Recruitment Software Market: Current Analysis and Forecast (2023-2030)

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.

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. Also, with the rise of new industries and the decline of others, the job market is constantly evolving which is adding value to the market as recruitment software help companies stay up to date with the latest trends and best practices in recruitment, making it easier for them to find and hire the best candidates for their needs.

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.

Based on enterprise size, the market is bifurcated into small & medium enterprise, large enterprise. Among these, both small and medium enterprises and large enterprises have a significant impact on the recruitment software market as there has been a growing demand for recruitment software solutions among small and medium enterprises due to their need to streamline their hiring processes and compete with other companies.

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.

For a better understanding of the market adoption of Recruitment Softwares, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. 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.

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.