Recruitment Software Market Size to reach $5.58 billion, Globally, by 2031 at 9.2% CAGR, says Coherent Market Insights
Burlingame, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The global Recruitment Software Market Size to Grow from USD 3.02 Billion in 2024 to USD 5.58 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing focus of companies on streamlining and digitizing hiring processes is also driving the demand for recruitment software. Rising number of startups and expansion of established companies have further increased the recruitment volume, fueling sales of these software.
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Market Dynamics:
The recruitment software market is driven by the rising adoption of cloud-based recruitment software solutions among enterprises. Cloud recruitment software offers benefits such as scalability, accessibility from any device with an internet connection, lower upfront costs, and automatic updates. They are also easy to deploy and manage. Furthermore, recruitment software helps businesses streamline and automate the recruiting process from sourcing candidates to onboarding. They efficiently manage applicant tracking, candidate relationship management, and other recruitment activities. This boosts hiring efficiency and quality while reducing costs.
Recruitment Software Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $3.02 billion |
| Estimated Value by 2031 | $5.38 billion |
| Growth Rate | Poised to grow at a CAGR of 9.2% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Organization Size, By Vertical: |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing workforce mobility • Stricter compliance regulations |
| Restraints & Challenges | • High costs associated with customization and maintenance • Lack of skilled workforce for advanced recruitment tools |
Market Trends:
One of the key trends in the recruitment software market is the increasing integration of social media platforms. Most modern recruitment solutions allow posting job openings on popular professional networking sites like LinkedIn. They also facilitate screening candidate profiles and communicating with potential hires over social media. This enables recruiters to leverage the large professional networks and talent pools on social platforms to widen their search.
Integration of AI and machine learning capabilities is another prominent trend. Advanced recruitment tools use predictive algorithms and analytics to source resumes that are the best-fit, schedule interviews intelligently, and determine optimal candidate experience. They also assist recruiters through automated screening, matchmaking, and skills/personality assessments. This helps optimize hiring outcomes.
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Market Opportunities:
Over the past few years, with increasing digitalization and the demand for streamlining HR processes, applicant tracking has emerged as one of the key opportunities in the recruitment software market. Applicant tracking software automates many of the tasks associated with recruitment like posting job openings, tracking applicants, managing resumes and CVs, evaluating candidates, scheduling interviews as well as performing background checks. They provide a centralized platform for recruiters to manage the entire recruitment process from beginning to end. This has resulted in improved efficiency, reduced cost and time spent on recruitment. Going forward, advanced features around candidate matching, AI/ML powered candidate recommendations as well as mobile optimization are expected to further push the demand for applicant tracking solutions.
Rising need to hire the best talent and evaluate hard as well as soft skills of potential employees has boosted the adoption of candidate assessment tools. Candidate assessment software allows hiring managers to assess cognitive abilities, language proficiency, technical skills, personality traits, interests, work styles and other attributes of candidates through online tests and assessments. They offer data-driven insights to help recruiters identify the right fit for job roles. With remote and hybrid work models gaining traction globally, online proctoring and video interview capabilities embedded in assessment solutions are proving invaluable for screening candidates remotely. This presents a major market opportunity for vendors providing advanced candidate assessment tools.
Key Market Takeaways
Recruitment software market is anticipated to witness a CAGR of 9.2% during the forecast period 2024-2031, owing to growing emphasis on applicant experience and talent acquisition analytics.
On the basis of component, software segment is expected to hold a dominant position, owing to wide availability of applicant tracking and candidate assessment tools.
On the basis of vertical, manufacturing segment is expected to hold a dominant position over the forecast period, due to high demand from automotive and electronics industries.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to rapid technological adoption and presence of leading recruitment software providers in the region.
Key players operating in the recruitment software market include IBM, Oracle, Jobvite, ADP, Cornerstone OnDemand, SAP SuccessFactors, Ultimate Software, ClearCompany, BreezyHR, and Greenhouse Software. Leveraging latest technologies like ML and analytics is the core strategy among these players.
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Recent Developments:
In March 2022, UKG Inc. announced the completion of its acquisition of Ascentis Corporation, a leading provider of full-suite HR and workforce management solutions to strengthen the company’s market strength through the addition of tenured industry expertise, with the additional force of Ascentis.
In February 2020, iCIMS, Inc., the market leader for cloud-based talent acquisition software solutions, announced that it has joined Ceridian’s Dayforce Software Partner Program (DSPP). This partnership aims to offer a seamless integration between Ceridian’s human capital management platform and iCIMS’ best-in-class talent acquisition platform, to exchange data across the entire candidate and employee lifecycle.
Detailed Segmentation:
By Component
- Software
- Services
By Organization Size
- SMEs
- Large Enterprises
By Vertical
- BFSI
- IT & Telecom
- Retail
- Manufacturing
- Media & Entertainment
- Healthcare
- Government
- Others
By Region
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
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