LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the online recruitment market in the US to grow at a CAGR of close to 7% during 2018-2022. The increase in the use of AI-powered searches is a key trend, which is expected to have a significant impact on the growth of the market.
When recruiters need to search for a candidate, search engines provide them with an extensive list of the candidates that match their job designation requirements. These search engines are AI-powered and can send an automated mail to the applicant, notifying them about the subsequent processes. The potential candidate can be shortlisted, and the initial information can be secured through these chatbots. These chatbots can further categorize the candidates according to the parameters or qualifications required by the recruiter. Hence, the use of AI-powered technology will be a major trend in the online recruitment market in the US.
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In this report, Technavio researchers identify the growing use of social media and access to hassle-free job information as a key factor contributing to the growth of the online recruitment market in the US:
Growing use of social media and access to hassle-free job information
The use of online recruitment allows employers to connect with potential candidates through various social media websites that are not restricted to any geographical region. These websites also have a large database through which employers access a large pool of candidates in a cost-effective manner. These websites charge very low fees and guarantee a maximum reach, owing to the real-time updates of job profiles. Also, registered candidates receive an automated mail/text/WhatsApp message. All these factors contribute to the cost reduction of the hiring process.
The use of social media platforms increases the scope for candidates as they can now easily apply for the job by simultaneously contacting the employer. These candidates can also view the company information on websites.
According to a senior analyst at Technavio, “The use of social media provides access to hassle-free information such as reviews, blogs, and news coverage of companies. Moreover, candidates also come to know what skills and certifications are required for the job and the industry trends, all of which can help them in the recruitment process. All these factors are expected to drive the growth of the online recruitment market in the US.”
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Online recruitment market in the US - segmentation and analysis
This market research report segments the online recruitment market in the US by industry (hospitality, manufacturing, healthcare, banking, financial services, and insurance (BFSI), and others) and by end-users (recruiters or employers and job seekers).
The BFSI segment accounted for the largest share of the online recruitment market in the US in 2017, with a market share of 33%. The hospitality industry is the only segment which is expected to witness an increase of close to 2% in its market share over the forecast period.
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