Increasing use of social media
platforms in recruitment process by candidates and organizations is anticipated
to augment the market growth in coming years. In addition, shifting preference
for ATS over conventional recruitment methods attributed to reduced cost and
time per hire can stimulate the product demand. The system does not require
manual scrutinizing or any physical space for conducting interviews, and as a
result, is likely to eliminate the need for newspaper ads. It can also be used
to post job openings on various job portals and generate interview requests
using e-mails. Additional features, such as automated resume ranking, applicant
tracking, pre-screening questions, response tracking, and customized input
forms save time and cost related to selection of suitable candidates. Moreover,
increasing number of job applications are expected to fuel adoption of ATS
among organizations to manage data across various storage platforms, such as
network file shares, datacenters, hard disks, and local machines.
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Lack of awareness regarding benefits of applicant tracking systems can hamper the market growth in the coming years. In addition, complexity in integration and automation process and growing concerns regarding privacy and data security are likely to hinder the market growth in the forthcoming years.
Rising demand for skill based
professionals in various fields to perform specific jobs is likely to present
lucrative growth opportunities in the market.
The market can be segregated on the
basis of deployment, component, organization size, and application. The key
deployment types could be cloud and on premise. Software and services are the
two major components available in the market. Based on organization size, the
market includes small and large enterprises. Government and public sector, IT
and telecommunications, BFSI, manufacturing, and healthcare and life sciences
are the leading applications in the market.
North America is a leading region in
the market owing to rising adoption of innovative technologies, such as
artificial intelligence, among organizations to save time and expenses involved
in recruitment process. Moreover, increasing number of organizations using ATS
application to shortlist potential candidates can stimulate the market growth
in the forthcoming years. For instance, ManpowerGroup Solutions, a prominent
workforce solutions company, expanded into an innovative platform called
IntelliReach. The platform offers organizations the comparative benchmarks and
transparent analytics they require to execute their workforce strategy. In
addition, it offers advanced tools and in-depth analytics such as Total
Workforce Index.
Asia Pacific is a prominent region in
the market. Countries, such as Japan, China, and India are the leading
contributors to the market growth. Rising demand for efficient recruitment
process and complete data security while operating in cloud, virtual, and
physical environment in organizations is anticipated to boost the regional
market growth. In addition, increasing focus on improving candidate’s
experience during recruitment process and use of analytics metrics to shortlist
candidates can augment the market growth in the coming years. Launch of
advanced ATS software by manufacturers to support organizations in developing
countries is anticipated to propel the market growth. For instance, Freshworks,
a leading provider of cloud-based business software, launched Freshteam, a
recruitment management software. The software helps companies in their recruitment
processes, such as appointment with candidates, organization of talent
acquisition function, and alignment of human resources to business goals.
Some of the leading companies
operating in the applicant tracking system market are SilkRoad Technology, Oracle,
SAP, IBM, Cornerstone, and Greenhouse Software.
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