.1%.
Many companies make all communication procedures online, including posting job openings, verifying applicant status, and conducting online interviews. These elements are likely to fuel the growth of the online recruitment market throughout the course of the forecasted timeframe. How organizations operate internally and interact with their customers is changing as a result of digital transformation. However, in the majority of cases, digital transformation entails investing in software and data technologies, such as hiring solutions and online hiring channels, in order to scale back or completely eliminate administrative tasks and boost operational performance within and across departments and hiring teams.
Online recruiting assists in accelerating routine hiring processes in a number of ways. Companies can automate administrative tasks like scheduling interviews and managing application documents. Online recruiters can quickly evaluate candidates with the help of ATS solutions because the application tracking system keeps all of the necessary candidate data in one location. The candidate's cover letter, portfolio, and evaluation will all be on the same page, eliminating the need for them to read a resume before going on.
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HR automation software is a common tool used by recruiters. These integrated technology solutions support the recruitment, nurturing, engagement, and application conversion of candidates. These solutions automate the hiring process to streamline it and make it more efficient. These are some important factors that may contribute to the global online recruitment market's expansion.
In terms of application, the hotel & catering segment is dominated the global online recruitment market. The adoption of web-based recruiting platforms is anticipated to create significant advancements in the hotel and catering sector. In 2020, it had a 21.5% market share overall. According to the U.S. Bureau of Labor Statistics, the hospitality sector has a turnover rate that is two to three times higher than other industries. Several internet venues, like LinkedIn, Twitter, and Facebook, among others, are effective for the hiring process.
The North American region accounted for the largest revenue share in 2020. Increasing use of social media platforms and other online services for recruiting will probably fuel growth in this region over the course of the projection period. The major firms in this area are also working on AI technologies to continue to dominate global technological advancements. Due to the rapid adoption of AI in the region's key countries, including China, Japan, and India among others, Asia Pacific is predicted to hold the second-largest share in the worldwide online recruitment industry.
For instance, the marketing and advertising agency WeLove9am and Tribepad Ltd., a provider of recruitment software, established a partnership in 2021. With the help of the collaboration, Signature Senior Lifestyle Care Homes will be able to offer its clients a simple online application process.
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global online recruitment market scope:
| Metrics | Details |
| Study Period | 2019-2029 |
| Market Size in 2029 | USD 47316.1 million |
| Segment Covered | By Job Type , By Application, By Region, |
| By Job Type Covered | Part-Time and Permanent |
| By Application Covered | Finance, Marketing, Sales, Engineering, IT, Hotel and Catering, and Others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | LinkedIn, Self-Management Group, Pymetrics, HackerRank, Ultimate Software (UltiPro), iCIMS, Monster Worldwide, Jobvite, Ideal, SAP SE, Textio, Recruiterbox, Naukri.com, Zoho Corporation |
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Online Recruitment Market by Component, 2019-2029 (USD Million)
4.1. Part-time
4.2. Permanent
5. Online Recruitment Market by Application, 2019-2029 (USD Million)
5.1. Finance
5.2. Marketing
5.3. Sales
5.4. IT
5.5. Hotel and Catering
6. Data Visualization Software Market by Region 2018-2028 (USD Million)
6.1. North America
6.1.1. US
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. France
6.2.4. Rest of Europe
6.3. Asia Pacific
6.3.1. China
6.3.2. Japan
6.3.3. India
6.3.4. Rest of Asia Pacific
6.4. South America
6.4.1. Brazil
6.4.2. Mexico
6.4.3. Rest of South America
6.5. Middle East & Africa
7. Competitive Landscape
8. Company Profiles
9. Appendix
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