Applicant Tracking System Market to Witness Huge Growth by 2027 | IBM, SAP, ADP, Oracle

ReportCrux Market Research (www.reportcrux.com) has published a new report titled "Applicant Tracking System Market by Deployment Mode (Cloud and On-premises); Component (Services and Software); by Organization Size (Large Enterprises and SMEs); Industry Vertical (Manufacturing, Retail and Consumer Goods, IT And Telecommunications, BFSI, Healthcare and Life Sciences, Government and Public Sector and Others) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027".

According to the report, global demand for applicant tracking system market was valued at approximately USD 1.29 Billion in 2019 and is expected to generate revenue of around USD 2.58 Billion by end of 2027, growing at a CAGR of around 9.1% between 2020 and 2027.

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Major players in applicant tracking system market are IBM (US), Cornerstone (US), Oracle (US), ADP (US), SAP (Germany), iCIMS (US), PeopleFluent (US), Jobvite (US), Paycor (US), SilkRoad Technology (US), Workday (US), Greenhouse Software (US), JazzHR (US), and Ultimate Software (US) among others.

An applicant tracking system (ATS) allows the handling of hiring and recruitment needs electronically. ATS is a software application that can be accessed or implemented online at small business or enterprise level based on the organizational needs. There are large number of open source and free ATS software are available. ATS software are designed for tracking of recruitment process and is similar to that of customer relationship management (CRM) software. ATS allows data mining and collection and also helps to automate the recruitment process using a systematic workflow. ATS assists in coordinating and analyzing recruitment efforts. Thus, applicant tracking system is gaining momentum in the market.

Global demand for application tracking system market is driven by various factors such as growing necessity to automate recruitment processes, increasingly expanding talent pool across diverse geographies, evolving need for analytics matrices in recruitment process and emphasis to improve candidate experience. The factors that may restrain the market growth are lack of awareness about benefits of using application tracking system. Also, integration of ATS with other systems and dearth of technical expertise for using ATS are major challenges for market growth of application tracking system market. However, growing demand for mobile recruitment and simplification of application tracking process by collaborating with social media platforms are expected to open new growth avenues for application tracking system market in the coming years.

The global market for the applicant tracking system is segmented based on into the deployment mode, component, organization size, industry vertical and region. Based on the deployment mode, the global market is segmented into cloud and on-premises. Cloud deployment mode segment dominated the market in 2019 with largest revenue share and is projected to register rapid growth in the coming years due to increasing adoption of cloud solution due to swift expansion of the cloud-based services. Cloud based solutions offer cost savings in term of server cost, storage devices, data center space, consultant fees as well as IT personnel thus are widely adopted across the globe.

Based on the component, the market is categorized into services and software. Software segment dominated the market in 2019 and is estimated to hold its dominance in the coming years. ATS software is tailor made solution as per needs of an organization and offer flexibility to customize and manage the overall recruitment process.

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Based on organization size market is segmented into large enterprises and SMEs. Large enterprises accounted for the largest revenue share in 2019 due to complex candidate acquisition process in large enterprises that require easy automation and better candidate experience.

Based on the industry vertical, the market is segmented into manufacturing, retail and consumer goods, IT and telecommunications, BFSI, healthcare and life sciences, government and public sector and others. IT and telecommunications segment was the leading industry vertical in 2019 and manufacturing segment will register rapid growth in the coming years. IT and telecommunications is a dynamic industry with rapidly changing technologies. This requires consistent hunt of skilled and competent personnel and thus account for largest market share.

North America held largest revenue share of the global applicant tracking system market in 2019. This large share is attributed to presence of major IT and telecommunication service providers, matured market place in terms of technology adoption, highly competitive recruitment market and strong economy to attract competent and skilled personnel. Europe was second leading regional market. Continuous investments to bring new and advanced technologies and swift adoption of technologically advanced solutions to comply with regulatory requirements are factors attributing to the market growth in this region. Asia Pacific region is projected to be rapidly growing regional market for applicant tracking system due to increasing talent pool from emerging markets like China and India. Moderate growth is predicted in Latin America and Middle East and Africa region over the forecast period.
The report segments of global applicant tracking system market are as follows:

By Deployment Mode
On-premises
Cloud

By Component
Services
Software
By Organization Size
Large Enterprises
SMEs

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