USD 2366.21 million
Recruitment Software Market Size, Share, Growth Analysis, By Deployment(On-premises, and Cloud), By Enterprise Size(Small & Medium Enterprise (SME), Large Enterprise), By End User(Retail, IT & Telecom, BFSI, Manufacturing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2168 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
119
|Figures:
77
Recruitment Software Market Insights
Global Recruitment Software Market size was valued at USD 2.53 billion in 2022 and is poised to grow from USD 2.78 billion in 2023 to USD 5.89 billion by 2031, growing at a CAGR of 9.86% in the forecast period (2024-2031).
The recruitment software market has been witnessing remarkable growth in the past years owing to factors like escalating demand for automation, intensified adoption of machine learning and artificial intelligence, and growing significance of data analytics. Currently, a majority of enterprises are shifting towards simplifying their recruitment processes that notably fuels the use of automation and diverse automated solutions. They help businesses reduce manual activities and improve efficiency. Advanced technologies like artificial intelligence assist in sourcing applicants, predict applicant’s success, and resume screening, thus increasing effectiveness and speedy recruitment processes. Companies are also using data analytics or better decision-making, aiding in enhancing applicant’s experience, identify trends, and enhance hiring strategies. These benefits are particularly fueling the market growth.
Nonetheless, the market is negatively impacted by significant implementation costs, complexity associated with integration, and data privacy issues. The initial investment may be high for the recruitment software, especially for medium and small-sized businesses, which could prevent adoption. Also, integrating novel software with the current HR systems may be time-consuming and challenging, thus leading to disturbances in recruiting. Furthermore, growing scrutiny about compliance and data privacy with regulations may create barriers for software users and providers. Yet, the market is projected to grow considerably due to opportunities like growing economies, the emergence of niche solutions, and the development of mobile-friendly recruitment processes.
US Recruitment Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Services
Fastest Growth
Services
Growth Rate
5.85% CAGR
Global Recruitment Software Market ($ Bn)
Country Share for North America Region (%)
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Recruitment Software Market Segmental Analysis
Global Recruitment Software Market is segmented on the basis of deployment, enterprise size, end user, and region. By deployment into on-premises and cloud. By enterprise size, the market is segmented into small & medium enterprise (SME) and large enterprise. By end user, the market is segmented into retail, IT & telecom, BFSI, manufacturing, healthcare, and other commercial sectors. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Recruitment Software Market Analysis by Deployment
Based on deployment, the recruitment software market is categorized into on-premises, and cloud. The cloud segment held a notable market share in 2023 and is projected to continue dominance in future as well owing to scalability and flexibility, cost-effectiveness, and remote accessibility. Cloud solutions enable businesses to scale their recruitment activities easily on the basis of demand. This helps to accommodate changes with no additional or major infrastructural investment. Cloud deployment usually reduces the need for comprehensive IT resources and comprises less upfront costs, making it economical for businesses. Also, with cloud-based software, consumers can avail easy accessibility to recruitment tools, thus streamlining remote work and allowing effective collaboration in teams.
On the other hand, the on-premises segment held a notable share of the market in the previous years and is expected to lead over the forecast period as well owing to data compliance and security, customization, and legacy infrastructure. Businesses in regulated industries like healthcare and BFSI mostly demand on-premises deployment solutions to maintain strict control on data and comply with regulations. On-premises deployment systems can also be customized to cater to the growing specific businesses requirements and their workflows. This offers higher flexibility for organizations with diverse needs. Most established businesses possess existing on-premises systems and may shift to integrate novel recruitment solutions in their existing systems instead of moving to cloud-based platforms. This is also fueling the growth of the segment.
Recruitment Software Market Analysis by End User
Based on end user, the market is segmented into retail, IT & telecom, BFSI, manufacturing, healthcare, and other commercial sectors. The IT & telecom segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to increased demand for talented candidates, intensifying competition, and emphasis on innovations. The speedy transformation of technologies is creating a consistent need for talented candidates, which fuels considerable recruitment events in the industry. Growing competition for proficient talents in telecom and IT is driving businesses to implement improved recruitment technologies for attraction and retention of experienced candidates. Also, as technology companies prioritize modernization, they are increasingly adopting advanced recruitment software that integrates automation, AI, and analytics to simplify hiring.
On the other hand, the BFSI segment will hold a remarkable market share in the coming years owing to regulatory compliance, increased demand for proficient talents, and emphasis on risk management. With the management of an escalating number of consumers regularly, the BFSI sector is witnessing strict regulations that demand accurate recruitment processes. Also, there is a growing demand for experienced personnel with dedicated financial proficiency that drives the need for effective recruitment solutions. Businesses in the sector also need a proficient workforce in risk management and assessment, resulting in targeted recruitment planning. These factors are considerably increasing the prominence of the sector in the recruitment software market.
Global Recruitment Software Market Size By Deployment
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Recruitment Software Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to growing technological advancements, high demand for talent management, and a diverse workforce. North America is the leading center for several innovative startups, and well-established technology companies, which fuels the implementation of improved recruitment technologies like machine learning and AI technologies. The region demands talent management and acquisition, resulting in heavy investment in solutions to enhance efficiency and simplify processes. Diverse labor market demands reliable recruitment tools that address the needs of different industries. The key players profiled in the region include Oracle Corporation, International Business Machines Corporation, Cornerstone, People Admin, Workday, Inc., and more.
