Online Recruitment Software Market Insight: 2032
The global online recruitment software market was valued at USD 1.8 billion in 2022, and is projected to reach USD 4 billion by 2032, growing at a CAGR of 8.6% from 2023 to 2032.
The online recruitment software market is expected to witness notable growth owing to increase in use of virtual recruitment, rise in need for robotic process automation and rise in use of artificial intelligence. Moreover, a rise in remote interviewing is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, accessibility issue open-source software limits the growth of the online recruitment software market.
Recruiting software is software that helps organizations optimize the hiring process, from finding and attracting candidates to screening resumes and sending out offer letters. Recruiting software is often called an applicant tracking system or ATS, though these two are not the same. Recruiting software is a broader category that encompasses applicant tracking systems as well as other tools that focus on individual phases of the hiring process.
For hiring organizations, recruiting software can make the hiring process faster and more efficient. Not only does this save managers and recruiters lots of time, but it also makes it easier for an organization to hire top candidates who may be weighing multiple offers. Online Recruitment software helps hire professionals, manage the hiring process, and build relationships with candidates. Online Recruitment software makes the hiring process easier and faster. It is a tool used by hiring agencies, recruiters, hiring managers, and talent acquisition professionals who manage and efficiently sort the workflow of the hiring process. It simplifies functions like selecting applicants, screening resumes, interviewing candidates, shortlisting candidates, maintaining smooth communication, and much more.
The online recruitment software market is segmented on the basis of component, deployment mode, enterprise size, end user and region. On the basis of component, it is bifurcated into solution and services. On the basis of deployment mode, it is bifurcated into web-based and cloud-based. On the basis of enterprise size, it is divided into large enterprise and small and medium-sized enterprise. On the basis of end user, it is fragmented into IT and telecom, BFSI, retail and e-commerce, healthcare, manufacturing, government, media and entertainment, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report focuses on growth prospects, restraints, and analysis of the global online recruitment software market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the global online recruitment software market share.
On the basis of component, the solution segment dominated the online recruitment software market size in 2022, owing to companies to find and employ the ideal candidates by utilizing a variety of digital methods, such as hiring portals, data-driven filtering, AI-generated interview questions, and automated messaging. Online recruiting tools give a sustainable methodology to gather the relevant information required to hire qualified individuals.
However, the services segment is expected to witness the fastest growth, owing to the companies or platforms that assist employers in finding and hiring qualified candidates through the internet. Moreover, Services in the online recruitment software market relate to the variety of products and assistance given to businesses or groups utilizing such environments.
Region-wise North America dominated the online recruitment software market forecast in 2022, owing to the increasing technical developments that are entirely revolutionizing the landscape of the IT industry and, in turn, encouraging the online and automated solutions for hiring process in the region. However, Asia-Pacific is expected to witness the fastest growth in the upcoming year, owing to developing countries such as China and India, the adoption of smart technologies such as AI and ML escalates the demand for online recruitment software. This is further attributed to the rise of remote work, and the desire for more efficient and data-driven hiring processes.
Competition Analysis
Competitive analysis and profiles of the major players in the online recruitment software industry include Oracle Corporation, IBM Corporation, SAP SE, Freshworks Inc., Zoho Corporation Pvt. Ltd., Skillsoft, ClearCompany, Inc., Ukg Inc., Cornerstone, and Sumtotal Systems, LLC. Major players have adopted product launch, partnership, collaborations, and acquisition as key developmental strategies to improve the product portfolio and gain strong foothold in the online recruitment software industry.
Recent Partnership in the Market
On September 2023, UKG In. partnered with Belle to leverage the power of UKG technology to create a purposeful workplace and enhance recruitment.
On September 2022, SumTotal Systems, LLC launched its ‘Skills Blueprint’ product add-on in partnership with Lightcast, to supercharge upskilling, reskilling, and talent development efforts for SumTotal customers.
Recent Upgrade/Product Launch in the Market
On July 2023, Oracle Corporation upgraded its online recruitment software and added generative AI-powered capabilities within Oracle Fusion Cloud Human Capital Management (HCM) to drive faster business value, improve productivity, enhance the candidate and employee experience, and streamline HR processes.
