%20Market.jpg "Applicant Tracking System (ATS) market"){kind=tracking} |
| Applicant Tracking System (ATS) market |
A) Market Overview:
The global Applicant Tracking System (ATS) market is estimated to reach a value
of US$ (market value for 2022) billion by 2023, with a CAGR of 6.7% during the forecast period of 2023-2030. ATS is a
software application designed to manage the recruitment and hiring process. It
streamlines and automates various tasks such as posting job openings, sourcing
candidates, and managing resumes and interviews. ATS provides numerous
advantages, including improved efficiency, reduced time-to-hire, enhanced
candidate experience, and better compliance with hiring regulations. The
increasing need for effective recruitment strategies and the rising demand for
skilled workforce drive the adoption of ATS in various industries.
B) Market Key Trends:
One key trend in the ATS market is the integration of artificial intelligence
(AI) capabilities. AI-powered ATS systems leverage machine learning algorithms
to automate and optimize recruitment processes. These systems can analyze vast
amounts of data, including resumes and applicant profiles, to identify
high-potential candidates and match them to suitable job openings. AI-based ATS
also enable resume parsing, job posting optimization, and predictive analytics,
enhancing the efficiency and accuracy of the hiring process. The integration of
AI in ATS is expected to revolutionize recruitment practices and improve the
quality of hires for organizations across the globe.
Segment Analysis:
The Applicant
Tracking System (ATS) Market Size can be segmented based on the
deployment model, organization size, and industry vertical.
In terms of deployment model, the cloud-based ATS segment is dominating the
market. This is primarily due to the advantages offered by cloud-based systems
such as scalability, flexibility, and cost-effectiveness. Cloud-based ATS
solutions are preferred by organizations of all sizes as they eliminate the
need for upfront investment in hardware and software infrastructure and provide
easy access to the system from anywhere. Additionally, cloud-based ATS
platforms offer regular updates and maintenance, ensuring that organizations
always have access to the latest features and functionalities.
In terms of organization size, large enterprises dominate the ATS market. This
can be attributed to the fact that large organizations typically have complex
and high-volume recruitment processes that require sophisticated and scalable
ATS solutions. These solutions offer features like customization, integration
with other HR systems, and advanced analytics, which are crucial for managing
the recruitment needs of large organizations efficiently.
In terms of industry vertical, the IT and telecom segment is leading the ATS
market. The IT and telecom industry is characterized by high employee turnover
and a constant need for talent acquisition. ATS solutions help streamline the
recruitment process by automating tasks such as job posting, resume screening,
and interview scheduling, resulting in significant time and cost savings for
the industry. Additionally, the IT and telecom sector has been witnessing rapid
growth, leading to an increased demand for ATS solutions to manage the
recruitment needs of expanding organizations.
Key Takeaways:
The global Applicant Tracking System (ATS) market is expected to witness high
growth, exhibiting a CAGR of 6.7% over
the forecast period of 2023-2030. This growth can be attributed to the
increasing adoption of ATS solutions by organizations across various
industries.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the ATS market. This can be attributed to the presence of
a large number of IT and telecom companies, which are early adopters of ATS
solutions. Additionally, the region has a highly developed HR technology
landscape and a favorable regulatory environment, further driving the adoption
of ATS solutions.
Key players operating in the ATS market are 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 players offer a wide range of ATS solutions
catering to the diverse needs of organizations. They focus on continuous
innovation and strategic partnerships to gain a competitive edge in the market.
Read
More: https://www.dailyprbulletin.com/applicant-tracking-system-ats-market-an-overview/