Increase in use of virtual recruitment and rise in need for robotic process automation, drive the growth of the global online recruitment software market.
PORTLAND, Ore., Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Online Recruitment Software Market by Component (Solution and Services), Deployment Mode (Web-based and Cloud-based), Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), and End User (IT and Telecom, BFSI, Retail and E-commerce, Healthcare, Manufacturing, Government, Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032" According to the report, the online recruitment software market generated $1.8 billion in 2022, and is estimated to reach $4 billion by 2032, witnessing a CAGR of 8.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
The online recruitment software market is expected to witness notable growth owing to increase in use of virtual recruitment, rise in need for robotic process automation and rise in use of artificial intelligence. Moreover, a rise in remote interviewing is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, accessibility issue open-source software limits the growth of the online recruitment software market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.8 Billion |
Market Size in 2032 | $4 Billion |
CAGR | 8.6 % |
No. of Pages in Report | 353 |
Segments covered | Component, Deployment Mode, Enterprise Size, End User, and Region. |
Drivers | Increase in use of virtual recruitment. Rise in need for robotic process automation. Rise in use of artificial intelligence. |
Opportunities | Rise in remote interviewing |
Restraints | Accessibility issue open-source software |
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The solution segment to rule the market
By component, the solution segment held the major share in 2022, garnering nearly one-third of the global online recruitment software market revenue, owing to adoption of businesses that use various internet-based solutions such as online advertising, job listings, social media and company websites, to source and hire the best candidates. However, the service segment is projected to attain the fastest CAGR of 11.0% during the forecast period, owing to variety of products and assistance given to businesses or groups utilizing such environments. To assist organizations to establish a transition to the online recruitment software model, these services include consulting, implementation, and migration services.
The web-based segment to rule the market
By deployment mode, the web-based segment held the major share in 2022, garnering nearly two-thirds of the global online recruitment software market revenue, owing to recruitment software systems that are accessible from any device with an internet connection, allowing recruiters and hiring managers to work remotely or on the go. However, the cloud-based segment is projected to witness the fastest CAGR of 11.1% during the forecast period, owing to subscription-based pricing model, which can be more cost-effective than traditional on-premises solutions.
The large enterprise segment to rule the market
By enterprise size, the large enterprise segment held the major share in 2022, garnering nearly two-thirds of the global online recruitment software market revenue, owing to wider pool of potential candidates by posting job listings on multiple job boards and social media platforms simultaneously, making it easier to reach a diverse and qualified talent pool. However, the small and medium-sized segment is projected to witness fastest CAGR of 10.4% during the forecast period, owing to advanced technologies such as artificial intelligence and automation technologies have the potential to help small & medium enterprises to compete with large organizations.
The IT and telecom segment to dominate by 2032
By end user, the IT and telecom segment accounted for nearly two-fifths of the global online recruitment software market share in 2022, and is expected to rule the boost by 2032, owing to software tools and platforms designed to facilitate and optimize the process of finding, attracting, assessing, and hiring talent for technology-related positions within these sectors. However, the healthcare segment is projected to exhibit the fastest CAGR of 12.5% throughout the forecast period, owing to increase in collaboration among healthcare professionals, securely store and exchange sensitive data, and improve the delivery of healthcare services.
Asia-Pacific garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly one-third of the global online recruitment software market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increase in technical developments that are entirely revolutionizing the landscape of the IT industry and, in turn, encouraging the online and automated solutions for hiring process in the region. The Asia-Pacific region is projected to attain the fastest CAGR of 11.6% during the forecast period, owing to the adoption of smart technologies such as AI and ML escalates the demand for online recruitment software.
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Leading Market Players
- Oracle Corporation
- IBM Corporation
- SAP SE
- Freshworks Inc.
- Zoho Corporation Pvt. Ltd.
- Skillsoft
- Clearcompany, Inc.
- Ukg Inc.
- Cornerstone
- Sumtotal Systems, LLC
The report analyzes these key players in the global online recruitment software market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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