The global Applicant Tracking System Market is projected to reach a value of USD 2.33 Billion by 2028, with a compound annual growth rate (CAGR) of 6.5% during the forecast period. The increasing focus on enhancing the hiring experience for candidates is a key driver for the growth of the market. Furthermore, there is a growing preference for automated recruitment processes, which is fueling the demand for applicant tracking systems.
An applicant tracking system is a software solution that streamlines the task of shortlisting candidates by selecting appropriate resumes. This software assists in managing the recruitment process smoothly, offering benefits such as interview scheduling and candidate tracking. The adoption of advanced cloud technology services enables companies to reduce operational expenses by providing access to shared resources for multiple customers. To stay competitive and strengthen their market presence, companies are implementing various strategies to develop innovative products. Applicant tracking software solutions help businesses promote themselves through brand marketing, particularly when targeting qualified job seekers.
Applicant tracking systems facilitate the electronic management of recruitment requirements. Technological advancements and improved process efficiency are driving the market's growth. These systems are designed to enhance the management of applicant information and resumes. Data can be obtained either from internal applications, extracted from applicants on job boards, or from the applicant tracking system software located on the company's website. Many career and resume boards are forming partnerships with applicant tracking system software providers to support and ensure the seamless movement of data between different systems.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in R&D activities are expected to boost market growth during the forecast period.
Competitive Landscape:
IBM Corporation, Jobvite, iCIMS Inc., Oracle Corporation, SAP SE, Workday, Inc., BambooHR, Cornerstone OnDemand, ClearCompany, and Zoho Corporation
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The global market is further segmented into type and application:
Offerings Outlook (Revenue, USD Billion; 2018–2028)
Deployment Mode Outlook (Revenue, USD Billion; 2018–2028)
Employee Type Outlook (Revenue, USD Billion; 2018–2028)
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
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