Applicant tracking systems enable organizations to post job openings, collect resumes and applications electronically, screen and shortlist candidates, and handle overall recruitment process efficiently. It helps employers streamline processes, save time and costs associated with manual hiring.
The global Applicant Tracking System Market is estimated to be valued at US$ 2.67 Bn in 2023 and is expected to exhibit a CAGR of 6.47% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the applicant tracking system market is the rising demand from organizations to automate and streamline the recruitment process. With advanced tools and features for tracking applicants, sending communication via email, screening resumes, and scheduling interviews, applicant tracking systems help recruiters and hiring managers manage recruitment cycles efficiently. It reduces time spent on administrative work and minimizes human errors. This has increased their adoption across both large enterprises and SMEs globally.
Segment Analysis
The global applicant tracking system market is dominated by the cloud-based applicant tracking systems segment. These systems offer various advantages over on-premise systems such as low upfront costs, easy deployment, and reduced maintenance. Additionally, cloud-based solutions allow companies to access data from any location.
Key Takeaways
The global applicant tracking system market is expected to witness high growth over the forecast period. Technological advancements in recruitment processes along with growing demand for intuitive and easy to use applicant tracking systems are fueling market growth. The global Applicant Tracking System Market is estimated to be valued at US$ 2.67 Bn in 2023 and is expected to exhibit a CAGR of 6.47% over the forecast period 2023-2030.
Regional analysis
North America holds the largest share in the global applicant tracking system market owing to modern infrastructure, high acceptance of advanced technologies, and presence of major players in the region. The Asia Pacific applicant tracking system market is expected to grow at the fastest pace during the forecast period due to growing adoption of applicant tracking systems by various industries to streamline talent acquisition processes in emerging countries like India and China.
Key players
Key players operating in the applicant tracking system market are IBM Corporation, Oracle Corporation, Jobvite Inc., Bullhorn Inc. (Vista Equity Partners), and iCIMS Inc. IBM tops the applicant tracking vendor list in terms of company market share and delivers advanced recruitment software. Oracle is another top player with a comprehensive and scalable applicant tracking solution to attract, process, and acquire top talent.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it