Pune, India, May 25, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global online recruitment technology market size was valued at USD 10.01 billion in 2022 and is projected to grow from USD 11.48 billion in 2023 to USD 30.87 billion by 2030, exhibiting a CAGR of 15.2% during the forecast period. Emphasis on Automation for Hiring Process Will Propel Market. Fortune Business Insights presents this information in their report titled "Global Online Recruitment Technology Market Forecast, 2023–2030."
There is a huge demand for online recruiting platforms to manage recruitment procedures, including resume management, employee screening, evaluation tools, and others due to the rise in job opportunities. The significant outsourcing of conventional workplace hiring procedures to online recruitment platforms is a major driver of the sector. The fourth industrial revolution and digital transformation have also created a new wave of employment prospects and had a favorable impact on the online recruitment sector.
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Key Industry Development:
December 2022 – Fountain launched a new platform for high volume hiring with enhanced capabilities to empower and support employers. This platform enables seamless scheduling and interviewing.
Key Takeaways
- The increasing spending by key companies on introducing fraud solutions across different industries, such as BFSI, healthcare, manufacturing, and others, is projected to fuel market growth.
- Increasing Demand for Cloud-based Solutions across the Healthcare Industry to Aid Growth
- Growing Adoption of Cloud Increased the Adoption Rate of Fraud Detection Solutions
- By Solution Analysis: Rising Demand for Authentication Solutions to Aid Market Growth
- Online Recruitment Technology Market Size in North America was USD 15.44 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Online Recruitment Technology Market are BambooHR LLC (U.S.), HireVue, Inc. (U.S.), TalentLyft (Croatia), Yello (U.S.), Fountain (U.S.), flair.hr (Germany), SmartRecruiters (U.S.), Avature (U.K.), Recruitee.com (Netherlands), TestGorilla (Netherlands)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 15.2% |
| 2030 Value Projection | USD 30.87 Billion |
| Base Year | 2022 |
| Online Recruitment Technology Market Size in 2022 | USD 10.01 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Technology Type, Job Type and Geography |
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Drivers & Restraints:
Emphasizing Automation to Support Market Expansion in the Hiring Process
The method by which the online recruitment process is carried out has changed dramatically in recent years due to the development of internet technology. Companies and governmental bodies are currently focused on making a big transition from the conventional manner of hiring services to more effective, economical methods. The majority of businesses now use e-recruitment platforms rather than more conventional hiring techniques. Additionally, online job hunting and application processes became more popular among prospective employees. Companies strive to build engaging, rich content that is simple to use and user-friendly for recruiting on their platforms or through online job portals to generate the necessary pool of candidates. These factors will result in an increase in the online recruitment technology market share.
It is challenging to ascertain what works and how to enhance advertisements as not all online recruitment technology services provide a complete examination of reporting, and this may impede the online recruitment technology market growth.
Segments:
By Solution
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Big Data Analytics
- Behavioral Analytics
- Authentication
- Single-Factor Authentication
- Multi-Factor Authentication
- Governance, Risk and Compliance
By Application
- Insurance Claims
- Money Laundering
- Electronic Payment
- Others (Banking Transactions)
By Deployment
- On-Premise
- Cloud
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Industry
- BFSI
- IT & Telecom
- Retail & Consumer Packaged Goods
- Government
- Construction & Real Estate
- Energy & Utilities
- Travel & Transportation
- Manufacturing
- Healthcare & Life Sciences
- Media & Entertainment
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America Dominates the Market due to SMEs and Major Businesses Adopting the Technology
North America holds a substantial market share, which was valued at USD 4.05 billion in 2022 and is expected to continue to dominate in the years to come. This is a result of SMEs and major businesses adopting online recruitment technology solutions. The online recruitment sector has undergone several changes in recent years, from the adoption of social media recruiting to the introduction of mobile recruiting platforms, all with the goal of enhancing recruitment procedures for both companies and employees.
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Competitive Landscape
Key Market Participants Prioritize Partnerships to Improve their Market Position
Leading companies in the market, including BambooHR LLC, HireVue, Inc., TalentLyft, Recruitee.com, SmartRecruiters, TestGorilla, and others are introducing novel products and implementing cutting-edge technology to give businesses effective solutions. Conversely, other significant competitors such as Fountain, Avature, Yello, and others are forming strategic alliances to improve their market positions and create powerful brand promotion.
FAQ’s
How big is the Online Recruitment Technology Market?
Online Recruitment Technology Market size was USD 10.01 billion in 2022.
How fast is the Online Recruitment Technology Market growing?
The Online Recruitment Technology Market will exhibit a CAGR of 15.2% during the forecast period, 2023-2030
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