Applicant Tracking System Market Growth Trajectory Through 2024-2033

Santhosh

Applicant Tracking System Market Growth Trajectory Through 2024-2033

The Applicant Tracking System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Applicant Tracking System Global Market Report 2024, The applicant tracking system market size has grown strongly in recent years. It will grow from $2.6 billion in 2023 to $2.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to automation of recruitment processes, compliance requirements, centralized candidate database, scalability.

The applicant tracking system market size is expected to see strong growth in the next few years. It will grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to integration with hr software, mobile recruiting solutions, emphasis on diversity and inclusion, enhanced candidate experience, data security and compliance. Major trends in the forecast period include ai and machine learning, enhanced candidate experience, diversity and inclusion features, predictive analytics for recruitment, integration with hr software ecosystem.

The rising number of job applicants is expected to propel the growth of the applicant tracking system market going forward. Job applicants refer to individuals who have submitted their applications, typically in resumes, to be considered for employment opportunities within a company or organization. Applicant tracking systems can help job applicants by streamlining the application process, making it easier and faster to apply, and improving communication between job applicants and recruiters. For instance, as per Data and analysis from Census 2021 published by The Office for National Statistics, a UK-based statistics authority, the expected number of vacancies grew from 964000 (May to July 2021) to 1275000 (May to July 2022). Therefore, the rising number of job applicants is driving the growth of the applicant tracking system market.

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The applicant tracking system market covered in this report is segmented –

1) By Component: Software, Services

2) By Deployment Mode: On-premises, Cloud

3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises

4) By Vertical: Banking Financial Services And Insurance (BFSI), Government, Manufacturing, Telecom And Information Technology (IT), Consumer Goods And Retail, Healthcare And Lifesciences, Energy And Utilities, Transportation And Logistics, Other Verticals

Major Companies operating in the applicant tracking system market are adopting new technologies, such as AI-powered application systems, to provide a better experience by making the application process more efficient and user-friendly. AI-powered applicant tracking system is designed to streamline recruitment and redefine talent acquisition by leveraging artificial intelligence (AI) technology. For instance, in August 2023, Centric Group Inc., a US-based software development company, launched Safaa ATS, an AI-powered applicant tracking system. It offers unique features, including AI-driven shortlisting, a fully branded job portal, cloud-based access, a pre-packaged intranet, customizable workflows, and cutting-edge features to streamline recruitment and redefine talent acquisition. These features are designed to simplify the recruitment process, improve efficiency, and provide a better candidate experience.

The applicant tracking system market report table of contents includes:

1. Executive Summary

2. Applicant Tracking System Market Characteristics

3. Applicant Tracking System Market Trends And Strategies

4. Applicant Tracking System Market - Macro Economic Scenario

5. Global Applicant Tracking System Market Size and Growth

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32. Global Applicant Tracking System Market Competitive Benchmarking

33. Global Applicant Tracking System Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Applicant Tracking System Market

35. Applicant Tracking System Market Future Outlook and Potential Analysis

36. Appendix