Applicant Tracking System Market Worth $3.2 Billion by 2026
CHICAGO, March 8, 2022 /PRNewswire/ — According to a new research report “Applicant Tracking System Market with COVID-19 impact analysis, by component (software and services), deployment mode (on-premise, cloud), organization size (SMB, large enterprise), 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, reaching $3.2 billion by 2026 from $2.3 billion in 2021. The key factors that are expected to drive the market growth are improved candidate experience through streamlined process, need for recruitment process automation, and improved reporting and compliance.
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267 – Tables
54 – Numbers
231 – Pages
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The services segment is expected to grow at a higher CAGR during the forecast period
On the basis of 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 different stages, from pre-sale needs assessment to deployment and execution of the after-sales product, thus allowing the customer to obtain a maximum return on investment. The services are an integral part of the deployment of the onboard solution, training, management and maintenance of the software solution. Companies offering these services include consultants, solution experts, and dedicated project management teams that specialize in the design and delivery of mission-critical business intelligence software, tools, and services.
Cloud deployment mode is expected to grow at a higher CAGR during the forecast period
The Applicant Tracking System market is segmented by mode of deployment into on-premise and cloud segment. The ATS market is segmented by type of deployment into on-premises and cloud segments. 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 organizations and departments that lack the capital and good infrastructure to take support the on-premises deployment model. ATS software can be deployed as a cloud-based model, allowing multiple users to access information via the Internet. Cloud services require no upfront cost or pay based on user need. The cloud deployment model offers various advantages to organizations, such as rapid deployment, scalability, and anywhere access. Data security is a major concern when adopting cloud services. Thus, organizations are moving towards private and hybrid cloud solutions.
Consumer goods and retail trade are expected to grow at a higher CAGR over the forecast period
The consumer goods and retail vertical is expected to grow at the highest CAGR over the forecast period. The retail and consumer goods vertical is evolving and expected to grow rapidly due to changes in technology, customer needs, and employment. Tasks such as forecasting, budgeting, customer satisfaction, completing tasks on time, and store work schedules are the major challenges faced by businesses in this vertical. Additionally, retailers must have full visibility and control over recruiting a diverse and mixed workforce of store associates, drivers and field service providers who are hard to attract through The manual. Middle East and Africans. Due to these complexities, the retail and consumer goods vertical must select and hire the right employees.
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APAC is expected 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 the region includes emerging economies, including China, Japan, Australia and New Zealand and the rest of APAC. The APAC market is gaining momentum among global companies. In addition, APAC countries’ trade relations with the United States have grown significantly over the past decade. This has led to increased adoption of ATS software and services in the APAC region. Due to the high population in the region, there are many applications for every position, which has become a major challenge for recruiters in the APAC region. To overcome this challenge, companies in APAC are aware of the benefits offered by ATS since the region includes countries such as Singapore, India, Sri Lanka, Malaysiaand hong kong, which focuses more on these parameters. Additionally, the advanced benefits of automation and analytical metrics are a few other factors driving APAC businesses to adopt ATS.
The Applicant Tracking System market includes major vendors, such as 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) United), Zoho (India), SmartRecruiters (US), JazzHR (US), CEIPAL (US), skeeled (Luxemburg), 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 major Applicant Tracking System market players with their company profiles, recent developments, COVID-19 developments, and key market strategies.
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