Global recruitment software market will grow by USD 683.8 million during 2020-2024.
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Technavio has announced its latest market research report titled Global Recruitment Software Market 2020-2024 (Graphic: Business Wire)
Amid the COVID-19 pandemic, the global recruitment software market registered a YOY growth of 4.74% in 2020 and the market is estimated to expand at a CAGR of over 5% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Recruitment Software Market: Growing corporate sector and start-ups to drive growth
The growth of the global economy, especially in emerging markets has led to a rise in the number of start-ups, private organizations, and government-owned companies. Besides, sectors such as information technology and communication services require a large workforce to carry out their operations successfully. In addition, factors such as favorable governmental policies like legal protection, increasing ease of doing business, a more conducive work environment, and benefits like tax holidays in countries such as India have increased the number of start-ups over the years. For instance, as of 2017, the number of technology-based start-ups in the US grew by 45% compared to the previous decade. With the increase in the number of companies, the demand for recruitment software will continue to increase during the forecast period.
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As per Technavio, an increase in the number of mobile-based recruitment apps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Recruitment Software Market: Increase in the Number of Mobile-Based Recruitment Apps
Over the years, the adoption of multimedia devices, smart devices, and electronic gadgets has increased significantly across the world. For instance, the number of smartphones is expected to grow from 1.75 billion units in 2017 to 2.3 billion units in 2023. The growing adoption of smart devices is encouraging many recruiting sites to prefer mobile recruitment apps. These apps allow recruiters to automatically download all the applications and shortlist the candidates' resumés as per the requirements of the company, thereby making the process more efficient. This trend is expected to positively influence the growth of the global recruitment software market during the forecast period.
“Enhanced communication capabilities and productivity of recruiters and the use of social media with recruitment software to reach potential candidates will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Recruitment Software Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
- Accenture Plc
- Cognizant Technology Solutions Corp.
- Hireku Inc.
- International Business Machines Corp.
- iCIMS Inc.
Recruitment Software Market: Segmentation Analysis
This market research report segments the recruitment software market by deployment (on-premises and SaaS-based) and geography (APAC, Europe, MEA, North America, and South America).
The Europe region led the recruitment software market in 2020, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the increased adoption of mobile applications related to jobs in the region.
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Some of the key topics covered in the report include:
Market Share by Competitors
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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