New York, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global applicant tracking system market size is predicted to grow at a CAGR of over ~9.70% from 2023 to 2035. The market is projected to garner a revenue of USD 11 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.As the job market becomes increasingly competitive, organizations are looking for ways to streamline their recruitment process and attract top talent. Over 74[R1] % of recruiters globally utilize an applicant tracking system while nearly all Fortune 500 companies, specifically, around 98% rely on ATS. ATS solutions can help automate many of the time-consuming tasks associated with recruitment, such as resume screening and scheduling interviews, allowing HR teams to focus on more strategic initiatives.
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Applicant Tracking System Market: Key Takeaways
- Market in North America to propel highest growth
- On-Premise segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Need for Data Analytics in Recruitment to Boost Market Growth
The use of data analytics in recruitment has become increasingly important in recent years. Applicant Tracking Systems (ATS) are now equipped with advanced analytics capabilities that allow companies to make better hiring decisions. Over 63[R2] % of talent teams who utilize an ATS for sourcing discover a greater number of high quality candidates compared to relying solely on inbound applications. Furthermore, around 78% of recruiters have observed an improvement, in the caliber of hires since implementing an ATS.
By analyzing applicant data, recruiters can identify patterns and trends that can help them make more informed decisions. For example, they can identify which job boards or social media platforms are most effective for sourcing candidates, or which recruiting strategies are most successful for certain job types. Data analytics also allows recruiters to measure the effectiveness of their recruitment process. They can track metrics such as time-to-hire, cost-per-hire, and applicant-to-hire ratios to identify areas for improvement and optimize their hiring process.
Applicant Tracking System Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Adoption Of Cloud-Based Solutions to Drive the Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing demand for applicant tracking systems in countries such as India and China, where recruitment is very competitive and employers need efficient ways to manage and track their recruitment process. Additionally, the increasing adoption of cloud-based solutions in the region is also driving the growth of the applicant tracking system market. For instance, around 48% of companies in India are embracing cloud technology to modernize their data infrastructure. Larger businesses seem to be at the forefront with a adoption rate of 56%. Moreover, an impressive 79% of companies are incorporating cloud strategies, for application modernization. Additionally, 41% of organizations are utilizing the cloud to enhance collaboration and productivity among their workforce.
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Increasing Use of HR Information Systems (HRIS) Software to Drive the Growth in the North America Region
The North American applicant tracking system market is estimated to garner the largest revenue by the end of 2035 owing to the increasing integration of ATS with other HR Technologies along with increasing use of HR information systems (HRIS) software. In the United States around 74% of companies utilize HRIS software while in Canada about 18% of organizations employ it. Similarly in organizations the usage stands at just 9%. ATS solutions are increasingly being integrated with other HR technologies, such as HRIS and performance management software. This integration can help organizations create a more seamless and efficient HR ecosystem, allowing them to better manage their talent and drive business results.
Applicant Tracking System Segmentation by Component Type
- Software
- Services
The software segment is anticipated to hold the largest revenue by the end of 2035. ATSs are being increasingly adopted by businesses, around the world. Using an ATS effectively can save companies up to 20% of their time during the hiring process and a significant majority (86[R3] %) of ATS users report that the software has accelerated their hiring procedures. This is because the software is designed to help organizations streamline the recruitment process, making it easier to identify top talent, track applicants, and manage their recruitment pipeline. Additionally, the ATS can help reduce costs by providing a more efficient way of screening candidates and assessing their qualifications.
Applicant Tracking System Segmentation by Deployment
- On-premise
- Cloud
The on-premise segment in applicant tracking system market is anticipated to hold the largest revenue by the end of 2035. Additionally, the on-premise segment also offers better security as data is not stored in the cloud and the organization is responsible for its maintenance and security. Additionally, ATS solutions allow for greater flexibility when deploying and managing infrastructure, as they can be tailored to the specific needs of the organization. This makes it easier for companies to quickly adapt to changing business requirements. For instance, Crelate[R4] , a provider of recruiting software has recently enhanced its, on premises platform with a vendor management system (VMS). This update enables recruiters and staffing professionals to effectively streamline their recruitment process. Moreover, on-premise systems can be accessed from anywhere, making it a viable option for businesses with multiple locations.
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A few of the well-known industry leaders in the applicant tracking system market that are profiled by Research Nester are Talroo, International Business Machines Corporation IBM, iCIMS, Oracle, PeopleFluent, Cornerstone, Workday, UKG Inc., ADP, Inc, SAP., and other key market players.
Recent Development in the Market
- Talroo recently announced a partnership with JobSync, a leading Talent Acquisition Automation Platform. JobSync provides solutions that enhance the application process for tracking systems (ATSs). This collaboration will enable Talroo to offer robust and efficient applicant tracking services to their clients automating their recruitment process and facilitating the identification and hiring of top talent.
- Oracle, a provider of recruitment platform solutions has introduced Oracle ME (my experience) a cloud based HCM suite designed to assist recruiters and HR professionals in candidate acquisition. Oracle ME simplifies the recruitment process by offering a suite of tools that aid, in candidate identification, communication, application and interview tracking well as onboarding and offboarding management.
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