Online Recruitment Market to Sales Revenue to Surpass $4.69 Billion by 2028 | Top 5 Players hold over 58% Market Share | SkyQuest Technology
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).
Westford, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) — Despite the industry’s strong performance, SkyQuest’s analysis showed that online recruitment market is still in its early stages of development. The market is growing quickly and is highly fragmented, with hundreds of companies vying for a share. To be successful, companies will need to continue to invest in technology and innovation, create a differentiated value proposition and tap into new customer segments. Additionally, they will need to focus on execution and scale to stay ahead of the competition. The online recruitment industry has come a long way since its inception in the late 1990s. Thanks to advances in technology and the proliferation of smartphones and tablets, the industry has seen explosive growth in recent years.
There are several factors driving this impressive growth of the global online recruitment market. First, the number of internet users has increased dramatically over the past decade, providing a larger pool of potential recruiters and candidates. Second, the rise of social media has made it easier for recruiters to reach candidates and vice versa. Finally, mobile devices have made it possible for people to search for jobs and apply for them anytime, anywhere. Given this impressive growth trajectory, it’s no surprise that there are now hundreds of companies competing in the online recruitment space.
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The report on the global online recruitment market found that the online recruitment industry grew by 18% in the last 2 years. The report also found that the majority of online recruiting activity is now taking place on mobile devices, with 60% of job seekers using their smartphones or tablets to search for jobs. This is a significant increase from 2016, when only 40% of job seekers used mobile devices to search for jobs. SkyQuest’s analysis found that online recruitment is now the preferred method of recruitment for both employers and job seekers. Employers are increasingly using online recruitment platforms to post job openings and connect with potential candidates, and job seekers are increasingly using online resources to search for open positions.
SO, what does the Finding Suggests about Online Recruitment Market?
The report notes that the online recruitment industry is highly fragmented, with numerous players competing for market share. The study finds that the largest players in the industry, such as Indeed and Glassdoor, have a strong competitive advantage due to their scale and size. The report goes on to say that the online recruitment market is characterized by high customer acquisition costs and low customer retention rates. The study notes that this makes it difficult for new entrants to gain a foothold in the market. The report concludes by saying that the online recruitment industry is likely to consolidation in the future as the leading players seek to solidify their position.
The most successful companies have been able to tap into specific niches, such as healthcare or tech, and become the go-to provider for those industries. SkyQuest has found that the online recruitment market will continue to grow as more companies move their recruiting efforts online. This shift will be driven by the continued growth of social media and the increasing use of mobile devices. While the online recruitment industry is still young, it is clear that we see great potential for growth.
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Top 5 Players hold over 58% Market Share
In the online recruitment market, the top 5 players account for over 38% of the market share. The leading player in the market is LinkedIn, followed by Indeed, Glassdoor, and Monster. The other leading players in the market are CareerBuilder, Dice, and ZipRecruiter. The market is a highly competitive one with hundreds of players vying for a share of the pie. However, the top 5 players in the market hold a dominant position with over 58% of the market share between them. LinkedIn is the clear leader in the market with a market share of nearly 22%. Indeed, is a close second with a market share of 18%.
Indeed is the second largest online recruitment site with over 300 million visitors per month. It offers a variety of services such as job alerts, resume writing, and employer branding. On the other hand, LinkedIn witnesses a online footfall of over 1.6 billon people each month.
Glassdoor and Monster are both strong players in the online recruitment market. CareerBuilder and Dice complete the top 5 with just under 4% each. These 5 players hold a commanding lead over the rest of the pack and are well-positioned to maintain their dominance in the years to come.
Survey
SkyQuest surveyed 1,056 online job seekers in the United States online recruitment market to better understand how they use the Internet in their job search. The results showed that the majority of job seekers (64%) use online sources as their primary means of finding job openings. 40% of those surveyed said they visit online job boards such as LinkedIn, Indeed, or Monster at least once a day, while another 26% check them a few times a week. Email newsletters from job boards and other sources were also popular, with nearly 51% of respondents indicating they open and read them regularly. Interestingly, though social media is often thought of as a key tool for recruiting, only 17% of those surveyed said they use it for their job search. Of those who do use social media, LinkedIn was the most popular platform, followed by Facebook and Twitter.
However, the survey also found that there are some common problems with online recruitment market. Some of the most common problems with online recruitment include:
- Job seekers not being able to find available jobs: 42% of job seekers said they had trouble finding available jobs online.
- Employers not being able to find qualified candidates: 41% of employers said they had trouble finding qualified candidates online.
- Online application process is time consuming: 39% of job seekers said the online application process is too time consuming.
- Online application process is complex: 37% of job seekers in the online recruitment market said the online application process is too complex.
- Not enough interaction between employer and candidate: 36% of employers said there is not enough interaction between employer and candidate during the online recruitment process.
The survey also found that the use of social media for recruiting is on the rise, with 43% of companies now using social media to find candidates, up from 33 percent in 2019. When it comes to the most popular social media site for recruiting, LinkedIn remains king, with 94% of companies saying they use LinkedIn for recruiting, up from 88 percent in 2019.
So, what does this all mean for the future of online recruitment market? According to SkyQuest, the trend toward using more online methods for recruiting is likely to continue, as companies look for ways to reach more candidates and speed up the hiring process.
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Major Players in the Global Online Recruitment Market
- LinkedIn (US)
- Naukri.com (India)
- TalentLyft (Europe)
- Zoho Corporation Pvt. Ltd. (India)
- Indeed (US)
- HackerRank (US)
- Self-Management Group (US)
- Pymetrics (US)
- iCIMS (US)
- Ultimate Software (UltiPro) (US)
- Monster Worldwide, Inc. (US)
- Jobvite, Inc. (US)
- Ideal (US)
- Textio (US)
- SAP SE (Germany)
- Recruiterbox Inc (US)
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