Recent Collaboration in the Market
On July 2020, Cornerstone Inc. collaborated with Henkel a German multinational chemical and consumer goods company, as Henkel used Cornerstone recruiting to launch a new recruitment platform to streamline its application process and improve the candidate experience.
On September 2023, Oracle Corporation and AMP collaborated to implement Oracle Fusion Cloud Human Capital Management (HCM) to create an enhanced its online recruitment software solution.
Recent Acquisition in the Market
On July 2020, Freshworks Inc. acquired with Flint, to bolster Freshservice’s IT service management (ITSM) and IT operations management (ITOM) capabilities along with its recruitment process.
Government Initiatives:
Government initiatives are crucial in online recruitment software to protect the rights and privacy of job seekers, ensure fair and ethical hiring practices, and promote economic development. It also play a role in regulating the industry and promoting transparency and accountability. By working in partnership with government agencies, the online recruitment sector can contribute to a more equitable and efficient labor market. In addition, governments can support training programs and initiatives to help job seekers use online recruitment software effectively. Moreover, government agencies can establish standards for verifying the qualifications and certifications of candidates, especially in fields that require licensing or professional accreditation. Therefore, recruitment software can integrate these standards to ensure that candidates meet the necessary requirements. Such factors boost the growth of the online recruitment software market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the online recruitment software market analysis from 2022 to 2032 to identify the prevailing online recruitment software market growth.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the online recruitment software market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global online recruitment software market trends, key players, market segments, application areas, and market growth strategies.
Online Recruitment Software Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 4 billion |
 Growth Rate | CAGR of 8.6% |
 Forecast period | 2022 - 2032 |
 Report Pages | 378 |
 By Component |
|
 By Deployment Mode |
|
 By Enterprise Size |
|
 By End User |
|
 By Region |
|
 Key Market Players | IBM Corporation, Cornerstone, Oracle Corporation, UKG Inc., Freshworks Inc., Zoho Corporation Pvt. Ltd., ClearCompany, Inc., Sumtotal Systems, LLC, Skillsoft, SAP SE |
Analyst Review
The market has benefited from the introduction of cutting-edge technologies including big data, cloud computing, and artificial intelligence. The majority of hiring managers and management experts concur that the emergence of new employment patterns is driven by the high availability of data, which encourages organizations to hire new workers. Data gives businesses the understanding they need to make decisions about applicant selection. Data is being used by hiring managers to make business decisions. This suggests that in order to effectively hire new employees, recruiters must develop effective talent analytics strategies that use data. Additionally, chatbots give recruiters the ability to automate the applicant search process. People analytics assist businesses in moving away from traditional hiring practices based on arbitrary factors that may not have much to do with an employee's likelihood of performing well at any given organization. The Big Data approach precisely identifies the factors already in place that influence employee performance and productivity, as well as attracting candidates who meet those requirements. Additionally, this approach enables executives and recruiters to comprehend interviewers. Moreover, in recent years, the hiring procedure has undergone a significant adjustment. Organizations are searching for the implementation of AI-based video interviewing technology because the corporate sector is expanding regularly and there are more candidates than before. By allowing candidates and employers to conduct interviews from remote places, this technology plays a crucial role in improving the hiring process.
The online recruitment software market was valued at $1,829.41 million in 2022 and is estimated to reach $4,034.69 million by 2032
The online recruitment software market is projected to grow at a compound annual growth rate of 8.6% from 2023 to 2032.
The global online recruitment software industry is dominated by key players such as Oracle Corporation, IBM Corporation, SAP SE, Freshworks Inc., Zoho Corporation Pvt. Ltd., Skillsoft, ClearCompany, Inc., Ukg Inc., Cornerstone, and Sumtotal Systems, LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the online recruitment software market.
North America is the largest regional market for Online Recruitment Software
Increase in use of virtual recruitment, rise in need for robotic process automation are the upcoming trends of Online Recruitment Software Market in the world
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