Pune, India., Aug. 25, 2023 (GLOBE NEWSWIRE) -- 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. 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.
Online Recruitment Market in terms of revenue was estimated to be worth $29.29 billion in 2021 and is poised to reach $47.31 billion by 2028, growing at a CAGR of 7.1% from 2021 to 2028 according to a new report published by The Insight Partners.
The growth of this market is driven by the digitalization of all business processes including recruitment and integration of technologies in online recruitment.
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Browse Comprehensive TOC on "Online Recruitment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Job Type (Permanent and Part-Time), Application (Finance, Sales and Marketing, Engineering, IT, and Others), and Geography"
List of Tables - 56
List of Figures - 72
No. of Pages - 114
Global Online Recruitment Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 29.29 Billion in 2021 |
| Market Size Value by | US$ 47.31 Billion by 2028 |
| Growth rate | CAGR of 7.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Job Type, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Various Benefits of Digitalization or Shifting to the Online Mode of Recruitment:
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 fueling the growth of the online recruitment market.
Impact of COVID-19 Pandemic on Global Online Recruitment Market:
The outbreak of the COVID-19 pandemic has negatively impacted the offline recruitment drives across the globe. Covid-19 has had an impact on corporate operations across the world, including hiring. Because of the pandemic, it was vital for businesses to upgrade their recruitment processes quickly and creatively. Organizations have turned to remote operations to combat the pandemic's health hazards and are during overhauling how they employ fresh talent. Using the correct technology, several companies have transitioned from physical to virtual hiring. In the aftermath of the outbreak, HR managers are scrambling to adapt recruitment methods. Fortunately, technology exists to assist in reducing exposure while still obtaining high-quality personnel. Owing to these virtual and online recruitment plans are being highly adopted by organizations to protect both employees and candidates and eliminate the risk of the virus while carrying out hiring drives.
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Global Online Recruitment Market: Competitive Landscape
LinkedIn Corporation; Multi Recrut, SH Inc.; StepStone GmbH; TalenTECH Solutions Pvt Ltd (Hiring Plug); ABC Consultants; Glassdoor, Inc.; iPlaceUSA, Inc.; itForte; Info Edge (India) Ltd. (naukri.com); SEEK; Zhilian; 51job; Recruit Holdings Co., Ltd.; CareerBuilder; Indeed; Eluta; Craigslist; Jobboom; Totaljobs; Jobcentre Plus, and Startpagina are a few of the key companies operating in the Online Recruitment market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in the Online Recruitment market.
Online Recruitment Market - Key Industry Dynamics:
Drivers:
- Integration of Technologies in Online Recruitment
- Digitalization of All Business Processes Including Recruitment
Restraints:
- Common Difficulties Faced in Online Recruitment
Opportunities:
- Integration of Artificial Intelligence (AI) in Recruitment
Future Trends:
- Emergence of Fully Remote Companies and Social Media Recruiting
Recent Developments:
- In January 2020: Talview, an AI recruitment startup, announced 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.
- 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.
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. 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.
Report Spotlights:
- Progressive industry trends in the Online Recruitment market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the Online Recruitment market from 2021 to 2028
- Estimation of global demand for Online Recruitment
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the Online Recruitment market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the Online Recruitment market size at various nodes
- Detailed overview and segmentation of the market, as well as the Online Recruitment industry dynamics
- Size of the Online Recruitment market in various regions with promising growth opportunities
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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