LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global applicant tracking systems market to grow at a CAGR close to 5% during the forecast period, according to their latest market research report.
Recruitment automation is one of the major trends being witnessed in the global applicant tracking systems market 2018-2022. Before the inception of the applicant tracking system, the recruitment process used to be tedious and time-consuming. It involved a lot of paperwork which made it susceptible to errors. Also, the process could not reach many potential candidates due to network limitation and outreach. However, recruitment automation can be defined as a highly customizable instinctive, spontaneous, smart and intelligent software that fastens the recruitment process and streamlines the workflow. This will not only help improve the quality of recruitment but also cut down on time and cost. Thus, with such advantages, the market is expected to witness a positive outlook during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global applicant tracking systems market is the reduced cost of recruitment process:
Global applicant tracking systems market: Reduced cost of recruitment process
The HR team of any organization receives several applications when job vacancies are opened. Various steps involved in the hiring process include sorting through resumes, finding candidates with the right skills, comparing applicants with each other to select the best candidate for the job role, and sending out interview invites. This process requires several HR professionals to carry out the process in an effective and efficient manner. Applicant tracking systems help to reduce the requirement of HR personnel, thereby reducing the operational cost of the HR department to a large extent. It eliminates the need for manual execution of several redundant tasks. Thus, the system helps to cut down on manpower expense, streamline the entire process, and save overhead costs. Hence, the applicant tracking system is increasingly being adopted by many organizations, which augurs well for the growth of the market.
According to a senior research analyst at Technavio, “Applicant tracking system can not only reduce recruitment cost but can also help the organization increase the quality of employees hired. Applicant tracking systems filter out resumes from several sources including in-house database, online job portals, and social media applications. Thus, when compared with a manual recruitment process, applicant tracking system can screen more resumes, is unbiased, and has a short turnaround time. It provides equal attention and importance to each profile, which subsequently results in shortlisting of the best-suited candidates with appropriate qualifications and experience as required by the company.”
Global applicant tracking systems market: Segmentation analysis
The global applicant tracking systems market research report provides market segmentation by deployment model (cloud-based and on-premises), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The cloud-based segment held the largest share of the market in 2017, accounting for over 77%, followed by the on-premises segment. The cloud-based applicant tracking system market was valued over 1.6 billion in 2017 and is expected to reach 2.1 billion by 2022, growing at a CAGR of over 5%, during the forecast period.
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