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$709.5 Million, Diversity Recruiting Software Market is Emerging with 9.4% of CAGR by 2027 - Hiretual, HiringSolved, Plum, Pymetrics, SeekOut

02-11-2021 07:54 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

Diversity recruiting software helps recruiters, HR departments, and hiring managers to design and manage various diversity recruitment initiatives. Also, these technologies for hiring diversity help companies build diverse teams by retaining, sourcing, and hiring candidates from underrepresented groups based on race, gender, etc. A few diversity recruiting software focus on reducing unconscious bias by creating blind skill-based screening solutions, while others focus on increasing talent pool diversity by sourcing from underrepresented groups. Moreover, as more executives and job seekers prioritize diverse teams, key diversity recruiting events become more competitive each year.

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Impact of COVID-19 Pandemic on Diversity Recruiting Software Market

Spain, Italy, Germany, the UK, and France are among the worst affected member states in the European region due to the outbreak of COVID-19. Owing to business lockdowns, travel bans, and supply chain disruptions. According to data from the Recruitment and Employment Confederation, the UK recruitment industry has also seen a steep drop due to the pandemic. The impact of lockdowns on the labor market and the economy has resulted in the recruitment of the company's transition to flexible work models to avoid disrupting customer and candidate services while protecting their workers. At the same time, sector-specific demand for services has varied dramatically. Various recruiting markets have been experiencing declines in demand, while others have seen increases. Also, recruiting companies across Europe and the UK are taking legal steps to protect their employees from cutbacks and avoid redundancies. In Switzerland, the government has opened a short-time work program for temporary workers. Temporary workers in Switzerland are not typically eligible for the program, but 80% of their wages can be compensated due to the crisis.

Organizations are emphasizing on enhancement of candidate experience and improvement of their organizational efficiency, which contributes to the widespread adoption of diversity recruiting software systems across the world. Additionally, other factors, such as growing need to replace traditional hiring methods to minimize paperwork, emerging trends in social recruitment, and increasing number of start-ups, particularly in developing economies, are projected to drive the market growth further. The diversity recruiting software market is segmented based on deployment and enterprise size. Based on deployment, the diversity recruiting software market is segmented into on-premise and cloud. Based on enterprise size, the diversity recruiting software market is categorized into small and medium enterprises and large enterprises. The key market players profiled in the report are Be Applied Ltd, Eightfold AI, Inc, Entelo, GR8 People, Inc., Greenhouse Software, Inc., Hiretual, HiringSolved, Plum, inc., Pymetrics, and SeekOut.

Strategic Insights

The diversity recruiting software market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

- In 2020, Entelo announced the completion of Workday Certified Integration. The integration would allow joint customers to search Entelo’s database of passive candidate profiles and select individual or groups of profiles to export into Workday Recruiting.

- In 2019, GR8 People announced a launch of real-time intelligent personalization to help, inform, and engage candidates with the help of AI-driven features that result in a more candidate-centric career website experience.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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