Research Nester assesses the growth and market size of global applicant tracking system market which is anticipated to be on account of the growing role for data analytics in recruitment
New York – April 12, 2023 – Research Nester’s recent market research analysis on “Applicant Tracking System Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global applicant tracking system market in terms of market segmentation by component type, deployment, organization size, end use and by region.
Rise in Number of Start-Ups and Small Businesses to Promote Global Market Share of Applicant Tracking System
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The global applicant tracking system market is expected to grow significantly due to the growing number of startups and small businesses worldwide. Approximately 98% of all US companies operate in small businesses, according to the latest statistics. Approximately 8.5 million jobs were created by small businesses between March 2020 and March 2021 in the United States. Startups and small businesses often have limited resources and need a cost-efficient way to manage their recruitment process. Applicant tracking systems provide them with an automated and efficient way to manage their recruitment process, which makes them an attractive option for these businesses.
According to researchers, companies that apply analytics in the selection process achieve two- or three-times higher results when it comes to recruitment quality, time taken to recruit and employee retention. The use of data analytics is becoming more and more widespread by companies in order to find the best possible candidates for open positions. This shall include, for instance, the collection of data on candidates' qualifications and experience as well as additional considerations such as their personality, preferences or previous performance.
Some of the major growth factors and challenges that are associated with the growth of the global applicant tracking system market are:
Growth Drivers:
- An increase in demand for applications tracking systems on the cloud
- An upswing in employment in the IT and banking sectors
Challenges:
The high cost associated with the software and lack of skilled professionals to operate and maintain the system are some of the major challenges facing the market. Additionally, the complexity of the system and the lack of awareness about its benefits are also hindering its growth. This complexity leads to a steep learning curve for professionals, and since software is often expensive, businesses may not be willing to invest the necessary resources to get the most out of it. Furthermore, many people are unaware of the advantages of using this software, which makes it difficult to convince them to adopt it.
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By deployment, the global applicant tracking system market is segmented into on premise and cloud. The on premise segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The segment growth is attributed to the on premise segment is expected to experience a growth in revenue owing to the cost benefits of deploying the system on premise. Companies are able to control their data and customize the system according to their specific needs. Additionally, on premise systems are more secure than cloud-based systems, which is attractive to companies that prioritize data security. On premise systems are also attractive to companies as they are more cost-effective in the long run, since companies only have to pay the cost of the system up front, rather than pay ongoing subscription fees for a cloud-based system.
By region, the Asia Pacific applicant tracking system market is to generate the highest revenue by the end of 2035. This growth is anticipated by the rapidly increasing demand for cloud-based applicant tracking systems, which can store large amounts of data and provide better support for performance management processes. Additionally, the region is home to some of the world's most successful companies, which are likely to invest heavily in the applicant tracking system market. Moreover, the growing number of start-ups and rise in number of job seekers in the region are expected to create a strong demand for such systems.
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This report also provides the existing competitive scenario of some of the key players of the Talroo, International Business Machines Corporation (IBM), iCIMS, Oracle, PeopleFluent, Cornerstone, Workday, UKG Inc., ADP, Inc, SAP and others.
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