Recruiting Automation Software Market Size, Share, Growth, and Industry Analysis, By Type (Cloud Based, Web Based), By Application (Large Enterprises, SMEs), and Regional Forecast To 2031

Updated On: 15 April 2024

Recruiting Automation Software Market Report Overview

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The global recruiting automation software market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Recruitment automation software is a form of software that assists firms in optimizing the hiring process, from identifying and attracting prospects to evaluating resumes and distributing final offer letters. An application tracking system, or ATS, is another name for recruiting software. Recruitment automation software include applicant tracking solutions along with additional tools that focus on specific stages of the recruiting process. Standard recruiting software keeps track of all stages of the screening, interviewing, and hiring process. Hiring managers and recruiters, for example, make the job posting, transmit it to the proper platform, and review all suitable job applications using the recruitment automation software portal.

COVID-19 Impact: Massive Layoffs to Advance Market Growth

The COVID-19 outbreak had a significant impact on several industries around the world. As a result of COVID-19, corporate activities have changed globally. Despite the fact that the COVID-19 outbreak revealed faults in marketing strategies throughout industries, it also gave the service several opportunities to expand their clientele among enterprises. Recruitment and selection patterns have evolved over the years as the business environment has changed. Technological upheaval and new methods of working have an impact on the recruiting market, and the COVID-19 outbreak has only enhanced the industry's dynamism. Massive layoffs occurred in 2020, and recruiting suffered the most as a result of hiring freezes under Covid-19. According to the ILO (International Labor Organization), 114 million jobs were lost globally by 2020.  Hence, the recruiting automation software were being utilized by most of the organization which overall benefitted the market growth.

Latest Trends

"Hiring Process to Intensify Market Magnification"

Recruiting automation software has numerous advantages and benefits for modern recruitment. The key advantage of investing in sophisticated recruiting software is that it streamlines the hiring process, reducing the time between both the hiring manager's request and the new hire's first day of work. Businesses that integrate recruiting automation software into their processes can make high-volume hiring in a timely and efficient manner. It enables them to keep track of new personnel in a variety of divisions. Social reach has been increasingly crucial in the recruiting process in recent years. Employers can use recruiting automation software to link to social networking sites in order to reach a wider range of potential candidates. Most recruiting automation software solutions will have social media integration features that will allow you to connect to the employee's social media accounts. These reasons are accelerating the recruiting automation software market growth expansion.

Recruiting Automation Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into cloud based, web based

Cloud based is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into large enterprises, SMEs

Large enterprise is the leading part of the application segment

Driving Factors

"Software Segment to Boost Market Share"

The worldwide recruiting automation software market has been divided into two components: software and services. In the year 2022, the software segment held the largest market share. In large companies, the program is deployed on-premise, allowing full control over the installation and operation of the software. However, most SMBs with limited budgets prefer cloud deployment, which eliminates the up - front capital expenses of on-premise equipment and servers. As a result, in emerging countries which include India, the majority of software is deployed on-premises. Skilled and managed services are included in the services section. A professional service is a product provided by a vendor that assists businesses in managing a certain aspect of their operations. These factors are propelling the recruiting automation software market share forward.

"Telecommunication Category to Expand Market Forwarding"

The IT and telecommunications category dominated the worldwide recruiting automation software market and is predicted to keep its dominance during the forecast period. Many hiring issues are currently confronting telecommunications companies. Apart from the issues provided by economic upheaval, telecoms are also dealing with technical change within their own business, which is emphasizing new skill sets while swiftly rendering others obsolete. Tech hiring has become an enormously important problem around the world, both in terms of firms that need individuals with great technology abilities and hiring managers who are in search for those skills. Employers have both immediate and long-term hurdles in acquiring and keeping technical expertise.

Restraining Factors

"Recruitment Program Filters to Deplete Market Advancement"

Unfortunately, recruiting automation software has several drawbacks. Because the recruitment program filters out possible applicants for eligibility based on a precise set of requirements, the software may overlook someone who has abilities that an organization could benefit from. As a result, a candidate who lacks certification but has several years of job experience may be rejected by the recruitment software's filter mechanism. Additionally, there is a possibility that exceptional applicants will be rejected by recruitment software due to formatting flaws with their resume or job applications, which is expected to restrict market expansion throughout the forecast period.

Recruiting Automation Software Market Regional Insights

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"Rise in End-Use Industries to Foster Market Growth in North America"

North America holds the greatest market share. The rapidly expanding end-use industry including telecom, BFSI, and manufacturing, among others, can be credited to recruiting automation software market expansion. The expansion of these businesses has created a demand for highly skilled personnel as well as a requirement for efficient recruitment processes, which has increased the usage of recruiting automation software in numerous nations throughout the area. North America has one of the largest and most sophisticated information technology services and telecom businesses. Over the projection period, the region is expected to develop at the fastest CAGR.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Zoho Recruit (U.S.)
• LinkedIn Talent (U.S.)
• Indeed (U.S.)
• Hiretual (U.S.)
• SmartRecruiters (U.S.)
• Entelo (U.S.)
• Dice (U.S.)
• Beamery (U.K.)
• CareerBuilder (U.S.)
• JobDiva (U.S.)
• JazzHR (U.S.)
• Greenhouse (U.S.)
• Bullhorn (U.S.)
• ZipRecruiter (U.S.)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.