An analysis by Future Market Insights released recently estimates that the Applicant Tracking System will generate US$ 2.1 billion in sales in 2022 and will increase at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2032. It is anticipated that the market would be valued US$ 3.8 billion by the end of 2032. The ability of the programme to be modified and customised to meet end-user demands is what accounts for the rise.
For easy access by recruiters, the programme collects and stores resumes in its database. Despite their corporate origins, applicant tracking systems allow organisations to customise the software to suit their own end-user requirements. For instance, in April 2021, the American employment company UKG and the cloud-based recruiting software platform iCIMS announced their collaboration.
Through the partnership, iCIMS will be able to increase precision and data quality, conserve employee data, speed up decision-making, and ease internal mobility. Hiring managers and recruiters can send new hire insights through the company’s applicant tracking system platform, which quickly synchronizes the employee data to improve the procedures for transfers, new engagements, and rehires.
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The Impact of Covid-19 on Applicant Tracking System Market
The COVID-19-related economic crisis increased businesses’ interest in applicant tracking system software. Despite the shutdown, the global market for applicant tracking system expanded by 4.54% in 2020. Due to social distance and rules requiring employees to stay at home, it was difficult to fill open positions that were necessary to keep businesses operational. Remote recruiting was advised in order to keep the hiring process productive and to safeguard both recruiters and candidates.
On the other hand, a shift to virtual recruiting calls for the adoption of technology with plenty of features and sophisticated candidate tracking strategies. Due to the rising popularity of hiring automation and virtual interviewing platforms like Skype, Zoom, and Microsoft Teams, the market for applicant tracking systems has expanded.
Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Applicant Tracking System market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Applicant Tracking System market share.
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Some of the recent developments of key Applicant Tracking System providers are as follows:
- In January 2020, for its HR product line, Jobvite introduced a data science strategy. By ensuring that corporate recruiters have access to the most qualified applicants, this program aims to save time for both candidates and recruiters. Several algorithms and data sources, including corporate and recruiter hiring preferences, are incorporated into this data-driven strategy.
- In December 2020, to enhance the company’s Talent Cloud Platform with employee-generated video storytelling, iCIMS recently announced the acquisition of Altru Labs, a mobile video platform.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Applicant Tracking System Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Applicant Tracking System in terms of Component (Software, Services) Deployment (On-premises, Cloud) Organization Size (Small & Medium Enterprises, Large Enterprises) End-Use (IT & Telecommunication, BFSI, Healthcare & Life Sciences, Consumer Goods & Retail, Manufacturing, Others) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Applicant Tracking System Market Segmentation
By Component:
- Software
- Services
- Training, Support & Maintenance
- Integration & Implementation
- Consulting
By Deployment:
- On-premise
- Cloud
By Organization Size:
- Small & Medium Enterprises
- Large Enterprises
By End Use:
- IT & Telecommunication
- BFSI
- Healthcare & Life Sciences
- Consumer Goods & Retail
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)