NEW YORK, Feb. 6, 2024 /PRNewswire/ — The applicant tracking systems market is estimated to grow by USD 745.21 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.69% during the forecast period. The advantages of applicant tracking systems are driving the growth. The applicant tracking system (ATS) excels in recruitment through its focus on time to hire, cost per hire, and quality of hire. This software, integral to human capital management, streamlines the recruitment process, offering efficiency compared to traditional methods. While traditional approaches are time-consuming, ATS proves cost-effective with diverse package models, including salary per recruit, position, module, or employee. This flexibility allows employers to choose a cost plan that aligns with their needs, making the ATS a powerful tool in modern recruitment.
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Applied Training Systems Inc., Arcoro, Automatic Data Processing Inc., Bamboo HR LLC, Bullhorn Inc., ClearCo. Inc., Cornerstone OnDemand Inc., iCIMS Inc., International Business Machines Corp., Jobvite Inc., Learning Technologies Group Plc, Oracle Corp., Paycor Inc., SAP SE, Self Management Resources Corp., Silkroad Technology Inc., Skeeled HR S.a.r.l., UKG Inc., Workday Inc., and Zoho Corp. Pvt. Ltd. are key companies.
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Technavio has segmented the market based on End-user (BFSI, Government, Telecom and IT, Healthcare and life sciences, and Others ), Deployment (On-premise and Cloud-based ), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The growth of the BFSI segment will be significant during the forecast period. BFSI organizations are embracing digital transformation to align with needs, driving the adoption of IT infrastructure. In addition to recruitment, HR processes in this sector involve training and development to enhance performance. Human resources managers play a crucial role in ensuring fair compensation and a conducive work environment to optimize employee efficiency and overall organizational performance.
By geography, the global applicant tracking systems market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth.
- North America is estimated to contribute 33% to the growth of the global market during the forecast period. The US dominates due to the rising demand for efficient recruitment processes and an influx of international students. A key trend is the integration of predictive analytics and artificial intelligence in ATS technology, enhancing capabilities from basic data tracking to sophisticated analysis, prediction, and selection process scheduling. North America is an early adopter of these advanced ATS functionalities.
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- The mobile-based applicant tracking systems apps are a primary trend shaping the growth.
- The limitations of applicant tracking systems are major challenges restricting growth.
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Applicant Tracking Systems will Automate and Optimize the Hiring Process
Applicant Tracking Systems (ATS) offers several benefits in the recruitment process and HR management. These systems provide recruitment software that streamlines talent acquisition and candidate management. They enable HR technology to automate hiring solutions, including job applicant tracking, resume parsing, and recruitment automation. ATS platforms enhance human resources software with recruitment analytics, improving talent management and hiring management processes. These systems facilitate resume screening and staffing software, making job search software more efficient. Overall, ATS platforms automate and optimize the hiring process, improving recruitment tools for both employers and job seekers.
What are the key data covered in this Applicant Tracking Systems Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Applicant Tracking Systems industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Applicant Tracking Systems vendors
Technavio’s SUBSCRIPTION platform
The Applicant Tracking System (ATS) In Higher Education Market size is estimated to grow at a CAGR of 3.66% between between 2023 and 2028.
The recruitment process outsourcing market is estimated to grow by USD 7,600.36 million at a CAGR of 15.2% between 2022 and 2027.
Five Forces Analysis
Segmentation by End-user
Segmentation by Deployment
Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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