How big is the winning opportunities in the recruitment software market
With advancement of technology recruitment software market has been growing very fast with many newer product development that allows companies to monitor and control their recruitment digitally.
By Admin
Overview
Recruitment industry sector acknowledge that the recruiting process is time-consuming. Usually, hiring manager and recruiters do face resume and documentation over load. Processing of application, sorting, ranking and getting reviewed and approved by correct person for taking the candidature forward cumbersome process. Also, finally candidates have to be screened, interviewed and on-boarded, if found right candidate, at the end of the process.
This makes it very high volume and very complex task. The task also has to start with creation of Job Description for job posting, also a written offer letter which has not been covered yet. This brings in recruitment software to streamline the entire process which not only saves time, energy, and resources, but leaves stockholders with a pleasant brand experience as well.
“The global Recruitment Software market is valued at 1753.2 million USD in 2017 and is expected to reach 3095.8 million USD by the end of 3025, growing at a CAGR of 7.36% between 2017 and 2025.”
Global Recruitment Software Market Size
The demand for recruitment software is massive and has been steadily growing. Recruitment manager take help of the software to preserve and track of classified information of employees, such as their home address, financial accounts, social security number, and other related information.
With advancing technology like of ML, AI, new features are being introduced to launch innovative HR recruitment software allowing recruitment manager integration of Facebook, you tube and LinkedIn, management of advertisement, candidate searching and candidate relationship management. These new innovations will make positive impact recruitment software solutions in future.
Many factors are influencing growth of global recruitment software market.
- Rising need of analytical metrics in recruitment process
- Demand growth for geographically diverse talent acquisitions
- Focus on hiring top talent to stay on top of competition
The global Recruitment Software market is valued at 1753.2 million USD in 2017 and is expected to reach 3095.8 million USD by the end of 3025, growing at a CAGR of 7.36% between 2017 and 2025.
Prospect of recruitment software in Asia pacific is very high. Analysis suggests the reason for high growth is:
- Industrialization in the region and the rising number of startup focusing on Smartphone application development
- Rising demand of mobility in developing countries such as South East Asia, India and China
European region is steady substantial growth due to the emerging presence of corporate offices within several industry verticals. And most, importantly North and South America has been most influencing market for recruitment software market growth.
Market Outlook
- A growing trend in hiring volumes and budgets seen in 2018 to 2019 years and will continue to grow
- Of Organization prioritizing recruitment strategy, 67% of organizations will focus on building a strong pipelines of candidates, 63% of organizations will work on their speed and quality of Talent Acquisition
- Organizations have started moving away from manual hiring process to automated ones and adopting technologies like chatbots for pre - screening of candidates
- Organizations are adopting Artificial Intelligence based talent acquisition technology to improve efficiency, increase candidate engagement and most importantly to impact the quality of hires.
Barriers to Market
- Management are skeptical for budget approval
- Biggest concern for adopter is how to measure or prove ROI
- Long implementation cycle
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