Global Recruiting Software Market Size By Component (Software, Services), By Vertical (Manufacturing, Healthcare, BFSI), By Organization Size (SMEs and Large Enterprises), By Geographic Scope And Forecast

Recruiting Software Market Size And Forecast

Recruiting Software Market size was valued at USD 2791.48 Million in 2024 and is projected to reach USD 4220.51 Million by 2031, growing at a CAGR of 5.85% from 2024 to 2031.

The market growth can be attributed to the rising demand for recruiting software across the various end-use industries.  The most significant value proposition of the recruiting software is to reduce the time and precious spent on repetitive manual tasks like job posting, applicant scoring, screening, etc. The recruiting software helps to automate all these processes, reducing the time and cost of the enterprises. The Global Recruiting Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Recruiting Software Market Definition

Recruiting software is a type of software that helps organizations to optimize the hiring process from finding and attracting candidates to screening resumes and sending out the final offer letters. The recruiting software is also called an applicant tracking system or ATS. Recruiting software is a broader category that contains applicant tracking systems as well as other tools that focus on individual phases of the hiring process. Typical recruiting software tracks throughout the screening, interviewing and hiring process. For instance, the hiring managers and recruiters create the job posting, send it on the appropriate platform, and view all relevant job applications through the recruitment software portal. The recruiting software can also be used to send out job offers, create reports relating to the hiring process, and handle paperwork related to onboarding the new employee.

Recruiting software holds many benefits and advantages for modern recruitment. The primary benefit of acquiring robust recruiting software is to streamline the hiring process, shortening the time between the hiring manager’s request and when the new hire starts their first day of work. Companies that install recruiting software into their business operations can perform high-volume hires in an efficient manner. It allows them to monitor hires across many different departments. In recent years, social reach is hugely important in the. The recruitment software can allow employers to connect to social media platforms such as Twitter and Facebook and reach a wider array of potential candidates. Most recruitment software programs will include social media integration options that can link to the employee’s social media profiles.

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Global Recruiting Software Market Overview

As the world of business continues to change, recruitment and selection trends continue to evolve over the years. Technological disruption and new ways of working impact the recruiting industry, and the COVID-19 pandemic has only accelerated the dynamism of the recruiting industry. In 2020, there were massive layoffs, and recruiting was hit the hardest due to hiring freezes during Covid-19. According to the International Labour Organization (ILO), 114 million jobs were lost in 2020 across the globe. In the US alone, the unemployment rate reached 14.7% in April 2020, which was the highest rate observed since data collection began in 1948.

After recovering from the Covid-19 Pandemic, the HR industry is preparing for hiring surges. For instance, according to the ManpowerGroup Employment Outlook Survey, the hiring outlook for the fourth quarter of 2022 is projected to hit an 8-year high amidst 16-year high talent shortages. As organizations hurry to chronicle post-pandemic recovery, industries are exhibiting strong hiring intent. Following the IT and technology sectors, finance, banking, insurance, and real estate are hoping to clock in an excellent hiring bounceback. As the world recovers from the pandemic, many industries are collectively scaling up and striking collaborations across the globe. Therefore, the demand for recruiting software is expected to increase over the forecast period.

The recruiting software offers many benefits for the recruitment process. However, there are some limitations to recruiting software. Since the recruiting software filterers out the potential candidates for suitability based on a strict list of criteria, the software may lose over someone who has skills that could benefit an employer. Thus, a person who does not have a certification but has many years of work experience could be rejected by the filter system of the recruiting software. Furthermore, it is possible that recruiting software could reject excellent candidates due to formatting issues with their CVs or job application. With the increasing adoption among SMEs, the key vendors of recruiting software offering many of the relatively modern recruitment software solutions explicitly target SMBs as their target market. Such recruiting software vendors include Hirebee, Workable, Breezy HR, and many more. Therefore, the rising adoption of recruiting software among small and medium-sized companies across the globe is providing enormous opportunities for key vendors over the forecast period.

Global Recruiting Software MarketSegmentation Analysis

The Global Recruiting Software Market is segmented on the basis of Component, Vertical, Organization Size, and Geography.

Recruiting Software Market, By Component

• Software• Services

On the basis of Components, the global recruiting software market has been segmented into software and services. The software segment accounted for the highest market share in the year 2021. In terms of large enterprises, the software is deployed on-premise which enables the full control of installation and management of the software. While most of the SMEs that exhibit budget constraints prefer cloud deployment which eliminates upfront capital costs of on-premise hardware and servers. Hence in developing countries such as India, most of the software is installed on-premises. The services segment includes professional and managed services. Professional service refers to a product offered by a contractor or vendor which helps companies to manage a specific part of their business.

Recruiting Software Market, By Organization Size

• SMEs• Large Enterprises

On the basis of Organization Size, the global recruiting software market is segmented into SMEs and Large Enterprises. The large enterprise’s segment dominated the global recruiting software market and is expected to continue its dominance over the forecast period. Large enterprises include of a wide range of businesses, from single proprietor enterprises to large companies employing thousands of workers across various countries. Large enterprises typically have over a thousand employees and generally have a wider scope of company locations in different countries and regions.

Recruiting Software Market, By Vertical

• BFSI• IT & Telecom• Retail• Manufacturing• Media & Entertainment• Healthcare• Government• Others

On the basis of Vertical, the global recruiting software market is segmented into BFSI, IT & telecom, retail, manufacturing, media & entertainment, healthcare, government, and others. The IT and telecom segment dominated the global recruiting software market and is expected to continue its dominance over the forecast period. Telecommunications companies are currently witnessing several hiring challenges. In addition to the challenges posed by economic disturbance, telecoms also face technological disruption within their own industry, which is placing emphasis on new skill sets while quickly rendering others obsolete. Tech hiring has emerged into an extremely important topic worldwide, both in the view of companies which require workers encompassed with exceptional technological skills as well as hiring managers struggling to find those skills. The need for recruiting and retaining tech talent indisputably challenges employers in both direct and indirect ways.

Recruiting Software Market, By Geography

• North America• Europe• The Asia Pacific• Latin America• Middle East and Africa

On the basis of regional analysis, the global recruiting software market is classified into North America, Europe, Asia Pacific, and the Rest of the world.

Based on geography

North America accounted for the largest market share in 2021. The market growth can be attributed to rapidly flourishing end-use industries such as IT & Telecom, BFSI, and manufacturing among others. The growth of these industries has generated a demand for highly skilled labor as well as the need for efficient recruitment processes which in turn has elevated the consumption of recruitment software across several countries in the region. The United States is among the most advanced telecom and information technology (IT) services industries across the globe. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. Developing economies such as India and China are investing heavily in the flourishment of these industries which is further expected to boost their growth.

Key Players

The “Global Recruiting Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Oracle Corporation, Sap SE, UKG, Sum Total Systems, ADP, Workday, Credian, Accenture, IBM, and Talentsoft among others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2022, UKG Inc. announced the completion of its acquisition of Ascentis Corporation, a leading provider of full-suite HR and workforce management solutions to strengthen the company’s market strength through the addition of tenured industry expertise, with the additional force of Ascentis.

• In February 2020, iCIMS, Inc., the market leader for cloud-based talent acquisition software solutions, announced that it has joined Ceridian’s Dayforce Software Partner Program (DSPP). This partnership aims to offer a seamless integration between Ceridian’s human capital management platform and iCIMS’ best-in-class talent acquisition platform, to exchange data across the entire candidate and employee lifecycle.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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