The Global Market for Recruitment Software is Projected to Reach US$2.7 Billion by 2022

Advancements in Recruitment Technologies, and Proficiency in Candidate Sourcing and Tracking to Drive Growth in the Global Recruitment Software Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry trends, growth drivers, market share, size and demand forecasts on the global Recruitment Software market. The global market for recruitment software is projected to reach US$2.7 billion by 2022, driven by the need for effective candidate sourcing and proficient applicant tracking tools especially against the backdrop of changing labor demand and supply with respect to skills.  

Recruitment software, a high-tech Human Capital Management tool designed to provide end-to-end support in corporate recruitment process, has made substantial progress following its inception in early-1990s. The concept evolved from a basic application tracking tool into a multi-faceted platform capable of providing comprehensive solution of workforce staffing for any business. The technology makes the entire selection process easier even for enterprises, corporates, HR Agencies and small businesses, irrespective of scale and size of recruitment requirement, while offering the ‘tech’ advantage in workforce selection and staffing.

Recruitment software has largely replaced the paper-based and email-centric processes, and is increasingly gaining traction as a key enabling platform for talent acquisition strategies of modern enterprises. Recruitment software enables HR teams to save data, customize workflows, parse and screen applications, apply filters to run searches with pre-designed set of keywords, automatically list out best suitable candidates for the job, schedule interviews, and onboard new hires in a seamless and effortless manner. Advent of software-based solutions allowed enterprises to deploy innovative-driven tech platforms to implement their recruitment activities, while evading all the inefficiencies of conventional processes. Modern recruitment platforms, integrated with entire line of applications for various functions within the recruitment cycle along with exciting value-add features, offer significant advantages over conventional methods. Sustained thrust on talent acquisition is augmenting the demand for recruitment software, a multi-faceted platform that fully acknowledges the myriad needs of talent acquisition for filling organizational roles.

Cloud has made rapid progress in the HR software space, and the shift towards Cloud is highly visible in the recruitment software vertical. Leveraging the industry-proven capabilities in cost and effort reduction in purchase, deployment and maintenance/upgrade of software, and extending convenient pay-per-use and on-demand service schemes, Cloud has gained precedence in recruitment software marketplace. The Cloud-based SaaS offering is particularly beneficial for Small and Medium-sized Businesses (SMBs) and Recruiting Agencies, which usually cannot afford a full-feature on-premise platform because of budgetary and usage related limitations. ‘Social Networking’ and ‘Social Connectedness’ have become the most important characteristic of modern population. Increased penchant for social networking among modern employees has pressed recruitment software vendors to integrate ‘Social Networking’ compatibility in their platforms.

As stated by the new market research report on Recruitment Software, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 12.2% over the analysis period, led by stable economic growth, rising population and increase in employable workforce, mushrooming of new enterprises in diverse industries, shifting of both manufacturing prowess and service expertise from developed countries and the ensuing rise in employment opportunities.

Major players covered in the report include ADP, LLC, Bond International Software plc, Bullhorn, Inc., CareerBuilder, Colleague Software Ltd., Cornerstone OnDemand, Inc., Greenhouse Software, Halogen Software Inc., Haufe Group, IBM, iCIMS, Inc., ITS Software Systems Ltd., Jazz, Jobvite, Inc., Lumesse, Main Sequence Technology, Inc., Microdec Plc, Newton Software, Inc., Oracle Corporation, Peoplefluent, Saba Software, Inc., SAP SuccessFactors, SumTotal Systems, LLC, Swiftpro Limited, Talentsoft, Ultimate Software Group, Inc., and Workday, Inc., among others.

The research report titled “Recruitment Software: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in value terms for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, and Rest of World. The report also provides value analytics for the global market by Deployment Type – On-Premise, and SaaS.

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