New York, USA, June 13, 2023 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Applicant Tracking Systems Market Information by Service, Deployment, Organization Size, and Region - Forecast till 2030”, the Applicant Tracking Systems Market could thrive at a rate of 6.54% between 2022 and 2030. The market size will be reaching around USD 3.8 Billion by the end of the year 2030
Market Synopsis
The Applicant Tracking Systems (ATS) market has witnessed significant growth in recent years, driven by the increasing need for efficient and streamlined hiring processes across organizations. ATS refers to software applications that enable organizations to manage and automate their recruitment processes, from receiving and reviewing resumes to tracking candidates throughout the hiring process.
One of the key drivers contributing to the growth of the ATS market is the rising demand for simplifying and accelerating the hiring process. Traditional manual recruitment methods are time-consuming and often result in the loss of potential candidates. Applicant Tracking Systems offer a comprehensive solution by automating various tasks, such as resume parsing, job posting, interview scheduling, and candidate communication. By implementing an ATS, organizations can effectively manage a large number of applicants, improve candidate experience, and reduce time-to-hire.
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Applicant Tracking Systems Market Competitive Landscape:
The affluent companies in the Applicant Tracking Systems industry include
- International Business Machines Corporation
- Jobvite
- Oracle Corporation
- Findly
- Talrnt LLC
- BambooHR
- Clear Company
- Corner
- Stone On Demand
- Bullhorn Inc
- Exacthire
- Hyrell
- IBM Corporation
Latest Industry Updates:
June 2021 - Oracle provides robust ATS solutions designed to simplify and automate recruitment processes. Their ATS platform incorporates AI-driven resume parsing, candidate screening, and analytics to facilitate efficient hiring decisions. Oracle's strong market presence and continuous innovation have solidified their position in the industry.
Scope of the Report - Applicant Tracking Systems Market:
| Report Metrics | Details |
| Applicant Tracking Systems Market Size by 2030 | USD 3.8 Billion |
| CAGR during 2022-2030 | 6.54% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Automation is required in the hiring process |
| Key Market Dynamics | An increase in the need for effective labour management and the use of social media sites for job searching Recruitment companies' adoption of data analytics strategy Is expected to support market growth |
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Market USP Covered:
Applicant Tracking Systems Market Drivers:
One of the driving factors influencing the growth of the ATS market is the increasing volume of job applications. In today's highly competitive job market, organizations receive a large number of applications for each job opening, making it challenging to manually review and shortlist candidates. Applicant Tracking Systems help address this challenge by automating the initial screening process. These systems can quickly scan and parse resumes, identify relevant keywords, and rank candidates based on their qualifications and experience. By automating the initial screening process, ATS significantly reduces the time and effort required to review applications, allowing recruiters to focus on evaluating the most suitable candidates.
Market Restraints:
Despite the numerous benefits offered by ATS, there are certain factors restraining the market's growth. One such factor is the cost associated with implementing and maintaining an ATS. Small and medium-sized enterprises (SMEs) often face budget constraints and may find it challenging to invest in sophisticated ATS solutions. Moreover, the integration of ATS with existing HR systems and the training required for employees to effectively use the software can also add to the overall cost. To overcome this challenge, ATS providers are increasingly offering scalable and cost-effective solutions tailored to the needs of SMEs, which could help drive adoption in this segment.
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COVID 19 Analysis
The COVID-19 pandemic had a significant impact on the recruitment landscape, leading to an increased reliance on digital solutions like Applicant Tracking Systems. The widespread adoption of remote work and social distancing measures necessitated a shift from traditional in-person hiring processes to virtual platforms. ATS played a crucial role in enabling remote recruitment, facilitating virtual interviews, and ensuring seamless collaboration between hiring teams.
Post-COVID, the demand for Applicant Tracking Systems is expected to continue growing as organizations recognize the value of digital tools in streamlining hiring processes. The ATS market is likely to witness further advancements in AI and ML technologies, enabling more accurate candidate matching, automated interview scheduling, and predictive analytics for talent acquisition strategies.
Applicant Tracking Systems Market Segmentation
- By Service - The Service in the market includes Managed services and Professional services
- By Deployment - By Deployment, the segment includes On-Cloud and On-Premises
- By Organization Size - By Organization Size, the segment includes SMEs and Large and big enterprises
Regional Insights
North America has been a dominant market for Applicant Tracking Systems due to the high adoption rate of advanced technologies in the region. The presence of major ATS providers and the growing need for efficient recruitment processes in industries such as IT, healthcare, and manufacturing have contributed to the market's growth. Additionally, stringent labor regulations and the need for compliance have further fueled the demand for ATS solutions in North America.
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Europe is also a significant market for Applicant Tracking Systems, driven by the increasing focus on talent acquisition and workforce management. The region's diverse industries, including banking, finance, retail, and hospitality, have shown a growing interest in adopting ATS to streamline their recruitment processes. Moreover, the introduction of data protection regulations such as GDPR (General Data Protection Regulation) has emphasized the importance of data privacy and security, further boosting the demand for robust ATS solutions.
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