The advent of Artificial Intelligence and machine learning in HR software solutions is expected to bode well for the global recruitment software market, finds Fortune Business Insights in their new study. The study is titled, “Recruitment Software Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2025.” According to the study, the global recruitment software market will rise at 7.4% CAGR and reach a valuation of US$ 1,753.2 Mn in 2017 to US$ 3,095.8 Mn in 2025.
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Currently, the implementation and integration services segment holds a major share in the market followed by maintenance and operations and consulting services. In 2017, the implementation and integration services held 35% share in the global market. In the coming years, however, the maintenance and operations services segment is expected to exhibit growth at the fastest rate.
Implementation of New Recruitment Tools and Software Upgrade to Boost Market
Recruitment software helps to maintain and track of confidential information of employees, such as their home address, financial accounts, social security number, and other related information. With advancements in technology, new features are introduced in HR recruitment software that allows integration of Facebook and LinkedIn, management of advertisement, candidate searching, and candidate relationship management. These innovations will bode well for the HR software solutions in the future.
Various factors are responsible for the growth of the global recruitment software market. One among them is the rising need for analytics metrics. This, coupled with the growth in geographically diverse talent acquisitions, is fueling demand for applicant tracking. Nowadays companies are focusing on enhancing candidate experience in order to stay among the top competitors in the market.
However, the limited technical expertise in terms of using advanced ATS may restrict the growth of the global recruitment software market. This, coupled with, the lack of information and no awareness about the applicant tracking system and its benefits hinder the market’s trajectory.
Nevertheless, the rising need to automate the process of recruitment and increasing focus of various companies towards improving candidate experience are likely to bode well for the global recruitment software market. Furthermore, the increasing popularity of mobile recruitment, wherein social recruiting is done from career sites, mobile recruiting applications, and text messages, will also fuel demand for recruitment software in the market in the future.
Rising Demand from Service Sectors Boosts Recruitment Software Market in North America
Geographically, both South and North America are expected to share dominance in the global recruitment software market. This growth is attributable to the rising demand for recruitment software from the service sector. Again, the rise in the adoption of different solutions in Silicon Valley is fueling the demand for HR recruitment software solutions. Meanwhile, in Europe, the market will exhibit steady growth due to the collaboration of corporate offices within various industry verticals.
The increasing number of start-ups companies and their rising focus on the development of smartphone applications is propelling the recruitment software market in the Asia Pacific. The report forecasts the Asia Pacific market to emerge as the fastest growing region during the forecast period. Besides this, rapid industrialization and the increasing need for mobility in emerging economies such as China and India will also boost the market in the years to follow.
Leading Players Are Focusing on Strategic Collaborations to Gain Competitive Advantage
Major market players are focusing on mergers and acquisitions to develop impeccable software solutions for HR recruitment services in the future. At present, companies are focusing on cross-selling newly added features in their software to other multinational companies. This is also intended at expanding its geographic footprint. Besides this, vendors are focusing on joint ventures and strategic collaborations for expanding their businesses worldwide and remain on top. Some of the players operating in the global recruitment software market are Kenexa Corporation (IBM), Kronos, Taleo Corporation (Oracle), and SuccessFactors (SAP).
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