Applicant Tracking System Market to Cross USD 3.65 Billion by 2030 Driven by Rise in Recruitment Activities and Data-Driven Decision-Making | Research
According to the latest report from SNS Insider, the market for Applicant Tracking Systems reached a value of $2.25 billion in 2022. It is predicted to experience a compound annual growth rate (CAGR) of 6.24% from 2023 to 2030, eventually reaching a market value of $3.65 billion.
An Applicant Tracking System (ATS) is an advanced software tool utilized by companies to simplify and mechanize their recruitment procedures. It works as a digital center that aids HR experts and hiring managers in overseeing the entire hiring process, starting from advertising job vacancies to choosing appropriate candidates for interviews and beyond. ATS systems are created to effectively handle the large amount of job applications that organizations receive for their available positions.
The market for applicant tracking systems is experiencing significant growth due to various factors that are changing the way recruitment is done. The increasing popularity of remote work has allowed companies to access a wider pool of talent from different locations. ATS systems make remote recruitment easier by providing features like video interviews, virtual job fairs, and online assessments. These features are especially important now that remote and hybrid work arrangements have become more common. ATS systems also have features that help organizations comply with recruitment regulations and promote diversity. It is crucial for companies to have fair and unbiased hiring practices to avoid legal issues and build diverse and inclusive teams. ATS platforms help standardize processes and reduce the risk of bias when evaluating candidates.
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The report contains significant contributors including:
Some of the major players in this field include Paycor, iCMIS, Oracle, SAP, Ultimate Software, PeopleFluent, IBM, Cornerstone, Silkroad Technology, Bullhorn, Workday, ADP, Jobvite, and other various competitors.
The Effect of Economic Downturn on the Expansion of Applicant Tracking System Market
The market for applicant tracking systems can be affected by recession. When the economy is down, there is less demand for these systems, investments may be postponed, and the recruitment industry may change its priorities. However, these challenges also open up possibilities for ATS providers to innovate, adjust their services, and meet the changing requirements of businesses in an evolving economic environment. In order to succeed in uncertain times, ATS vendors must stay flexible, understand the needs of the market, and have a strategic approach to bringing value to their clients.
The Applicant Tracking System Market Report covers a wide range of topics and areas.
The Consequences of the Conflict between Russia and Ukraine
The ongoing conflict between Russia and Ukraine has brought about a lot of uncertainty and disturbance to the business world, which has had an impact on different areas of the applicant tracking system market. The capacity of ATS providers to adjust to the changing demands of recruitment and tackle the challenges posed by geopolitical issues will play a crucial role in their ability to stay important and beneficial to businesses in times of such transformations.
ATS adoption in North America has been popular because of its well-established recruitment methods and strong job market. Both the United States and Canada have seen a rise in the demand for ATS solutions. This is driven by the necessity to handle large numbers of job applications and comply with labor regulations. In Europe, the market for applicant tracking systems has been steadily growing. Leading the way in adoption are countries like the United Kingdom, Germany, and France. With the enforcement of strict data protection laws by the European Union (GDPR), ATS providers have had to prioritize compliance and data security features in their platforms.
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Important Lesson Learned from Applicant Tracking System Market Research
News and updates concerning the Applicant Tracking System Market in recent times
Analysis of the Value Chain
Porter's model comprising 5 forces
8. Market Breakdown of Applicant Tracking Systems, By Component
9. Categorization of Applicant Tracking System Market, Based on Company Size
10. Market Division of Applicant Tracking System, Based on Mode of Deployment
11. Breaking Down the Applicant Tracking System Market, Based on Industry
15. Applications and Optimal Approaches
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