New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Recruitment Software Global Market Report 2023" - https://www.reportlinker.com/p06479884/?utm_source=GNW
, Jobvite Inc., Zoho Corporation, Cognizant Technology Solutions, Microdec Plc., and BullHorn Inc.
The global recruitment software market is expected to grow from $2.11 billion in 2022 to $2.27 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The recruitment software market is expected to reach $3.05 billion in 2027 at a CAGR of 7.6%.
The recruitment software market includes revenues earned by entities by sales of software and related services that are designed to help streamline and automate the hiring process, applicant tracking, resume parsing, job posting and distribution, candidate sourcing, interview scheduling, and candidate relationship management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Recruitment software is a type of technology that is designed to help streamline the hiring process. It is used to automate multiple tasks associated with recruitment, such as posting job ads, receiving and sorting resumes, and scheduling interviews.
North America was the largest region in the recruitment software market in 2022. The regions covered in recruitment software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of recruitment software are software and services.Software refers to a collection of programs, instructions, and data that tell a computer or other electronic device what to do.
The software’s include contact management, resume management, mobile recruitment, reporting and analytics, workflow management, and others that are suitable for SMEs (small and medium-sized enterprises) and large enterprises . The end-users of recruitment software include retail, IT and telecom, BFSI (Banking, Financial Services, and Insurance), manufacturing, healthcare, others.
The rise in demand for cloud-based systems is expected to propel the growth of the recruitment software market going forward.Cloud-based systems refer to software applications, services, or resources hosted and accessed over the Internet rather than being installed and run locally on individual computers or servers.
These systems are also known as Software-as-a-Service (SaaS) or cloud computing.Cloud-based recruitment software systems offer several advantages over traditional on-premise solutions, such as accessibility, scalability, cost-effectiveness, security, and integration with other cloud-based tools and software, hence boosting the recruitment software market.
For instance, in 2021, Eurostat, the Europe-based statistical office of the European Union, cloud computing adoption rose between 2020 and 2021, with more businesses using it for operations.Additionally, major organizations had a 7% increase in usage, with 72% employing cloud computing in 2021 compared to 65% in 2020.
The adoption rate in medium-sized businesses increased from 46% in 2020 to 53% in 2021. Therefore, the rise in demand for cloud-based systems is driving the growth of the recruitment software market.
Product Innovations are a key trend gaining popularity in the recruitment software market.Companies operating in the recruitment software market are introducing new products to sustain their position in the market.
For instance, in March 2023, Ceipal, a New-York based recruiting and talent acquisition software company, launched an advanced and extensive tool set to automate the full talent acquisition lifecycle.Ceipal’s extensive automation capabilities, including essential ATS features, AI for recruiting, text recruiting, business intelligence and reporting, advanced CRM tools, and more, are available in a single low-cost package.
It includes reports automation, managed harvesting, AI matching and ranking, marketing CRM, workforce management and other related benefits.
In July 2021, XCD, a UK-based cloud-based HR and Payroll software provider company, acquired Hireserve for an undisclosed amount.This acquisition of Hireserve is part of XCD’s ambition to increase capacity and offerings for both new and existing clients.
Hireserve is a UK-based a recruitment software company.
The countries covered in the recruitment software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The recruitment software market research report is one of a series of new reports that provides recruitment software market statistics, including recruitment software industry global market size, regional shares, competitors with a recruitment software market share, detailed recruitment software market segments, market trends and opportunities, and any further data you may need to thrive in the recruitment software industry. This recruitment software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479884/?utm_source=GNW
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