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.

What's driving the growth in the recruiting software market? Well, it's simplemore and more industries need it! The real magic of this software is that it helps companies avoid wasting time and money on those boring, repetitive tasks like posting jobs, scoring applications, and screening candidates. Recruiting software basically puts all of that on autopilot, saving companies both time and cash. Want the full scoop? The Global Recruiting Software Market report gives you the lowdown. It dives deep into all the important stuff like key areas, what's hot right now, what's holding things back, who's competing, and everything else that's shaping the market.

Global Recruiting Software Market Definition

Think of recruiting software as your all-in-one helper for finding and hiring great people. It takes you from the very first step of attracting candidates all the way through to sending that exciting offer letter. You might hear it called an applicant tracking system or ATS, but really, "recruiting software" is a bigger umbrella. It includes ATS, plus other tools designed to make specific parts of hiring easier. This software keeps tabs on everything during screening, interviewing, and hiring. For example, hiring managers and recruiters can craft a job posting, share it on the right job boards, and then see all the applications neatly organized in the recruitment software portal. Beyond that, you can use it to send job offers, whip up reports about your hiring process, and even manage all that necessary onboarding paperwork.

Recruiting software? It's a game-changer for how we hire these days! Think of it as making the whole process smoother and faster – from when a manager says "we need someone" to when that new person actually starts. The biggest win? You can hire a lot of people, really efficiently, and keep track of everyone across all departments. And these days, social media is a must! Good recruiting software lets you connect to platforms like Twitter and Facebook, so you can find way more candidates. Most programs even let you see their social profiles directly.

Global Recruiting Software Market Overview

Okay, so business is always changing, right? That means how we find and hire people is changing too. Technology is shaking things up, and new work styles are popping up all the time. Then COVID-19 hit, and things got even crazier! 2020 saw a ton of layoffs, and honestly, recruitment took a major hit because companies just stopped hiring during the pandemic. The International Labour Organization (ILO) said that 114 million jobs vanished worldwide in 2020. And in the US? The unemployment rate shot up to 14.7% in April 2020 – the highest it's been since they started keeping track back in 1948!

The HR world is gearing up for a hiring frenzy now that we're (hopefully!) on the other side of the Covid-19 Pandemic. Get thisaccording to the ManpowerGroup Employment Outlook Survey, the hiring outlook for the last quarter of 2022 is predicted to be the best it's been in 8 years, even with talent shortages at a whopping 16-year high! Companies are scrambling to document their post-pandemic recovery, and lots of sectors are showing they're ready to hire big time. Finance, banking, insurance, and real estate are right behind IT and tech, expecting a serious hiring comeback. As the world gets back on its feet, industries are expanding together and forging global partnerships. All this means the demand for recruiting software is expected to skyrocket over the next few years.

Recruiting software is great, offering tons of perks for hiring. But, let's be real, it's not perfect. One downside is how picky it can be. Since it uses a strict checklist, the software might miss out on someone awesome who doesn't perfectly match the criteria, even if they have hidden talents. Think of it this waysomeone with tons of real-world experience, but lacking a specific certification, could get rejected by the filter. Even worse, a great candidate might get tossed aside just because their CV or application had formatting problems! With more and more small businesses jumping on board, the big recruiting software companies are really going after them. You've got folks like Hirebee, Workable, Breezy HR, and plenty of others pushing their latest tools. So, yeah, all these small and medium-sized businesses using recruiting software worldwide is a huge opportunity for those vendors, and it's expected to keep growing.

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

So, when we look at the global recruiting software market, we can break it down by Componentsbasically, the software itself and the services that come with it. Turns out, software was the big winner in 2021, grabbing the largest chunk of the market. Now, for those huge companies, they usually go with installing the software right on their own servers (on-premise). This way, they have TC over everything. But smaller companies, the SMEs, often watch their wallets. They lean toward cloud-based software because it skips the hefty upfront costs of servers and hardware. That's why in places like India, you'll often find software installed on-premises. As for services, we're talking about professional and managed services. Think of "professional service" as a helping hand from a vendor that assists companies in handling a particular area of their operations.

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

When we look at the Vertical industries using recruiting software, we see a breakdown that includes sectors like BFSI, IT & telecom, retail, manufacturing, media & entertainment, healthcare, government, and of course, others. Right now, the IT and telecom folks are the biggest users of recruiting software, and it looks like that's going to stay that way for a while. Thing is, telecom companies are having a tough time finding the right people. It's not just the economy messing things up; their whole industry is changing fast, meaning they need new skills and old skills are becoming useless. Finding tech talent has become a HUGE deal everywhere, both for companies needing those super-skilled techies and for the hiring managers pulling their hair out trying to find them. No doubt about it, finding and keeping tech talent is a real headache for employers, one way or another.

Recruiting Software Market, By Geography

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

When we look at the world region by region, the recruiting software market breaks down into North America, Europe, Asia Pacific, and the rest of the world. And get this – North America grabbed the biggest piece of the pie in 2021! Why? Well, industries like IT & Telecom, BFSI, and manufacturing are really taking off there. As these industries boom, they need talented people and better ways to hire them, which means more recruiting software being used. The United States? It's a leader in telecom and IT services, no question. Now, Asia Pacific is expected to be the fastest-growing region in the coming years. Countries like India and China are putting serious money into these industries, which should really help them grow!

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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We take a close look at the market, using both qualitative and quantitative methods to understand different customer groups, considering everything from their financial situation to their personal preferences. You'll get clear numbers – market value in USD Billion – for each segment and sub-segment we identify. We'll also point out which regions and customer groups are likely to grow the fastest and be the biggest. Our geographic analysis will show you how much of the product/service is being used in each region, and what's driving the market there. We map out the competitive landscape, including a ranking of the major players, their recent product launches, partnerships, expansions, and acquisitions from the last five years. You'll find detailed company profiles with overviews, insights, product comparisons, and SWOT analysis for the biggest companies in the market. We give you a picture of the current and future market, highlighting recent changes and spotting growth opportunities, drivers, and challenges in both new and established regions. Plus, we dig deep with Porter's five forces analysis to cover all angles and provide insight into the Value Chain. Expect a look at market dynamics and growth possibilities in the years ahead, and we'll even provide 6 months of post-sales analyst support to help you get the most out of our findings.

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