Global Recruitment Software Market Size, Share, Growth Analysis, By Component(Solution, Services), By Industry(Manufacturing, Healthcare), By Organization Size(SMEs and Large Enterprises), By Region(North America, Europe)-Industry Forecast 2022-2028

Recruitment Software market size was valued at USD 2.55 billion in 2021, and it is expected to reach a value of USD 3.85 billion by 2028, at a CAGR of 6.10% over the forecast period (2022-2028).

Recruitment tools are used by hiring managers and talent acquisition specialists to increase candidate flow. Businesses typically use it to organise applications, publicise job openings, schedule interviews, and get candidate feedback. This programme combines application tracking systems, interviewing software, and candidate relationship management (CRM) (ATS). Before training and orienting new hires, it may also do background checks and pre-hire reviews, enhancing the hiring managers' efficiency.

By using recruiting software programmes like IBM's Kenexa Talent Acquisition Suite and Lumesse's Talent Acquisition Experience Platform, organisations can quickly screen, rate, and store candidate data. These technologies also streamline the applicant tracking process and automate the process of posting jobs to numerous job sites. All employee data, including financial information, home address, social security number, and home address, is stored and tracked by recruitment software.

Due to the rising popularity of cloud-based platforms and mobile-based recruitment solutions, the market for recruitment software is growing. The use of automated resume screening methods that use artificial intelligence (AI) to gauge a candidate's level of skills and competence is also fostering industry expansion. This programme employs machine learning (ML) algorithms and optical trackers in addition to analytical inputs and transactional activities to identify market patterns and trends. During the next several years, the need to replace traditional hiring procedures in order to cut overhead expenses is likely to grow, according to a number of other causes, including the emergence of social recruiting trends and the rising number of start-up companies.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Recruitment Software market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global recruitment software market is segmented based on the Component, Industry, organization size, and region. Based on the Component, the Global Recruitment Software Market is segmented as Software, Services. Based on the Industry the Recruitment Software market is segmented as Manufacturing, Healthcare, BFSI, Education, Hospitality, Others. Based on organization size, the Recruitment Software market is segmented into SMEs and large enterprises. Based on Region Recruitment Software market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The market for recruitment software is being driven by the use of cloud-based solutions. The ability of recruiters to more successfully connect job seekers with acceptable candidates has improved thanks to cloud services. Also, technology is helping recruiters focus their search and widen the pool of qualified applicants for open positions. Cold calling is no longer practised. The hiring procedures utilised nowadays are highly targeted and supported by data and research. A recruiter knows they are chatting with a highly qualified and competitive candidate when they pick up the phone.

A new figure indicates that 91% of Americans have access to their cell phone at all times. Mobile recruiting will therefore continue to grow in importance in the future, which shouldn't come as a surprise. Future hiring will rise as a result of mobile-optimized career pages, especially for passive candidates who lack the time to read through lengthy forms. Undoubtedly, there will be a huge need for mobile recruiting technology that streamlines the process. 77% of job seekers previously used mobile job search apps regularly. The number of recruiting-focused mobile phone apps and

the ability to apply for positions directly through mobile apps will increase as big organisations employ competitive research and forward metrics to significantly influence conventional HR recruiting techniques.By updating these HR models to take into account mobile platforms, data-driven results will be generated to show candidate engagement and return rates to websites (both mobile and other), which will support a more externally focused business model centred around risk management and forecast hiring. The recruitment software market's expansion is supported by candidates' convenient use of recruitment software or applications on mobile devices, which exposes them to a variety of options.

Restraint

By excluding qualified people, the program's accuracy and biassed functions may limit the market expansion of the recruiting software sector. Unconventional candidates may be excluded from consideration for employment for reasons unrelated to their skills or fit because recruiting software is built on pre-established conventions. A applicant who would have been perfect for your organisation based on "soft" talents like creativity and communication may have been rejected because they lacked the credentials or experience necessary to compete with other candidates. As a result, you can unwittingly lose a competitive advantage, especially since the recruiting software used by your competitors is probably designed to function similarly.

Market Trends

Big Data and Predictive Analytics are the disciplines with the quickest growth. Companies are finding it difficult to handle the number of applicants, so they are using technology to assist them sort through the applicant data and identify individuals who are most likely to be excellent performers. They seek a complete understanding of the applicant as well as information on how prior applications fared in order to improve their ability to predict outcomes. There will be even more ferocious competition between SaaS applications and on-premises solutions.

Video conferencing over the cloud is becoming more and more common for conducting interviews. Clients use video conferencing for hiring and recruitment. Employers can conduct the interviews inside the framework of business-process technology like LinkedIn or Salesforce so they have access to all the interview candidate's information without worrying about them having access to an expensive room-based system. According to conservative estimates, companies that conduct just two video interviews each month rather than flying in candidates will recover their video conferencing expenses in four months. On a long-term basis, it is anticipated that this trend will speed up the market growth for recruitment software.