Asia-Pacific is the fastest-growing region in the global recruitment software market due to the speedy economic growth, rising talent pool, and steady adoption of digital technologies. Several nations in Asia-Pacific are witnessing strong economic growth, resulting in augmented hiring activities and the need for effective solutions. With a diverse and large workforce, organizations are aiming to adopt improved software to effectively manage talent acquisition and tap into diverse skills sets. The regional growth is also impacted by steady adoption of digital technologies. Rising digital transformation in various sectors is majorly propelling the implementation of effective recruitment software, comprising AI-based and cloud-based solutions. These factors are driving the recruitment software market growth in the region.
Global Recruitment Software Market Size By Geography
- Largest
- Fastest
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Recruitment Software Market Dynamics
Recruitment Software Market Driver
Growth of Niche Recruitment Solutions
- There is a growing need for recruitment solutions that effectively caters to the growing demand of diverse industries or dedicated job functions. This allows businesses to easily and better address their unique functions and processes for hiring and help them tackle challenges. Furthermore, niche solutions and platforms can offer dedicated features and visions that the regular or customary solutions may not provide.
Growing Integration Other Human Resources Technologies
- Businesses are actively seeking reliable recruitment solutions that can be integrated with the present HR systems like performance management tools and payroll management to create a unified HR network. Integrated systems will enable businesses to better share and manage data, thus improving overall efficacy of HR and associated hiring processes.
Restraints
Data Security and Privacy Concerns
- With rising regulations and standards regarding data protection, such as GDPR, businesses should make sure that their software adheres to the legal requirements, that complicate its adoption. Furthermore, growing concerns for the safety and security of sensitive candidate information may prevent businesses from adopting cloud-based recruitment solutions. This may hamper the growth of the market.
Lack of Skills in HR Teams
- Lack of technological proficiency may negatively impact the growth of the market. Not all HR experts may have knowledge of the necessary skills to use the advanced recruitment software, mainly the ones with machine learning and artificial intelligence competencies. Constant technological improvements need exhaustive training for HRs, which could demand more resources, thus limiting the market growth.
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Recruitment Software Market Competitive Landscape
The global recruitment software market is dynamic and differentiated by the blend of numerous established players and new entrants engaged in offering solutions that strengthen the recruitment process for businesses. SAP SuccessFactors, Workday, Oracle Taleo, and ADP Recruiting Management are a few prominent market vendors who are focusing on enhancing user experience, offering solutions with improved capabilities for large enterprises, and combining features to cater to the needs of mid-sized businesses. Most providers are also engaged in inclusion and diversity, partnerships and acquisitions, and consumer-centric innovations. Overall, the market is speedily transforming backed by the incorporation of novel technologies, user experience, and innovations.
Recruitment Software Market Top Players Company Profiles
- Taleo Corporation (Oracle) (US)
- SuccessFactors (SAP) (Germany)
- Kronos (US)
- Accenture Plc (Ireland)
- Kenexa Corporation (IBM) (US)
- SAP SE (Germany)
- Workday , Inc. (US)
- Oracle Corporation (US)
- ADP LLC (US)
- International Business Machines Corporation (IBM) (US)
- Cegid (France)
- People Admin (US)
- Cornerstone (US)
- Recruitee (Netherlands)
- Jobvite Inc. (US)
- Ceridian HCM (US)
- Trakstar (US)
- BambooHR (US)
- Bullhorn, Inc. (US)
- Freshworks Inc. (India)
Recruitment Software Market Recent Developments
- In September 2024, Oracle declared a novel open skills framework in Oracle Dynamic Skills that aids businesses to develop, organize, and execute a skill-based talent strategy. A unit of Oracle fusion Cloud (HCM) Human Capital Management, Oracle Dynamic Skills assist businesses irrespective of their status on skills journey and better interpret and use their personnel’s skills and increase access.
- In June 2024, L3Harris Technologies declared a strategic alliance with Accenture to speed up its technology refreshment. This initiative, a unit of LHX NeXt transformation by L3Harris is dedicated for creating a strong digital core and establishing novel ways of conducting activities, aid in enhancing operations and allowing growth in the future.
- In March 2024, Oracle’s novel generative artificial intelligence tools for human resources aim to minimize costs and assist applicants self-select. The company’s focus on automating HR systems is obtaining a push from its recent unveiling of generative AI tools.
Recruitment Software Key Market Trends
- Emphasis on Candidate Experience: As the competition for talent is intensifying, businesses are also focusing on enhancing the candidate’s experience during the whole recruitment procedure. This comprises the creation of an engaging and positive journey for candidates. Enhanced experience for candidates results in better branding by employer and raises the chances of attracting top talents. Companies are also using leveraging features like mobile-friendly applications, personalized communication, and transparent feedback processes.
- Growth of Remote Recruitment Solutions: The inclination towards remote work has increased the need for changes in recruitment strategies with the software emphasizing remote hiring competencies. Recruitment software integrates features that streamline onboarding process, remote interviewing, and collaborations. This trend is enabling businesses to explore and enter the global talent pool and shift to flexible working environments.
Recruitment Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the recruitment software market is considerably progressing due to the growing importance of data analytics that helps decision-making in recruitment, the increasing trend of remote work that triggers businesses to adopt software, and the emphasis on improving candidates’ experience. The market is also fueled by the increasing demand for automation that improves efficiency. However, the market is restrained by growing integration complexity, internal resistance faced by businesses to implement novel technologies and high implementation costs. North America is projected to lead the market due to increased emphasis on data security and compliance, speedy adoption of cloud solutions, and a diverse workforce that demands efficient and reliable recruitment tools. Nonetheless, a few opportunities for the growth of the recruitment software market include rising integration with other HR tools, the focus on inclusion and diversity, and expansion in emerging markets.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.53 billion |
| Market size value in 2031 | USD 5.89 billion |
| Growth Rate | 9.86% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Recruitment Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Recruitment Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Recruitment Software 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 Recruitment Software 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Recruitment Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Recruitment Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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