Applicant Tracking System Market Size, Trends, Outlook, Growth Demand, Insights, Overview 2024-2033

The Business Research Company recently released a comprehensive report on the Global Applicant Tracking System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The applicant tracking system market size has grown strongly in recent years. It will grow from $2.6 billion in 2023 to $2.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to automation of recruitment processes, compliance requirements, centralized candidate database, scalability.

The applicant tracking system market size is expected to see strong growth in the next few years. It will grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to integration with hr software, mobile recruiting solutions, emphasis on diversity and inclusion, enhanced candidate experience, data security and compliance. Major trends in the forecast period include ai and machine learning, enhanced candidate experience, diversity and inclusion features, predictive analytics for recruitment, integration with hr software ecosystem.

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Market Drivers and Trends:

The rising number of job applicants is expected to propel the growth of the applicant tracking system market going forward. Job applicants refer to individuals who have submitted their applications, typically in resumes, to be considered for employment opportunities within a company or organization. Applicant tracking systems can help job applicants by streamlining the application process, making it easier and faster to apply, and improving communication between job applicants and recruiters. For instance, as per Data and analysis from Census 2021 published by The Office for National Statistics, a UK-based statistics authority, the expected number of vacancies grew from 964000 (May to July 2021) to 1275000 (May to July 2022). Therefore, the rising number of job applicants is driving the growth of the applicant tracking system market.

Major Companies operating in the applicant tracking system market are adopting new technologies, such as AI-powered application systems, to provide a better experience by making the application process more efficient and user-friendly. AI-powered applicant tracking system is designed to streamline recruitment and redefine talent acquisition by leveraging artificial intelligence (AI) technology. For instance, in August 2023, Centric Group Inc., a US-based software development company, launched Safaa ATS, an AI-powered applicant tracking system. It offers unique features, including AI-driven shortlisting, a fully branded job portal, cloud-based access, a pre-packaged intranet, customizable workflows, and cutting-edge features to streamline recruitment and redefine talent acquisition. These features are designed to simplify the recruitment process, improve efficiency, and provide a better candidate experience.

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Major Key Players of the Market:

Major companies operating in the applicant tracking system market report are International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc., Workday Inc., Ultimate Kronos Group, Paycor HCM Inc., Bullhorn Inc., Cornerstone OnDemand Inc., iCIMS Inc., PeopleFluent Inc., Ceipal Corporation, Workable Technology Limited, BambooHR, SmartRecruiters Inc., Jobvite Inc., Lever, Trakstar Hire, Bullhorn Inc., ADR Inc., Silkroad Technology Inc., Greenhouse Software Inc., ClearCompany Inc., Hireku Inc., Symphony Talent LLC, TalentNest, ATS OnDemand

Applicant Tracking System Market 2024 Key Insights:

• The applicant tracking system market is expected to grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surge In Job Applicants Impacting The Applicant Tracking System Market
• Increasing Focus On Launch Of Ai-Based Application Tracking Systems To Drive The Revenues
• North America was the largest region in the applicant tracking system market in 2023

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