The global market for Recruitment Software is projected to reach US$2.7 billion by 2022, driven by the need for effective candidate sourcing and proficient applicant tracking tools especially against the backdrop of changing labor demand and supply with respect to skills and the resulting increased risk of skills mismatch. Dwindling quality of skilled labor and growing role of intellectual capital competencies in knowledge intensive business sectors are together throwing the focus on aggressive talent acquisition especially so with the increase in number of companies hunting the same candidates. The scenario creates a fertile environment for the growth of recruitment software as a multi-faceted platform that fully acknowledges the myriad needs of talent acquisition for filling organizational roles. Recruitment software enables HR teams to automate, customize workflows, screen applications, schedule interviews, apply filters to run searches with pre-designed set of keywords and onboard new hires in a seamless and effortless manner. Few of the major market forces influencing growth include inefficiencies of conventional hiring methods and the ensuing building of momentum for recruitment software; the rise of cloud computing and the phenomenal success of the SaaS business model and the resulting popularity of recruitment as a service (RaaS); rapid proliferation of smartphones and tablets and growing interest in the importance of mobile enabled recruitment in eliciting a positive candidate experience; growing popularity of social media in recruitment and the rise in demand for recruitment software with social media integration features; shift from ERP platforms to pure-play recruitment technologies; growing integration of artificial intelligence (AI) in software solutions for special algorithms based assessment of skills & experience. Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 12.2% over the analysis period, led by stable economic growth, growing population and increase in employable workforce and mushrooming of new enterprises in diverse industries.
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Company and Industry News & Stories
- Learning Technologies Snaps Up PeopleFluent in a Transaction Valued at US$150 Million
- Erecruit™, Bond and TempBuddy Consolidate Under Erecruit Brand in a Move to Bring Together the Industry’s Most Complete Global Staffing Solutions
- Bullhorn® Snaps Up Talent Rover and Jobscience in a Bid to Accelerate the Delivery of Its Global Salesforce Offering
- With the Aim to Deliver Transformative Expertise Across Every Stage of the People Experience, Saba Software Acquires Lumesse
- Access Group Acquires Microdec in a Move to Significantly Expand its Recruitment Division
Outlook in Key Market Segments
- SaaS model ranks as the largest and the fastest growing market supported by robust transition towards cloud which offers unrivalled cost, scalability and performance benefits.
- Through 2022, On-Premise model is projected to witness decline due to factors such as expensive license purchases, and need for dedicated in-house infrastructure.
Product Definition & Scope
- Recruitment Software is a specialized category of software application that is used by hiring managers, recruiters, and recruiting teams for electronically managing the recruitment process. The software features components that facilitate in posting jobs, entering applicant information and candidate resume, documenting interviews, and ultimately placing candidates at appropriate positions. The software aids the pre-hiring phase of recruiting, covering aspects such as job posting, selection, interviewing, and candidate feedback in addition to interfacing with other enterprise software for conducting post-hire performance evaluations, payroll evaluations, compliance maintenance, and generating input for employee management systems. The applicant data is transferred to the employee management system subsequent to being hired by the client firm. In case of staffing and recruiting firms, Recruitment Software plays dual role of a CRM system as well as backend system for client billing. Rather than merely posting jobs and documenting tasks, recruitment software plays a vital role of providing productivity numbers and recruitment metrics in detailed report formats to the management.
Timeline for Analysis
- Market Estimates and Forecasts for 2015-2022
- Historic Review 2009-2014
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, and Rest of World
Market Segmentation & Classification
- Deployment Types:
- On-Premise, and Software-as-a-Service (SaaS)
- ADP, LLC
- ITS Software Systems Ltd.
- Main Sequence Technology, Inc.
- Microdec Plc
- Swiftpro Limited
- Ultimate Software Group, Inc.
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