(IT-NEWSWIRE.COM, November 23, 2022 ) According to a research report "Applicant Tracking System Market with COVID-19 Impact Analysis, by Component (Software and Services), Deployment Mode (On-Premises, Cloud), Organization Size (SMEs, Large Enterprises), Vertical and Region - Global Forecast to 2026" published by MarketsandMarkets, the global applicant tracking system market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period, to reach USD 3.2 billion by 2026 from USD 2.3 billion in 2021. Key factors that are expected to drive the growth of the market are the improved candidate experience through a streamlined process, need for automation in the recruitment process, and enhance reporting and compliance.
Browse 267 market data Tables and 54 Figures spread through 231 Pages and in-depth TOC on "Applicant Tracking System Market - Global Forecast to 2026"
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Services segment to grow at a higher CAGR during the forecast period
Based on the component, the market is segmented into two categories: software and services. Services, including consulting, integration and implementation, training and education, and support and maintenance, are required at various stages, starting from the pre-sale’s requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum RoI. Services constitute an integral part in deploying the solution on-board, imparting training, and handling and maintaining the software solution. Companies offering these services encompass consultants, solution experts, and dedicated project management teams that specialize in the design and delivery of critical decision support software, tools, and services.
Cloud deployment mode to grow at a higher CAGR during the forecast period.
The applicant tracking system market is segmented by deployment mode into on-premises and cloud segment. The ATS market is segmented by deployment type into on-premises and cloud segment. The cloud deployment mode is expected to grow at a higher CAGR during the forecast period. ATS solutions are migrating to the cloud from the on-premises deployment model as the former offers benefits such as reduced operational costs, making the technology accessible to the organizations and departments that lack capital and good infrastructure to support the on-premises deployment model. ATS software can be deployed as a cloud-based model, allowing multiple users to access information through the internet. Cloud services require no upfront cost or pay according to the user requirement. The cloud deployment model offers various benefits to organizations, such as quick deployment, scalability, and anywhere access. Data security is a major concern while adopting cloud services. Thus, organizations are moving toward private and hybrid cloud solutions.
Consumer goods and retail vertical to grow at a higher CAGR during the forecast period.
The consumer goods and retail industry vertical is expected to grow at the highest CAGR during the forecast period. The retail and consumer goods vertical is evolving and expected to grow rapidly in technological changes, customer needs, and employment. Tasks such as forecasting, budgeting, customer satisfaction, on-time task execution, and store labor schedules are the major challenges faced by the companies in this vertical. Moreover, retailers need to gain complete visibility and control over the recruitment of a diversified, mixed workforce that comprises in-store employees, drivers, and field service providers, who are difficult to attract by the manual Middle East and Africans. Due to such complexities, the retail and consumer goods vertical needs to select and hire the right employees.
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APAC to grow at a higher CAGR during the forecast period.
APAC is expected to grow at a higher CAGR during the forecast period. The Asia Pacific region comprises emerging economies including China, Japan, Australia and New Zealand and the rest of APAC. The APAC market is gaining huge traction among global businesses. Moreover, the business relationship of APAC countries has increased drastically with the US in the past decade. This has led to the increased adoption of ATS software and services in the APAC region. Due to the regions high population, there are many applications for every job post, which has become a major challenge for recruiters in the APAC region. To overcome this challenge, APAC enterprises are being made aware of the benefits offered by ATS since the region includes countries such as Singapore, India, Sri Lanka, Malaysia, and Hong Kong, which focuses more on such parameters. Moreover, the advanced benefits of automation and analytic metrics are a few other factors compelling APAC companies to adopt ATS.
The applicant tracking system market comprises major providers, such Oracle (US), IBM (US), iCMIS (US), PeopleFluent (US), Cornerstone (US), Workday (US), Bullhorn (US), Ultimate Software (US), ADP (US), SAP (Germany), Jobvite (US), Silkroad Technology (US), Paycor (US), Greenhouse Software (US), ClearCompany (US), BambooHR (US), Infor (US), Zoho (India), SmartRecruiters (US), JazzHR (US), CEIPAL (US), skeeled (Luxembourg), Breezy HR (US), Ascentis (US), Tribepad (UK), Manatal (Thailand), Trakstar Hire (US), ATS OnDemand (US), Oorwin (US), TalentNest (US), and Lever (US). The study includes an in-depth competitive analysis of key players in the applicant tracking system market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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