The “Applicant tracking system (ATS) Market to 2025 by Deployment Model (Cloud and On-Premise); Component (Solution and Services); End-user (BFSI, IT & Telecommunication, Manufacturing, and Government) –Global Analysis and Forecast” The scope of study involves understanding on the factors responsible for this growth of Applicant tracking system (ATS) market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant Applicant tracking system (ATS) players in the market and their key developments.
Applicant tracking system (ATS) Market to 2025 – Global Analysis and Forecast by Deployment Model, component, and end-user, Applicant tracking system (ATS) market is expected to grow US$ 1345.7 Mn by 2025 from US$ 675.3 Mn in 2017. The global applicant tracking system (ATS) market is experiencing an exponential growth with regards to the innovations, investments, and deployment for future in the current scenario and is anticipated to rise in the coming years. The market for applicant tracking system (ATS) consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced product to the customers. These well-established players in the applicant tracking system (ATS) market long with a plethora of new entrants in the market comprise of myriad tools, and techniques for applicant tracking system (ATS) and present different solutions for the customers to solve the complex situations and put in-line the business operations strategies.
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The APAC region has been attracting large count of businesses for expansion of their existing operations. Also, due to the rising economic importance of region, the demand for applicant tracking system is being impacted directly. There are various challenges and opportunities for the applicant tracking system market that exist specific to this region, which also includes the incongruent behavior of the region and numerous legislations that create compliance hindrance. However, the rapidly increasing population of young and highly skilled professionals is anticipated to generate significant demand for screening services in region.
Some of the remarkable partnership and collaboration in this industry. For instance, Greenhouse Software announced its partnership with IBM Watson for the integration of IBM Watson for providing innovative solution suite that enables the customers to measure its teams by providing an excellent candidate experience, and also iCIMS announced its partnership with Ultimate Software Group, Inc., for offering unified platform-to-platform integration among iCIMS’ talent acquisition software and Ultimate’s suite of HR, talent management and payroll products.
The top companies operating in the field of applicant tracking system include, ApplicantStack, Oracle Corporation, iCIMS, Inc., Workable Software Ltd., Hyrell, Bullhorn, Inc., ClearCompany, Greenhouse Software, Inc., Jobvite Inc., Automatic Data Processing, Inc., SAP SE, 4Talent, Grupo Navent S.R.L, GUPY Tecnologia em Recrutamento LTDA, Kenoby and Pemasys [NC1] [MP2] among others operating in the market and are coming up with new technologies and offerings which is helping the market for applicant tracking system to expand over the years in terms of revenue and subscription.
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The companies across the globe are revising their staffing strategies and therefore, they are increasingly turning to recruitment service providers for the hiring of qualified candidates, and diversify their workforce cost effectively. Nonetheless, the advent of technology during the recent past has disrupted the recruitment by generating a multitude of novel changes and opportunities in coming years. Moreover, the employment landscape has also transformed radically after the financial crisis of 2008. The global upsurge in Internet users and the groundbreaking changes in human resource management industry have created a rich atmosphere for screening service to propagate. Large number of industries across globe are currently stimulated by the candidate-driven employment market, where companies are keen to decrease the time-to-hire ratios. Since, hiring delays impacts an organization both in terms of time and cost. Companies are these days competing for the best candidates and therefore are putting more emphasis on crafting a positive onboarding experience, which also includes the background screening process of employees.
The growth in the demand for recruitment services is also associated to the GDP, as enhancement of economic conditions leads to rise in labor demand, subsequently resulting in expansion of recruitment industry. Apart from the economic virtue of the market, the technology aspect has had a remarkable impact on the recruitment industry.
The applicant tracking system is also a result of digital revolution in recruitment processes, an ATS gathers all recruitment associated documents, organize and store them for easy future access. The applicant data stored in the system is collected in certain ways with the help of an application integrated with the user company’s internal website. The ATS software not only collect and organize data but also perform a company defined analysis of resumes. The analysis enables the companies to effectively filter the applications sufficing the criteria. Rapidly increasing rate of employment and demand for time efficient solution in the Human Resource department is expected to contribute to the growth of ATS solution worldwide.
APAC is expected to be the fastest growing region in terms of integrations of applicant tracking system. The major reason for this is the presence of a huge number of companies coupled with some favorable Government policies encouraging the setup of businesses in the region. Also, the availability of abundant human resource at inexpensive rates has lured business across different sectors to explore the APAC region and reap maximum benefits. India, China, are some of the important countries in Asia that comprise of large manufacturing plants. Geographically, North America will have the largest share in the financial accounting software market by 2025, owing to rapid technological developments, numerous investments and supportive Government policies in the western part of the world.
[NC1]Correct the company names