Recruitment Software Market: Current Analysis and Forecast (2023-2030)
Emphasis on Tool (ATS & onboarding, CRM & source, employee referrals, others); Enterprise size (small & medium enterprise, large enterprise); Vertical (BFSI, it & telecom, retail, manufacturing, others) and Region/Country
The Recruitment Software Market was valued at 2.07 billion in 2022 and is expected to grow at a steady rate of around 9.1% in the forecasted period (2023-2030) owing to the rising online job boards, social media, and other digital platforms. Recruitment software is a type of software that is designed to help companies manage the process of finding, screening, and hiring new employees. This includes things like posting job listings, receiving and reviewing resumes, scheduling interviews, and tracking the progress of candidates through the hiring process. Recruitment software is being used by both small businesses and large organizations, and it can also be tailored to meet the specific needs of different industries and job types.
Some of the major players operating in the market include Bullhorn, Inc.; iCIMS, Inc.; SmartRecruiters, Inc.; Zoho Corporation Pvt. Ltd.; Employ Inc.; Bamboo HR LLC.; ClearCompany, LLC; ZipRecruiter, Inc.; Workable Technology Limited; SAP SuccessFactors.
Insights Presented in the Report
“Among tool, the ATS & onboarding segment is anticipated to lead the market during forecast period.”
Based on tool, the market is segmented into ATS & onboarding, CRM & source, employee referrals, others. Among these, the ATS & onboarding segment is estimated to grow by a considerable share of the market. This growth is being driven by factors such as the increasing use of technology in recruitment, the growing demand for talent acquisition software, and the increasing use of mobile devices for job searching. For instance, In the United States, the adoption of ATS software is on the rise. According to a survey by HiringSolved, 95% of companies in the US use an ATS, and 83% of these companies use a cloud based ATS.
“Amongst verticals, BFSI category to witness significant market growth during the forecast period.”
Based on vertical, the market is categorized into BFSI, it & telecom, retail, manufacturing, others. Among these, the BFSI segment is leading the market because the BFSI sector has a high demand for recruitment software solutions that can help them efficiently manage their hiring processes, comply with regulatory requirements, and attract top talent. For instance, the US Bureau of Labor Statistics (BLS) reported that there were approximately 11 million job openings in the US as of February 2021.
“Asia Pacific to hold a significant share in the market.”
Asia Pacific is anticipated to have the highest growth rate of the market in the forecasted year as the region has been experiencing rapid economic growth, leading to increased demand for skilled workers. This has created a need for efficient and effective recruitment processes to attract and retain top talent. For instance, The International Monetary Fund (IMF) projects that the Asia Pacific region will continue to be one of the fastest-growing regions in the world, with an average GDP growth rate of 5.6% between 2021 and 2026. Also, the adoption of technology in the recruitment process is on the rise in the Asia Pacific region, driven by factors such as the need to improve candidate experience and the desire to make data-driven decisions about recruitment strategies. There is a growing demand for talent management solutions in the Asia Pacific region, as companies seek to retain top talent and develop their workforce. Recruitment software can help companies manage their talent more effectively by providing tools for skills assessment, succession planning, and employee development.
Q1: What is the current market size and growth potential of the global Recruitment Software Market?
Ans: The Recruitment Software Market was valued at 2.07 billion in 2022 and is expected to grow at a steady rate of around 9.1% in the forecasted period (2023-2030).
Q2: What are the driving factors for the growth of the global Recruitment Software Market?
Ans: High demand for recruitment software solutions
Q3: Which segment has the largest share of the global Recruitment Software Market by vertical?
Ans: BFSI segment is leading the market.
Q4: Which region will dominate the global Recruitment Software Market?
Ans: Asia Pacific is expected to dominate the market during the forecast period.
Q5: Who are the key players operating in the global Recruitment Software Market?
Ans: Bullhorn, Inc.; iCIMS, Inc.; SmartRecruiters, Inc.; Zoho Corporation Pvt. Ltd.; Employ Inc.; Bamboo HR LLC.; ClearCompany, LLC; ZipRecruiter, Inc.; Workable Technology Limited; SAP SuccessFactors.
Recruitment Software Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Recruitment Software Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Recruitment Software Market Analysis
(2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Recruitment Software Market were the three major steps undertaken to create and analyze the adoption of Recruitment Software in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Recruitment Software Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Recruitment Software Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Recruitment Software Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as tool, enterprise size, and vertical. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Recruitment Software Market. Further, we conducted factor analysis using dependent and independent variables such as various tools, enterprise size, and vertical of Recruitment Software. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Recruitment Software Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Recruitment Software Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Recruitment Software Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Recruitment Software Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Recruitment Software Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of tool, enterprise size, and vertical in the global Recruitment Software Market.
The main objective of the Global Recruitment Software Market Study
The current & future market trends of the global Recruitment Software Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Recruitment Software Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of tool, enterprise size, and vertical.
- Define and analysis of the regulatory framework for the Recruitment Software industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Recruitment Software Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Recruitment Software Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry.
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