Global Applicant Tracking Systems Software Market Size Was Valued At USD 2.41Bn In 2023 And Is Expected To Reach USD 4.16 Bn By 2032, At A CAGR Of 6.25 %.
Pune, 18, June 2024: The Global Applicant Tracking Systems Software Market was valued at USD 2.41 billion in 2023 and is expected to reach USD 4.16 billion by 2032, with a CAGR of 6.25 %. Managing the recruitment process is one of the company’s most complex and important challenges. It’s an expensive investment that involves posting ads, tracking applications, screening resumes conducting interviews, and finding the perfect candidate. The most important risk is that the company can lose its best talent, and better candidates can bring significant added value and are suitable for a specific role.
Applicant Tracking System (ATS) works as recruiting software to manage and optimize a company’s internal search and selection process and is used to collect and organize candidates at various stages of the recruiting process. ATS does not replace the role of the recruiter and is considered a tool to support talent acquisition and goals. ATS can help solve critical challenges facing applicants. Some systems can be augmented with artificial intelligence (AI) and machine learning to create a suitable candidate profile, assess and identify skills, and predict success factors to maximize each hire. This helps organizations better understand applicant behavior, increase brand awareness, and target specific job seekers on the platforms and channels they use most.
Applicant Tracking Systems Software Key Competitors include:
ADP (USA), BambooHR (USA), Bullhorn (USA), Cornerstone OnDemand (USA), Greenhouse Software (USA), IBM (USA), iCIMS (USA), JazzHR (USA), Jobvite (USA), Oracle (USA), Paycor (USA), People Fluent (USA) and other major players.
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Applicant Tracking Systems Software Market Dynamics
Recruiting automation increases efficiency and improves the quality of the company’s recruiting work. This allows recruiters to hire candidates based on characteristics that predict job success. According to the Global Future of Work Survey, employers expect 17 percent of all work to be automated by 2020; About 94% of USS organizations currently using AI and robotics will increase their use of automation within the next three years. Business leaders understand the value of automating HR and recruiting processes. Automation and artificial intelligence technology has gained momentum in HR and talent acquisition. In fact, according to LinkedIn’s Trends in Talent survey, 35% of talent professionals and hiring managers say artificial intelligence is the biggest trend impacting hiring. These factors are expected to increase the demand for ATS software during the forecast period.
Recruitment analytics considers the entire recruitment process; From the candidate’s first interaction with the company to their first day in the office, you’ll get a bird’s eye view of the process. With an ATS solution, you can track how new hires feel about their jobs and the organization as a whole, providing a window into whether the hiring team has been effective and selected the right person for the job. ATS software uses analytics on which platform the applicant finds jobs. So the company can reinvent recruiting strategies to pay more attention to these platforms. The need of the hour is to bridge the gap between ATS and predictive analytics. Scenarios such as automatically predicting a candidate’s likelihood of joining or informing a recruiter of a candidate’s lack of skills are now being explored. Thus, ATS with data analytics capabilities is likely to lead the digital transformation of HR during the forecast period.
Applicant Tracking Systems Software Market Regional Insights
North America dominated the Applicant Tracking Systems Software Market in 2023 and is expected to continue its dominance over the forecast period. As the revenue leader, North America held a dominant position in the Agent Tracking Systems (ATS) market. Many factors put it first.
North America is famous for its strong economic system, which is based on technology and integrates several industries. The presence of a developed and highly developed technological ecosystem and a mature IT infrastructure creates a perfect environment for the implementation of ATS software solutions. Additionally, the North American talent market, particularly in IT, healthcare, and finance, encourages companies to devote resources to effective talent acquisition and management systems such as ATS software. These tools offer companies the opportunity to simplify recruitment, attract great candidates, and be leaders in the labor market. Additionally, stringent regulatory norms in sectors such as BFSI and healthcare require the implementation of secure and compliant ATS software solutions, resulting in increased market share in the respective region.
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Applicant Tracking Systems Software Market Segment Analysis
By Type
Based on the component, the market is segmented into On-Premise and Cloud-Based. On-premise is expected to dominate the Applicant Tracking Systems Software Market during the forecast period. Demand for global applicant tracking software (ATS) is expected to explode as various sectors require restructuring of recruitment procedures. ATS technology reduces the red tape in the recruitment process and saves an organization time and money with functions such as applicant tracking, resume structuring, and communication. The ATS market is divided into two deployment modes: on-premises and cloud solutions. A further extension of this is on-premises ATS software that is installed and maintained within the company’s infrastructure, resulting in extensive customization and control at the cost of significant initial investment and regular maintenance.
By Application
GLOBAL Applicant Tracking Systems Software MARKET BY REGION
Key questions answered in the Applicant Tracking Systems Software Market report are:
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