Digital Talent Acquisition Market Size, Share, Growth, and Industry Growth, By Type (Data Management, Web Presentation, AI Developers, Cloud Computing & Security), By Application (Banking, Retail, IT & Telecom, Government & Defense, Manufacturing, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Digital Talent Acquisition Market Report Overview

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The global digital talent acquisition market size is expected to be USD 18.93 billion in 2021, as per our research, the market is projected to touch USD 59.29 billion in 2031, exhibiting a CAGR of 11.92% during the forecast period. 

 The global COVID-19 pandemic has been unprecedented and staggering, with digital talent acquisition experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A set of multiple digital tools used in assisting human resources or employers to search, track, interview, and onboard potential prospects is known as digital talent acquisition.  There are various solutions and tools to shortlist resumes. Using this software allows more time for the recruiter to work on other recruitment plans. Experts in digital talent acquisition are brought into a business to review and enhance its hiring practices in order to attract the best digital specialists. Candidates who work in digital positions, such as social media managers, marketing managers, and managers of digital transformation, are considered to have digital talent. 

The digital talent acquisition market is predicted to grow due to rising innovations and technological advances. As the Big Data analytics business is rapidly growing to attract technologies and mainstream clients, such as cloud solutions and Hadoop are in demand, and they have growth potential. It is divided into web presentation, AI development, data management, and cloud computing & security. Moreover, it is widely used in banking, IT & telecom, and other sectors. These factors are anticipated to prosper market growth in the forthcoming years. 

COVID-19 Impact: Work from Home Model Boosted the Digital Recruiting Process

The announcement of the global public health emergency, COVID-19, influenced almost every industry and had long-term impacts on the growth of the market. Our research foundation is strengthened by the continuous work to guarantee that the underlying COVID-19 problems and potential future directions are taken into account. The paper provides information on COVID-19 while taking into account changes in consumer demand and behavior, buying habits, supply chain rerouting, market forces in play today, and significant government initiatives. The rapid change in consumer behavior affected growth in the market. The COVID-19 outbreak has a marginally negative influence on the market for digital talent acquisition. Due to the rising usage of digitalization during lockdowns, the acquisition of digital skills has made some progress. The global shutdown has opened up chances for the industry as more businesses turn to digitalized hiring methods. The market for finding digital talent could benefit from this.

LATEST TRENDS

"Rising Demand to Reduce Traditional Hiring Process to Augment Market Growth"

The major drivers forecasted to propel the growth of the digital talent acquisition market are the increasing cloud-based solutions adoption and the expanding demand for real-time employee engagement models. Software for talent acquisition primarily improves recruiting standards, expedites recruitment, and reduces administrative work. The increasing demand for talent mobility, the adoption of cloud-based business and paperless models in HRM and talent acquisition services, and the advancement of machine learning and AI technologies are key factors expected to promote the growth of the digital talent acquisition market growth. Other factors, such as the advent of social recruitment trends, rising demand to replace traditional hiring procedures to reduce paperwork, resource wastage, and expense, and the growing number of start-ups, specifically in developing countries, are also anticipated to fuel the market growth.

Digital Talent Acquisition Market Segmentation

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• By Type Analysis

By type, the market is segmented into data management, web presentation, AI developers, and cloud computing & security. 

• By Application Analysis

Based on application, the market is classified into banking, retail, IT & telecom, government & defense, manufacturing, and others.

DRIVING FACTORS

"Rising Need for Better Recruitment Software to Augment Growth in the Market"

The increasing need for better recruiter efficiency and communication, coupled with the expanding acceptance of cloud-based solutions and the growing desire for quicker hiring processes, are the major digital talent acquisition market growth. The market is predicted to develop due to these causes. Using artificial intelligence in hiring helps businesses cut back on or even do away with time-consuming tasks such as manually scanning resumes. Vendors in this sector use advanced talent acquisition software to manage the recruitment process smoothly, from position creation through candidate selection and onboarding. Companies are inclined towards adopting advanced software to reduce the paper works while hiring candidates. These factors are expected to propel growth in the market. 

"Rising Penetration of the Internet to Augment the Adoption of Digital Technology"

The market is expected to grow due to the rising use of the Internet; businesses now have access to large amounts of both organized and unstructured data, requiring digitally savvy personnel to manage it. The market for digital talent acquisitions is predicted to create large amounts of revenue during the forecast periods due to technological developments and innovations internationally. Cloud computing and other technologies, such as Hadoop, are in demand and have room to grow. Moreover, the use of advanced technologies in retail, government & defense, banking, IT & telecom, manufacturing, and other sectors is estimated to aid growth in the market as these industries are rapidly expanding in the global market. 

RESTRAINING FACTORS

"Lack of Awareness About the Software to Hamper the Growth of the Market"

The lack of knowledge about the benefits of digital capabilities is expected to impede the growth of digital talent. Many end consumers are still unaware of how important digital skills are. The adoption of tools connected to digital skills is still difficult despite technological advancement. Complex and pervasive technological changes may cause problems. Various end users lack fundamental digital abilities. Many end users are unable to submit routine tasks like using simple spreadsheets and analysis tools due to a lack of technical understanding.

Digital Talent Acquisition Market Regional Insights

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"North America to Dominate the Market Due to Growing Data Volumes in the Recruitment Process"

North America is predicted to dominate the global market, attributable to the steady growth in data volumes that drives the analytical skills and the need for software specialists. The expansion of data volume is likely to gain major growth in the region.

Asia Pacific is forecasted to hold a significant part of the digital talent acquisition market share owing to the rising adoption of mobile-based recruitment systems coupled with the growing penetration of cloud-based platforms in the region.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• SAP (Germany)
• IBM (U.S.)
• Oracle (U.S.)
• The Training Associates (U.S.)
• Engaging Ideas
• Hortonworks
• Skillsoft
• Accenture (Ireland)
• BrainStation

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2017 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.