LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global employee training and applicant tracking software (ATS) market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ATS market for 2017-2021. The employee training software enables trainers to schedule, manage, and track all employee learning activities and measure their effectiveness.
The market size for this market has been derived from the sales of ATS solutions and employee training software in conjunction or separately. The competition among organizations adopting recruitment solutions is intense in the global employee training and ATS market. The changing economy and demographics have compelled organizations to realize that proper recruitment is a vital component in achieving the best results for growth, profitability, and maximum returns from resources.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global ATS market:
Growing need for strategic and improved hiring decisions
Strategic hiring is a significant process for organizations as it helps them connect with the right candidates. The adoption of this process is increasing among organizations as it enables hiring managers to evaluate the capability of the hired candidates for the selected positions. ATS provides insight that helps hiring executives select, train, and retain the best candidate. This enhances the process of strategic hiring.
Amrita Choudhury, a lead enterprise application research analyst at Technavio, says, “ATS solution enables the storage and search of resumes. This solution also helps hiring managers make accurate hiring decisions regarding recruitment. It is important for organizations to hire the best candidates for important roles. This solution considers various factors, such as interview guidelines, assessments, and candidate eligibility, before hiring.”
Increasing demand for cloud-integrated software
The demand for cloud-integrated ATS solutions is growing rapidly. Cloud-based solutions come with easy deployment methods and improved efficiency. The budget constraints for IT infrastructure and the cost advantage of on-demand software subscriptions are the primary factors leading to the increased adoption of cloud-based solutions.
“Cloud-based services do not have overhead costs of power and space that are incurred with the deployment of on-premises solutions. Hence, the growing popularity of cloud-based solutions is expected to propel the market growth during the forecast period. Employees worldwide prefer to work from various remote locations and telecommunicate with their workplace,” adds Amrita.
Increasing need to streamline HR functions
The HR division of a company manages several functions including staffing, compensation, training, benefits, and welfare. HR executives need to execute various manual operations. This increases the amount of paperwork and affects their productivity. ATS solutions help find the right person to fill the vacancy in a short period of time.
The automation of processes saves organizations a significant amount of time. Employee training and ATS solutions automate various manual tasks such as searching for keywords in resumes and finding applicants with suitable educational qualifications.
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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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