Recruitment Software Global Market Report 2024

The recruitment software market has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.45 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historic period can be attributed to several factors. These include the increase in minimally invasive surgeries, the prevalence of chronic diseases, a preference for high-quality imaging techniques, heightened awareness and education regarding medical conditions, reimbursement policies supporting medical procedures, and ongoing developments in hospital infrastructure. These combined factors have played a significant role in shaping the growth trajectory during the specified historical period.

The recruitment software market is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period can be attributed to several key factors. These include a shift towards ambulatory surgical centers, the increasing geriatric population, a rise in surgical volume, a heightened focus on infection control measures, and the utilization of specialized application-specific endoscopes. Major trends expected in the forecast period encompass advancements in imaging technologies, continuous product innovation, the integration of artificial intelligence in medical procedures, the development of hybrid rigid-flexible endoscopes, and the increasing adoption of telemedicine and remote consultations. These trends collectively contribute to the projected growth and evolution of the healthcare and endoscopy industry in the coming years.

The growth in the recruitment software market is expected to be propelled by the increasing demand for cloud-based systems. Cloud-based systems, often referred to as Software-as-a-Service (SaaS) or cloud computing, involve hosting and accessing software applications, services, or resources over the Internet instead of locally on individual computers or servers. These systems offer various advantages, including accessibility, scalability, cost-effectiveness, security, and seamless integration with other cloud-based tools and software. The adoption of cloud computing witnessed a significant increase, with businesses leveraging it for operations. Eurostat reported that major organizations experienced a 7% rise in cloud computing usage, reaching 72% adoption in 2021 compared to 65% in 2020. Medium-sized businesses also increased their adoption from 46% in 2020 to 53% in 2021. The surge in demand for cloud-based systems is a key driver of growth in the recruitment software market.

The shift towards remote and flexible work is expected to further contribute to the growth of the recruitment software market. Remote and flexible work arrangements allow employees to perform their job duties outside the traditional office setting, with the freedom to choose when and where they work. Recruitment software plays a crucial role in facilitating seamless hiring processes, enabling employers to identify, evaluate, and onboard candidates regardless of their geographical location. According to a study published by AT&T in February 2022, the adoption of a hybrid model of work, where employees split their time between remote work and working from the office, is projected to increase from 42% in 2021 to 81% in 2024. The growing trend towards remote and flexible work is driving the adoption of recruitment software solutions.

Product innovations are emerging as a key trend gaining popularity in the recruitment software market. Companies operating in this market are actively introducing new and advanced products to maintain their competitive edge. For example, in March 2023, Ceipal, a New York-based recruiting and talent acquisition software company, unveiled an advanced and extensive toolset designed to automate the entire talent acquisition lifecycle. Ceipal's comprehensive automation capabilities, encompassing essential Applicant Tracking System (ATS) features, AI for recruiting, text recruiting, business intelligence and reporting, advanced CRM tools, and more, are packaged into a single, cost-effective solution. This offering includes benefits such as reports automation, managed harvesting, AI matching and ranking, marketing CRM, workforce management, and other related features.

Major players in the recruitment software market are focusing on developing revolutionary systems such as Applicant Tracking Systems (ATS) to maximize their market share. An ATS is software designed to automate the hiring and recruitment process by managing the collection, organization, and storage of job applications and candidate information. In March 2023, Paradox, a US-based software company, launched its Conversational ATS, aiming to revolutionize high-volume hiring through chat- and text-driven automation. This innovative ATS automates over 90% of the hiring process, particularly catering to frontline workers and hiring managers. The product emphasizes delivering an exceptional candidate and hiring manager experience by automating tasks such as screening, interview scheduling, reminders, and onboarding. Its goal is to significantly reduce time-to-hire and enhance the overall candidate experience.

In July 2021, XCD, a UK-based cloud-based HR and Payroll software provider, acquired Hireserve for an undisclosed amount. This strategic acquisition is part of XCD's efforts to enhance capacity and offerings for both new and existing clients. Hireserve, a UK-based recruitment software company, contributes to the expansion of XCD's capabilities in the HR software space.

Major companies operating in the recruitment software market report are Oracle Corporation, SAP SE, SumTotal Systems, Automatic Data Processing Inc., Workday Inc., Ceridian HCM, Cornerstone OnDemand Inc., Accenture plc, Talentsoft SA, Intelligent Candidate Information Management System Inc., Jobvite Inc., Zoho Corporation, Cognizant Technology Solutions, Microdec plc, BullHorn Inc., 3A Composites, WittKieffer Inc., Avature Ltd., SuccessFactors Inc., Cegid Group SA, IBM Corporation, The Sage Group plc, PeopleStreme Human Capital Managemnet, BambooHR LLC, Ceipal Corp., Oorwin Labs Inc., Avionté Staffing Software, JobAdder Operations Pty. Ltd., Microsoft Corporation, Alphabet Inc.

North America was the largest region in the recruitment software market in 2023. The regions covered in the recruitment software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the recruitment software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of recruitment software include both software and associated services. Software refers to a set of programs, instructions, and data that instruct a computer or electronic device on its functions. The key features of recruitment software encompass contact management, resume management, mobile recruitment capabilities, reporting and analytics tools, workflow management, and other functionalities tailored to meet the needs of both small and medium-sized enterprises (SMEs) and large enterprises. The end-users of recruitment software span various industries, including retail, IT and telecom, BFSI (Banking, Financial Services, and Insurance), manufacturing, healthcare, and others.

The recruitment software market research report provides recruitment software market statistics, including recruitment software industry global market size, regional shares, competitors with a recruitment software market share, detailed recruitment software market segments, market trends and opportunities, and any further data you may need to thrive in the recruitment software industry. This recruitment software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The recruitment software market includes revenues earned by entities by sales of software and related services that are designed to help streamline and automate the hiring process, applicant tracking, resume parsing, job posting and distribution, candidate sourcing, interview scheduling, and candidate relationship management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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