Recruitment Software Market
Posted: May 01, 2020
The global recruitment software market is forecast to gain from an increasing shift to automated recruitment from manual recruitment management. Fortune Business Insights™, recently published a report, titled "Recruitment Software Market Size, Share and Global Trend by Component (Solution, Services), Service Type (Retail, IT & Telecom, BFSI, Manufacturing, Healthcare, Education, Hospitality, Media & Entertainment), Enterprise Size (Small & Medium Enterprise, Large Enterprise), and Geography Forecast till 2025." According to the report in 2017, the global recruitment software market was valued at US$ 1753.2 Mn. Additionally, the global market is anticipated to expand at a CAGR of 7.4% and reach US$ 3095.8 Mn by the end of 2025.
The report also classifies the global recruitment software market in terms of various segments. As per the report, North America and South America together were leading the global recruitment software market in 2017. The regions cumulatively held 45% of the global market in 2017. Furthermore, North America is anticipated to lead the solution segment during the forecast period 2018-2025, owing to the rapid growth of the service sector in the region. Besides this, Asia Pacific is expected to expand at the highest CAGR. The recruitment software market in North America is driven by rapid industrialization taking place in the region. Moreover, the increasing number of start-ups focusing on phone application development is likely to fuel the demand in the global recruitment software market.
It is expected that the subscription recruitment software (SVoD) technology segment will rise in the IT & telecom and hospitality sectors with a CAGR of more than 8% during the forecast period 2018 – 2025. The IT & Telecom sector holds a major recruitment software market share of nearly 20% in 2017. IT & Telecom is followed by hospitality and BFSI sectors growing at a steady rate owing to the increase in adoption of cloud-based services, minimum deployment & maintenance expenses with the rising need to streamline recruitment processes.
Demand Witnessed in IT & Telecom Segment Will Rise Impressively
In terms of service, the IT & Telecom segment was leading the global recruitment software market in 2017, with a share of more than 20%. The segment is expected to witness impressive growth during the forecast period. The growth foreseen is the attribute to the rising adoption of subscription recruitment software technology in the IT & Telecom and hospitality sector. Besides this, BFSI and hospitality sectors are expected to grow at a steady rate owing to the rising adoption of minimum deployment and cloud-based services. This is likely to fuel the demand in the global recruitment software market.
Some of the factors anticipated to drive the global recruitment software market during the forecast period are the increasing number of corporate offices and increasing job opportunities. Moreover, the need to streamline the recruiting process and enhance communication capabilities are expected to fuel the demand in the global market.
However, factors such as lack of skilled professionals and high cost associated with quality recruitment software can hamper the growth of the global recruitment software market.
Kronos to Gain Higher Share in Global Market, Backed by its Product Development Policies
Key players in the market are developing recruitment software with innovative features to gain a higher share in the market. For instance, Kronos Inc. launched an advanced version of the recruitment software integrated with Artificial Intelligence. Such developments are expected to fuel the demand for recruitment software. Some of the organizations operating in the global recruitment software market are Taleo Corporation (Oracle), SuccessFactors (SAP), ADP, Accenture Plc, Ceridian HCM Inc., Kenexa Corporation (IBM), Cognizant Technology Solutions, Halogen Software Inc., PeopleAdmin, and SumTotal Systems Inc.
"Heavy Industrialization enables Asia Pacific Exhibit the Highest CAGR"
The North and South America together hold more than 45% share in the global market. However, Asia Pacific is expected to have the highest incremental growth during the forecast period 2018 – 2025. North America is anticipated to be the dominating market for solutions due to rapid growth across the service sector. This growth can be further attributed to the increasing adoption of various solutions in Silicon Valley.
Asia Pacific is estimated to witness high growth in the future owing to heavy industrialization in the region and the rising number of start-ups focusing on smartphone application development. Rising need for mobility in developing countries such as India and China is also anticipated to boost industry growth during the forecast period. Europe is also expected to experience substantial growth owing to the high emergence of corporate offices within several industry verticals.
The key market drivers include the need for enhanced communication capabilities and productivity of recruiters, the growing adoption of cloud-based solutions and rise in need to streamline recruitment processes, thereby igniting innovations in recruitment software. Additionally, the use of artificial intelligence in recruiting can support enterprises in reducing or even eliminating time-consuming activities such as the manual screening of resumes. Vendors in this market are adopting recruitment software that helps to manage the entire recruitment cycle of job creation to candidate finalization with minimal disturbances.
By component, the market has been categorized into a solution based or service-based. By service type, the global market has been segmented into retail, IT & telecom, BFSI, manufacturing healthcare, education, hospitality, media & entertainment, and others. By enterprise size, the market has been segmented as small and medium enterprises and large enterprises. Geographically, the market is segmented precisely into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been further categorized into countries.
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions.