USD 2.90 billion
Report ID: SQSG20P2001 | Region: Global | Published Date: December, 2022 | Pages: 165
Global online recruitment market was valued at USD 2.90 billion in 2021, and the market size is estimated to reach USD 4.69 billion by 2028, at a CAGR of 7.10% over the forecast period (2022-2028).
Due to Online Recruitment Market demand, all corporate procedures, including hiring, have gone digital. However, in the majority of cases, digital transformation entails investing in software and data technologies, such as hiring solutions and online hiring channels, in order to scale back or completely eliminate administrative tasks and boost operational performance within and across departments and hiring teams.
The growth in employment opportunities has significantly increased the need for advanced recruiting platforms. These platforms are needed to simplify recruitment procedures such as resume management, employee screening, assessment tools, and others. The business is primarily driven by the widespread outsourcing of traditional hiring procedures to online recruiting platforms. The market's primary growth drivers are the growth of social networking, the widespread usage of cloud-based technologies, and easy access to high-bandwidth internet infrastructure.
A growing number of businesses are using AI in their hiring procedures. Around the world, various solutions including candidate relationship management software, interviewing software, and application monitoring software are improving the whole online hiring procedures. Recruitment agencies are integrating data analytics-driven solutions for their applicant monitoring processes in order to fully benefit from online recruitment. In January 2020, Jobvite revealed a data science plan to support its HR product line. This tool seeks to prevent time wastage for both candidates and recruiters by providing the finest candidates to firm recruiters.
The fourth industrial revolution and digital transformation have also had a favorable impact on the Online Recruitment Market and given rise to a new generation of employment opportunities.
Global Market Size
USD 2.90 billion
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Global online recruitment market is segmented based on job type, application, and region. Based on the job type, the online recruitment market is segmented as permanent and part-time. Based on the application, it is segmented as Finance, Sales and Marketing, Engineering, IT, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, and MEA.
Analysis by Job Type
In 2021, permanent segment accounted for the largest Online Recruitment Market share of the global online recruitment market. The number of job seekers looking for permanent jobs has greatly increased due to the steadily expanding business sector. There are many advantages to having a permanent employment. Permanent employees benefit from benefits including health insurance, retirement savings plans, and paid time off in addition to receiving a consistent salary and employment security. Modern recruitment strategies are more effective and user-friendly, making it simple for people looking for permanent employment to identify suitable positions. Web-based recruitment software lowers the danger of a job seeker applying for the incorrect position by enabling the use of targeted, customised inquiries, keyword matching tools, and other high-tech apps.
Analysis by Application
The IT segment dominated the global online recruitment market in 2021. Businesses experienced a double-digit increase in hiring activity in the IT industry, which suggests that the sector has uniformly recovered from the pandemic in terms of jobs. With a persistent need for qualified employees, the IT sector is continuing its upward recruiting trend. However, in the hotel/catering sector, more people are likely to use web-based recruitment platforms and solutions. The U.S. Bureau of Labor Statistics reports that the hospitality sector has a turnover rate that is two to three times higher than that of other sectors. Recruiting ideal candidates is never easy or quick for the hospitality and catering industries. As a result, they are using social media networks like Facebook, Twitter, LinkedIn, and others as the best way to find qualified hospitality employees. The hospitality industry includes a wide range of businesses, including hotels and resorts, eateries, special events, cruise ships, travel, tourism, and airlines, among others. The hospitality ecosystem has undergone significant change as a result of the development of technology, and we now deal with industries that are changing more quickly than ever.
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North America is anticipated to dominate the global online recruitment market over the forecast period owing to rising use of social media platforms and other online services for recruiting that will support Online Recruitment Market growth in this region. The major firms in this region are also working on AI technologies to continue to dominate global technological advancements. Employers and recruiters in the region would be able to expand further recruiting-related administrative tasks, such as fielding questions, setting up interviews, and even doing preliminary candidate screenings due to recruitment marketing technologies and AI. This might boost output by more than 50%, giving recruiters more time to concentrate on technical responsibilities. Additionally, recruiters in the area use software and assessment tools to confirm the qualifications of the candidates.
Asia Pacific is predicted to hold the second-largest share in the global online recruitment industry due to the rapid adoption of AI in the region's key countries, including China, Japan, and India among others. Additionally, as business owners migrate to an automated hiring technique to stay up with technological improvements, talent acquisition and HR recruiters are seeing substantial growth.
Furthermore, Europe will continue to witness strong economic growth, which will help to create a welcoming work climate with high levels of confidence among employees and employers. The Online Recruitment Market in Europe will keep growing as long as engineering and IT organisations continue to employ quickly. With the growth of smaller businesses and larger competitors, recruiting efforts have increased among banking, legal, and HR organisations, helping to further enhance their Online Recruitment Market positions.
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The emergence of social networking has transformed how people share knowledge and offered up new channels for connection. The recruitment sector is presented with a complete picture of exciting potential as social networking infrastructure starts to grow and become more widespread. By connecting with talent across a wide range of social media platforms, recruiters are becoming more and more aware of the need for more creative approaches to enhance the business plan. Businesses now understand social media's use as a marketing strategy due to its widespread use. A business may find that social networking is a potent tool that it may use to publicise job openings and gain a competitive advantage in order to draw in a larger pool of potential candidates. Businesses now rely more on social networking than they do on newspapers, radio, or recruiting firms. Utilizing social media has altered the hiring process for many companies globally in recent years.
Companies and governmental bodies are currently focused on making a big transition from the conventional manner of hiring services to more effective, affordable methods. The majority of businesses now use e-recruitment platforms rather than more conventional hiring techniques. Additionally, online job hunting and application processes became more popular among prospective employees. E-recruitment has currently been adopted by numerous businesses of all sizes. However, the majority of businesses today use e-recruitment to advertise job openings, sanction requests for interviews, and email candidates. Therefore, the internet and information technology have given the company a chance to locate possible employees who are qualified for the position.
Regular employment processes can be sped up with the use of online recruiting. Administrative chores like scheduling interviews and managing applicant paperwork can be automated by businesses. Since the applicant tracking system (ATS) stores all of the necessary candidate data in one place, online recruiters use ATS systems to swiftly screen applicants. They won't have to read the candidate's resume before looking at their portfolio, evaluation, or cover letter because everything will be on the same page. Online recruitment tools are beneficial to more than just recruiters. Since the procedures feature auto-filling application forms and one-click apply buttons, candidates can apply swiftly. Aside from access to a large pool of applicants and improved candidate analysis, there are other elements supporting digitalization.
Due to the abundance of online applicants brought on by the ease of internet access, employers and hiring managers find it challenging to select the right personnel while eliminating the unqualified ones. To reduce the number of applications they receive, employers should be cautious when describing their job openings and be as specific as they can be about the positions and abilities they are looking for. The majority of hiring processes are conducted online by companies that may not require tests. In-person and phone interviews are frequently conducted, especially for offshore businesses. In this situation, hiring managers and recruiters are unable to guarantee a candidate's professional ethics, especially given particular cultural and environmental factors. While spammers can use internet information to Online Recruitment Market a service to businesses, many applications may be fake in order to obtain information about the company or the hiring officer. Businesses that use online job postings may include a lot of data, which could make it easier for unscrupulous hackers to access the organization's IT systems.
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Leading Online Recruitment Market players like LinkedIn, Naukri.com, TalentLyft, Zoho Corporation Pvt. Ltd., Indeed, HackerRank, and others are introducing novel products and implementing cutting-edge technology to provide organisations effective solutions. On the other hand, other significant businesses, including Tribepad Ltd., WeLove9am, and others, are forming strategic alliances to improve their competitiveness and produce powerful brand advertising. For instance, Talview, an AI recruitment start-up, announced in January 2020 that it had become an integration partner with LinkedIn's Talent Hub applicant tracking system. Talview's live interviewing services are now incorporated into the LinkedIn Talent Hub experience, allowing businesses to source, manage, and recruit applicants from a single source
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Recruiters are using social media to attract potential prospects as they go above and beyond. On sites like Facebook, Twitter, and LinkedIn, recruiters are rapidly grabbing consumers' attention due to rising mobile usage and on-the-go engagement. The more effective and user-friendly modern recruitment tactics are, the easier it is for job seekers looking for permanent employment to find suitable openings. almost 90% of recruiters claim they have recruited someone through LinkedIn. Thus, the rising adoption of social media for recruitment by employers is expected to promote the growth of the online recruitment market.
|Market size value in 2021||USD 2.90 billion|
|Market size value in 2028||USD 4.69 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Online Recruitment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Online Recruitment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Online Recruitment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Online Recruitment Market for additional countries.
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