Applicant tracking systems help organizations streamline the recruitment and hiring process by facilitating tasks like posting job openings, sorting resumes, scheduling interviews, and performing background checks. They deliver cost and time savings by eliminating paper-based processes and enabling centralized management of applicant data. The growing popularity of SaaS-based and cloud-hosted applicant tracking solutions allow users to access functionality from any location and device, without heavy on-premise infrastructure investments.
The global Applicant Tracking System Market is estimated to be valued at US$ 2.67 Bn in 2024 and is expected to exhibit a CAGR of 6.4 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of cloud-based applicant tracking systems is one of the key trends propelling market growth. Cloud deployment reduces upfront capital expenditure and enables access to regular software updates and enhanced features at lower costs. It provides flexibility and scalability to businesses of all sizes. According to recent surveys, over 80% of organizations now use cloud-based applicant tracking instead of on-premise versions due to ease of use, collaborative capabilities, and automation of mundane recruitment tasks offered in cloud models. This shift towards cloud-based delivery is expected to continue and drive increased demand over the forecast period.
The global Applicant Tracking System market is dominated by the cloud-based sub-segment. The cloud-based sub-segment is dominating the market as it comes with advantages such as reduced costs of installing, maintaining, and upgrading the software. It also provides flexibility to access applicant tracking systems on any device. The on-premise sub-segment, however, is also gaining popularity among large enterprises as it provides full control over systems and data stored within the organization’s internal network.
The global Applicant Tracking System market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising demand for automated recruitment processes. The market size is projected to reach US$ 2.67 Bn by 2024, growing at a CAGR of 6.4% over the forecast period.
North America is currently the dominant region in the global Applicant Tracking System market backed by presence of key players and early adoption of advanced applicant tracking solutions among organizations in the region. The Asia Pacific region, on the other hand, is expected to offer lucrative growth opportunities in the coming years on account rapid technological adoption and increasing recruitment activities across growing industries in the region.
Key players operating in the Applicant Tracking System market are IBM Corporation, Oracle Corporation, Jobvite Inc., Bullhorn Inc. (Vista Equity Partners), iCIMS Inc. IBM holds a substantial share in the market backed by its wide suite of cloud-based talent management solutions. Oracle is another prominent player known for its robust and scalable applicant tracking systems.
- Source: Coherent Market Insights, Public sources, Desk research
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