The Worldwide Applicant Tracking System Industry is Expected to Reach $3.3 Billion by 2027
DUBLIN, May 23, 2022 /PRNewswire/ -- The "Global Applicant Tracking System Market Size, Share & Industry Trends Analysis Report By Enterprise Size, By Component, By Deployment Model, By Vertical, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Applicant Tracking System Market size is expected to reach $3.3 billion by 2027, rising at a market growth of 7.1% CAGR during the forecast period.
An applicant tracking system (ATS) is an application that collects and stores resumes in a database to handle an organization's recruitment process. After scanning and indexing resumes, ATS stores them in a database and provides recruiters with an online view of job searchers. The majority of companies utilize some type of applicant tracking system application to process job applications and manage a huge volume of resume data. The data is either retrieved from internal applications using ATSs or from social networking websites like LinkedIn, Facebook, and Twitter.
While applicant tracking systems may be used by organizations of all sizes, they're especially effective for those who hire personnel on a regular basis or receive a big number of applications for each post. If a company screens more than 1000 resumes each year, an applicant tracking system is likely to provide a large return on investment. They'll also gain from an ATS tracking system if their employment process is long or complicated, or if they have issues with recruiting and administration. Time-to-fill can be greatly reduced with applicant tracking tools. This means that firms who struggle to manage the burden associated with huge pools of candidates will benefit greatly from the shortened procedure. The applicant tracking systems market is driven by a rise in the need for cost savings, an increase in the need for strategic and enhanced hiring decisions, and the introduction of social media.
Due to the existence of global and growing companies in the market, the applicant tracking system market is progressing. The substantial adoption of cloud services and security infrastructure are the key factors that drive the adoption of ATS solutions among enterprises and SMEs across various verticals, including manufacturing, consumer goods, and retail, transportation and logistics, government, BFSI, telecom and IT, energy and utilities, healthcare and life sciences, and others. Vendors in the market should expect additional prospects in developing nations.
The growing advancements in cloud-based platforms, the internet of things (IoT), server-less architecture, and big data are all helping to propel the ATS market forward. Other factors, such as the need for a more strategic and effective hiring procedure, as well as the growing demand for cost-cutting, are expected to enhance the industry in the future years. Additionally, decreasing latency and lower ATS costs are expected to fuel the industry.
COVID-19 Impact Analysis
The COVID-19 outbreak and the ensuing pandemic have benefited the market for applicant tracking systems. The present economic recession, which has been exacerbated by COVID-19, highlights the need for alternative business systems. Cloud computing and migration to cloud applicant tracking system solutions have become critical for enterprises. Companies are increasingly turning to technology-assisted recruitment solutions that can be used remotely and ensure hiring as well as company continuity in the event of a disruption. With the increased use of remote working moes and the ongoing COVID-19 pandemic, ATS has acquired market traction to cater to virtual recruitment.
Market driving Factors:
Enhanced Candidate Experience Through a Streamlined Process
Many individuals have had a dreadful job-hunting experience. With an applicant monitoring system, businesses can provide a better candidate experience and reduce candidate discontent. It provides a faster application process, a mechanism for candidates to track the status of their applications, and increased communication during the recruiting process. Applicant tracking software makes it simple to keep track of applicants and communicate with them on a regular basis. Recruiters and hiring managers can use dashboards and notifications to keep communication top of mind. A systematic follow-up and adherence to the agreed timetable from the HR teams lead to a positive experience for job applicants. Thus, ATS software ensures that recruiters and candidates have a healthy and pleasant relationship.
Due to the powerful and flexible infrastructure, the cloud computing architecture is frequently used. Many businesses are turning to cloud solutions to ease data storage because they allow remote servers accessible over the internet and access to almost unlimited computing capacity. The use of a cloud-based approach allows businesses to manage all of their apps because it gives extremely difficult analytics that runs in the background. SMEs continuously search for ways to update their applications and infrastructures by utilizing cloud-based platforms like Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) (IaaS). Cloud-based security solutions reduce the need for on-premises security devices and instead rely on cloud services to protect applications, data, users, and devices.
Implementing ATS Solutions in Existing Infrastructure is Difficult
The design and execution hurdles of deploying the ATS model on a new or existing infrastructure are numerous. The paradigm encourages enterprise IT teams to rethink network security, moving away from a network perimeter-based strategy and toward a user-based and application-based approach. Redesigning and redeploying online and mobile applications can be time-consuming and labor-intensive.
Most networks aren't built with cybersecurity in mind, thus upgrading to the new IT security paradigm necessitates a thorough examination of network infrastructure, services, and traffic. Using ATS software to re-model the recruiting and recruitment process necessitates a precise and thorough understanding of each user, device, application, and resource.
Key Topics Covered:
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