DUBLIN--(BUSINESS WIRE)--The "Applicant Tracking System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The applicant tracking system market is expected to grow at 7.3% CAGR during the forecast period of 2021 - 2026.
An applicant tracking system is a solution that enables the electronic handling of recruitment requirements. These systems can be accessed online by businesses at different levels depending on the recruitment needs, allowing them to collate and analyze applicant data. An applicant tracking system software is used by companies to recruit employees more efficiently.
The system can also be used to post job vacancies on a corporate website or job feed for screening resumes and generate interview requests to shortlisted candidates through email. The applicant tracking system has features like individual applicant tracking, pre-screening questions, automated resume ranking, response tracking, and customized input forms.
The market has gained a significant boost due to the ease of integrating applicant tracking systems with different productivity tools. For example, Oracle Corporation's PeopleSoft Recruiting Solution offers recruiting and career-search tools for recruiters, candidates, and managers. It has intuitive, easy to use pages for every step in the recruiting scenarios, allowing external candidates and employees to search, view, and apply for jobs online. With built-in applicant tracking, recruiting managers can focus on the most important outcome, which is identifying and hiring talent quickly. The solution is capable of integrating with productivity tools such as MS Outlook, which allow users to schedule interviews without the requirement for dual entry seamlessly.
The recruitment companies are entering into several cutting-edge technology partnerships to boost technology adoption in the applicant tracking system. For instance, in January 2020, AI recruitment startup Talview announced that it had become an integration partner with LinkedIn's applicant tracking system, Talent Hub. LinkedIn's Talent Hub allows companies to source, manage, and hire candidates from one source, and Talview's live interviewing offerings are now integrated into the LinkedIn Talent Hub experience.
With the increasing penetration of the internet and social media, job applicants can easily reach out to the potential recruiting personnel. Social media is the ecosystem of online communication channels through which networks or communities can share valuable information.
The growth in social networking has driven by the rising penetration of smartphones worldwide, as smart apps and mobile internet access have facilitated the adoption of social networking activities. It has witnessed an increased acceptance across companies, wherein the company communicates with its potential candidates through social media networks like Linkedin and others.
At the time of the COVID-19 pandemic, remote recruiting for the recruiters and managers has become significantly useful. The companies are seeing a big move to virtual interviewing with tools like Microsoft Teams, Skype, Zoom, and candidates who are becoming more comfortable with these emerging technologies.
The remote recruiting process will require a new set of skills and significantly polished applicant tracking techniques. Employee onboarding is also becoming remote. For example, at Accenture Plc, a new hire may not walk into the company office for months. The training modules are also being delivered remotely.
In May 2020, Jobvite Inc. published a report on how the COVID-19 pandemic has changed the jobseeker's attitude. The report's comparative data revealed, unsurprisingly, the stress levels at work have increased significantly, and that job market perception has changed considerably. According to the data, 47% of workers are afraid of losing a job in the mid of 2020, compared to 28% in February 2020.
Moreover, nearly 46% of surveyed workers are now planning to have a second source of income outside of their regular jobs. With the increasing numbers of active job seekers across the globe, it is creating more opportunities for the applicant tracking system market.
The applicant tracking system market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their customer base. These vendors focus on the research and development investment in introducing new solutions, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge over the forecast period.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Challenges
6 IMPACT OF COVID-19 ON THE APPLICANT TRACKING SYSTEM MARKET
7 MARKET SEGMENTATION
7.1 Component Type
7.3 End-user Verticals
7.3.1 IT & Telecommunication
7.3.5 Others (Automotive, Industrial Manufacturing)
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 IBM Corporation
8.1.2 Oracle Corporation
8.1.3 Jobvite Inc.
8.1.4 Bullhorn, Inc. (Vista Equity Partners)
8.1.5 iCIMS, Inc.
8.1.6 SmartRecruiters, Inc.
8.1.7 Workday, Inc.
8.1.8 SAP SE
8.1.9 Workable Technology Limited
8.1.10 Greenhouse Software, Inc.
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/km01xb