The Global Applicant Tracking System (ATS) Market is estimated to be valued at US$2.29 billion in 2022 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Applicant Tracking System (ATS) is a software application that enables businesses to efficiently manage their recruitment processes. It allows organizations to automate various tasks such as job posting, resume screening, interview scheduling, and candidate tracking. ATS offers several advantages including improved time-to-hire, enhanced candidate experience, better compliance tracking, and increased visibility into the recruitment process. With the growing number of job applications and the need for efficient hiring processes, the demand for ATS solutions is expected to witness significant growth.
Market Key Trends:
The key trend in the ATS market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML algorithms can help in automating and optimizing various recruitment tasks. These technologies can assist in resume parsing, candidate screening, matching job requirements with candidate profiles, and even predicting the success of a potential candidate. The integration of AI and ML in ATS can help organizations save time and effort in the recruitment process, improve the quality of hires, and enhance overall recruitment efficiency. As a result, there is a growing adoption of AI-powered ATS solutions in the market.
PEST Analysis:
Political: The political landscape plays a crucial role in shaping the applicant tracking system (ATS) market. Government regulations, policies, and labor laws can greatly impact the adoption and use of ATS platforms. Political stability and favorable policies can encourage organizations to invest in ATS solutions to streamline their hiring processes.
Economic: The economic factors influencing the ATS market include GDP growth, disposable income, employment rates, and inflation. As the global economy continues to grow, more companies are likely to invest in ATS solutions to manage their increasing hiring needs efficiently.
Social: Social factors such as demographic trends, cultural norms, and workforce diversity influence the demand for ATS platforms. With the rise of remote work and virtual hiring, organizations are increasingly relying on ATS systems to attract and assess candidates from various backgrounds.
Technological: Technological advancements have a significant impact on the ATS market. The integration of artificial intelligence, machine learning, and automation into ATS platforms improves efficiency and accuracy in candidate screening and selection processes. Additionally, the proliferation of mobile devices has led to the development of mobile-friendly ATS applications, catering to the needs of a mobile workforce.
Key Takeaways:
The Global Applicant Tracking System (ATS) Market is expected to witness high growth, exhibiting a Compound Annual Growth Rate (CAGR) Of 6.2% from 2023 to 2030. This growth is mainly driven by the increasing need for efficient talent acquisition processes and the rising adoption of ATS solutions across various industries worldwide.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the ATS market. The region's strong economy, technological advancements, and focus on improving recruitment practices drive the demand for ATS platforms. Moreover, the region's early adoption of cloud-based solutions and AI-powered ATS further contributes to its growth in the market.
Key players operating in the ATS market include ApplicantStack, Greenhouse Software, Lumesse, Hyrell, iCIMS, Workable, Bullhorn, IBM Kenexa, ClearCompany, SAP SuccessFactors, Findly, JobDiva, Oracle Taleo, Newton Software, Cornerstone OnDemand, Lever, and Workday. These companies offer a wide range of ATS solutions, catering to the diverse needs of organizations across various industries.
Overall, the ATS market is expected to expand significantly in the coming years, driven by technological advancements, increasing need for efficient talent acquisition, and the growing adoption of ATS platforms across different regions and industries.
An applicant tracking system (ATS) is a computer programme that enables secure computerised processing of hiring and recruitment requirements.
Depending on the company's demands, an applicant tracking system (ATS) can be installed or accessed on a website at either the business or personal level; free or open source ATS software is available, or a premium version can be requested.
Businesses with a large number of applications to handle may want to invest in a more comprehensive applicant tracking system (ATS) package.
Personal websites can also be created to serve the same purpose.
These sorts of systems' main functions are to sort through candidates and send them electronically to the right staff.Recruiters can look at resumes, sort them to find individuals with similar skills and qualifications, and contact those people using an applicant tracking system (ATS).
Recruiters will also be provided information on prior employers and the talents they were looking for in new hires.
