Recruitment Software Market is Poised to Register CAGR of 9.86% by 2031 | SkyQuest Technology
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).
Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Recruitment Software Market will reach a value of USD 5.89 Billion by 2031, with a CAGR of 9.86% during the forecast period (2024-2031). The increasing popularity in the use of cloud-based platforms and mobile-based recruiting tools is infusing growth in demand. Adoption of automated resume screening systems through artificial intelligence that analyzes a candidate’s skill and knowledge level drives market growth. The tool uses optical trackers along with ML algorithms to extract patterns and trends from transactional activities and analytical inputs in the market. Other factors that are predicted to contribute toward the growth in the global recruitment software market in the years to come include growing demand to replace traditional ways of hiring to save overheads, emergence of social recruiting trends, and increased inflow of start-up businesses.
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Browse in-depth TOC on the “Recruitment Software Market”
Pages- 157
Tables- 119
Figures- 77
Recruitment Software Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 2.78 billion |
| Estimated Value by 2031 | USD 5.89 billion |
| Growth Rate | Poised to Grow at a CAGR of 9.86% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Industry, Organization Size |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing Adoption of Recruitment Software |
| Key Market Opportunities | Enhanced Candidate Experience |
| Key Market Drivers | Rise in Demand for Efficient Recruitment Processes |
Solution Segment Dominates the Recruitment Software Market
By component, the Global Recruitment Software Market is divided into solution and services. The solution type held a larger share of these because of the advancements being made in emerging software. Many new features and applications are being included continuously in the solution. A lot of new features are expected to be added to the AI recruitment software in the coming years. All these upgrades will lead to more customers visiting the market. Moreover, technological advancements during the forecast period will make consumers more aware of the product. The multiple applications of the software in the talent acquisition platform will open opportunities for growth in the recruitment software market.
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HR Software Solutions in BFSI Improving Candidate Management, Client Requests, and Employee Engagement
The BFSI sector has retained the leadership in the last three years. Banking falls under the service industry since its core business deals with offering services. This simply means that for the banking industry to conduct their service activities and actions efficiently and smoothly, it requires HR software. In other words, the HR software for the banking sector helps to grease the way for all aspects of human resource management, including finding qualified candidates for the banking sector, maintaining client requests and their real-time processing, keeping them engaged in the work environment, managing payroll and retirement benefits, and many more.
North America is Leading the Way of Supremacy in Recruitment Software Market
With a high concentration of tech centers such as Silicon Valley and with its technical breakthroughs, North America lead the global recruitment software market in 2021, driven by innovative thinking, strong infrastructure, and an early move to adopt different recruitment solutions to cater to broad industrial needs. It is predicted that the impact of Silicon Valley will accelerate the development and use of innovative recruitment tools. In most cases, a very competitive labor market and the presence of large organizations contribute to an increase in demand for advanced recruitment software.
Recruitment Software Market Insights
Drivers
- Rise in Demand for Efficient Recruitment Processes
- Increase in Need for Data-Driven Decision Making
- Remote and Hybrid Work Trends
Restraints
- High Initial Costs
- Data Privacy and Security Concerns
- System Complexity
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Segments covered in Recruitment Software Market are as follows:
- Deployment
- On-premises, and Cloud
- Enterprise Size
- Small & Medium Enterprise (SME), Large Enterprise
- End User
- Retail, IT & Telecom, BFSI, Manufacturing, Healthcare, Other Commercial sectors
Key Players Operating Within the Recruitment Software Market
- ClearCompany
- Bullhorn, Inc.
- Jobvite, Inc.
- SAP SE
- HappierWork
- Workday, Inc.
- Oracle Corporation
- Lever, Inc.
- Zoho Corporation Pvt. Ltd.
- ApplicantPro
Key Questions Covered in the Global Recruitment Software Market Report
- What is the expected CAGR of the Global Recruitment Software Market by 2031?
- What are key strategies adopted by market players to sustain their position?
- Which is the dominant region of the Recruitment Software Market?
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This report provides the following insights:
- Analysis of key drivers (remote and hybrid work trend), restraints (high initial costs and privacy & security concerns) opportunities (enhanced candidate experience), and challenges (technological disruptions) influencing the growth of the recruitment software market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the recruitment software market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the recruitment software market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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