LONDON, Feb. 06, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Applicant Tracking System Global Market Report 2024, the applicant tracking system market has experienced robust growth in recent years, with the market size surging from $2.6 billion in 2023 to $2.79 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 7.3%. This growth has been fueled by the automation of recruitment processes, compliance requirements, the establishment of centralized candidate databases, and enhanced scalability.
Anticipated Growth and Social Media Influence
Anticipating continued momentum, the applicant tracking system market is projected to reach $3.71 billion by 2028, maintaining a robust CAGR of 7.4%. The advent of social media is poised to play a pivotal role in propelling the growth of the applicant tracking system market in the foreseeable future. Social media platforms have become integral in candidate sourcing and assessment, expanding the talent pool, and offering insights into candidates' qualifications and suitability for job positions. With over 33.1 million social media users in Canada alone, the impact of social media on the applicant tracking system market is undeniable.
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Industry Leaders and Technological Innovations
Key players in the applicant tracking system market, including International Business Machines Corporation, Oracle Corporation, SAP SE, and Workday Inc., are actively adopting cutting-edge technologies to stay ahead. The integration of AI-powered application systems is a notable trend, aiming to enhance the efficiency and user-friendliness of the application process. For instance, Centric Group Inc. launched Safaa ATS, an AI-powered system, featuring AI-driven shortlisting, a fully branded job portal, cloud-based access, customizable workflows, and other advanced features designed to streamline recruitment and redefine talent acquisition.
Market Dynamics and Strategic Segmentation
In 2023, North America emerged as the largest region in the applicant tracking system market, highlighting its robust presence. The applicant tracking system market, as covered in this report, is segmented based on:
- Component: Software, Services
- Deployment Mode: On-premises, Cloud
- Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
- Vertical: Banking Financial Services And Insurance (BFSI), Government, Manufacturing, Telecom And Information Technology (IT), Consumer Goods And Retail, Healthcare And Lifesciences, Energy And Utilities, Transportation And Logistics, Other Verticals
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Industry players can harness the insights provided in this report for strategic decision-making and business growth. Understanding market trends, regional dynamics, and the impact of innovations like AI-powered systems positions businesses to make informed choices that enhance their market presence and profitability. As major companies continue to spearhead advancements, leveraging this report becomes a crucial tool for navigating the evolving landscape of the applicant tracking system market.
Applicant Tracking System Global Market Report 2024 by The Business Research Company provides insights on the applicant tracking system market size, applicant tracking system market segments, applicant tracking system market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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