The Global Recruitment Software Market is forecast to gain from an increasing shift to automated recruitment from manual recruitment management. Fortune Business Insights, recently published a report, titled “Recruitment Software Market Size, Share and Global Trend by Component (Solution, Services), Service Type (Retail, IT & Telecom, BFSI, Manufacturing, Healthcare, Education, Hospitality, Media & Entertainment), Enterprise Size (Small & Medium Enterprise, Large Enterprise), and Geography Forecast till 2025.” According to the report in 2017, the global recruitment software market was valued at US$ 1753.2 Mn. Additionally, the global market is anticipated to expand at a CAGR of 7.4% and reach US$ 3095.8 Mn by the end of 2025.
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The report also classifies the global recruitment software market in terms of various segments. As per the report, North America and South America together were leading the global recruitment software market in 2017. The regions cumulatively held 45% of the global market in 2017. Furthermore, North America is anticipated to lead the solution segment during the forecast period 2018-2025, owing to the rapid growth of the service sector in the region. Besides this, Asia Pacific is expected to expand at the highest CAGR. The recruitment software market in North America is driven by rapid industrialization taking place in the region. Moreover, an increasing number of start-ups focusing on phone application development is likely to fuel the demand in the global recruitment software market.
Demand Witnessed in IT & Telecom Segment Will Rise Impressively
In terms of service, the IT & Telecom segment was leading the global recruitment software market in 2017, with a share of more than 20%. The segment is expected to witness impressive growth during the forecast period. The growth foreseen is attribute to the rising adoption of subscription recruitment software technology in the IT & Telecom and hospitality sector. Besides this, BFSI and hospitality sectors are expected to grow at a steady rate owing to the rising adoption of minimum deployment and cloud-based services. This is likely to fuel the demand in the global recruitment software market.
Some of the factors anticipated to drive the global recruitment software market during the forecast period are an increasing number of corporate offices and increasing job opportunities. Moreover, the need to streamline the recruiting process and enhance communication capabilities are expected to fuel the demand in the global market.
However, factors such as lack of skilled professionals and high costs associated with quality recruitment software can hamper the growth of the global recruitment software market.
Kronos to Gain Higher Share in Global Market, Backed by its Product Development Policies
Key players in the market are developing recruitment software with innovative features to gain a higher share in the market. For instance, Kronos Inc. launched an advanced version of the recruitment software integrated with Artificial Intelligence. Such developments are expected to fuel the demand for recruitment software. Some of the organizations operating in the global recruitment software market are Taleo Corporation (Oracle), SuccessFactors (SAP), ADP, Accenture Plc, Ceridian HCM Inc., Kenexa Corporation (IBM), Cognizant Technology Solutions, Halogen Software Inc., PeopleAdmin, and SumTotal Systems Inc.
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