Market Trends of Applicant Tracking System Industry
This section covers the major market trends shaping the Applicant Tracking System Market according to our research experts:
The Adoption of Data Analytics Strategy by Recruitment Companies is Expected to Bolster the Market Growth Over the Forecast Period
- Data analytics plays a major role in the recruitment process. The data-driven recruitment is a hiring process that utilizes data - which is collected and analyzed - to help find a qualified candidate, eliminating the guesswork used in traditional hiring methods. Data-driven hiring eliminates risky hiring decisions that are primarily focused on a candidate's likeability factor and aligns hiring decisions more closely with the requirements of the firm.
- Recruitment marketing analytics and visual dashboards are essential in helping an organization accomplish its hiring goals. The right data reveals job seekers' sources and interest preferences and informs employers how they should optimize marketing investments and accelerate candidate application conversions.
- In September 2022, Knoetic announced that it raised USD 36 million in a Series B round led by EQT Ventures with participation from Accel and Menlo Ventures. Knoetic integrates with HR systems to allow CPOs to run analyses and, automatically generate reports, improve employee retention if the platform identifies an issue with turnover.
- During the COVID-19 pandemic, the requirement to conduct video interviews significantly increased, and multiple vendors have been incorporating this feature in their application tracking system. For instance, in June 2021, Epazz Inc. announced that their Provitrac applicant tracking software solution included a video interviewing feature that assist companies with the new Hybrid Work Environment, a mix of part-time in the office and working from home.
- Employment across the world has been increasing consistently after the pandemic. According to ILO, the number of employees worldwide increased from 2019 to 2022, registering 3.32 billion employees in 2022, with an increase of 0.13 billion as compared to 2019.
Understand The Key Trends Shaping This Market
Download Sample
North America Geographic Segment is Expected to Hold a Significant Share Throughout the Forecast Period
- The primary driver for the North American geographic segment's growth is the significant presence of technology providers. These players focus on entering partnerships, merger acquisitions, and innovative solutions offerings to stay in the regional and globally competitive landscape.
- The North American region represents the most technologically advanced workforce in the world. It hires and supplies skilled human resources from other regions. Enterprises in the United States are a great source of demand for applicant tracking system solutions in the region. Even in other countries, such as Canada, there is very limited modernization in its HR functions.
- This indicates a substantial opportunity for the adoption of applicant tracking softwares in the region. Moreover, the need to modernize HR across regional companies and increase the adoption of mobility trends and cloud computing in countries like the United States also substantiates the market's significant growth.
- According to the IMF, in 2021, around 152.58 million people were employed in the United States. Employment is increasing in the United States, which is driving recruiters to adopt an applicant tracking system, further boosting the growth of the market.
- The major players in the region are making acquisitions and partnerships in order to meet the rising demand and offer enhanced solutions for applicant tracking softwares. For instance, in August 2022, Employ Inc., a recruiting and talent acquisition provider and the parent company of JazzHR, Jobvite, and NXTThing RPO brands, announced the acquisition of Lever, a San Francisco-based platform that combines applicant tracking system and candidate relationship management capabilities.
Get Analysis on Important Geographic Markets
Download Sample
