LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global applicant tracking system (ATS) market in higher education to grow at a CAGR of 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global ATS market in higher education for 2017-2021. The report also lists on-premise and on-cloud as the two main segments by deployment. The on-cloud deployment segment dominated the global ATS market in higher education in 2016 with a market share of about more than 60%. The on-premise segment is used by few colleges and universities while on-cloud is widely adopted in many colleges and universities worldwide.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global ATS market in higher education:
- Efficient hiring process
- Expanding scope of ATS
- Demand for cloud integrated software
Efficient hiring process
The manual process of hiring takes extended time to fill positions, which is expensive in terms of revenue generation, and there is a large possibility of omitting best candidates and students. These processes are time-consuming and exhibit an inability to measure productivity in terms of profitability and efficient onboarding. The use of ATS has been helpful in overcoming these difficulties as it provides standardization of recruitment process.
In addition, using ATS can increase the productivity, resulting in a high return on investment (ROI). Cloud-based ATS will keep the IT and the upgrade costs low. Along with these, the incorporation of ATS will allow universities and colleges to access higher quality candidate with a standardized automated process.
“In addition, the standardization of the recruitment process using ATS reduces the risk of discriminatory hiring practices, reducing the risk of liability. With the increase in the number of students worldwide, it is of prime importance to make strategic hiring decisions. It is important for universities and colleges to take the best candidate for both the role of a staff and students,” says Jhansi Mary, a lead analyst at Technavio for education technology research.
Expanding scope of ATS
Traditionally, ATS were more focused on administrative, and compliance needs such as information management related to background checks and screening. However, at present, they are expanding in several ways to bring the best talent rather than just tracking applicants. To identify candidates' alignment with the culture of the university and the job at hand is the main goal of the expanding scope of ATS. Universities and colleges are integrating these systems with social media platforms to ensure that the candidate is an excellent fit.
Many universities have incorporated the use of predictive analysis to assess whether the incoming candidates are compliant with the culture of the organization and the workforce dynamics. These advances require end to end, continuous recruitment platform.
Demand for cloud integrated software
The on-cloud software has become a default for almost every college and university, and it is rapidly being adopted in the HR technology. With the rapid growth in technology, it can be expected that the spending on the cloud-based HR software will be more than 50% of the total HR technology spending with 17% of employers likely to shift from on-premise ATS to on-cloud ATS. The on-cloud ATS have many advantages over the traditional on-premise ATS, the most prominent one being the ease of access. On-cloud ATS enable the person to access and retrieve data anytime and anywhere with 24/7 access to the software.
The quick upgrade is another important advantage of the on-cloud ATS over on-premise ATS. The upgrading process in the on-premise ATS can take time, which if not done properly can turn into a technical concern.
“On-cloud based systems are easy to integrate with other software and can be used to facilitate with online job portals, career sites, and other software as a service applications. This eventually results in an improved user experience and reduced expenses,” says Jhansi.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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