Applicant Tracking Systems Market Growing Steadily with Improving Technology
Firstly, information present within the database is used for screening candidates; subsequently, applicant testing, scheduling interviews, checking references, managing the hiring process, and completing paperwork also comes under this process. The global market for applicant tracking systems has been segmented on the basis of deployment model, end user, and geography. Based on deployment model, the market has been segmented into cloud and on-premises. Market segmentation based on end user includes healthcare, automotive, retail, and government among others.
On the basis of geography, the global applicant tracking systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The key benefits of applicant tracking systems are increase in efficiency along with saving time that helps in sorting applicant data, automating the whole procedure, and freeing up time that can be spent elsewhere. In addition, it is the reduction of recruitment related costs, improving overall cost per hire, along with improvement in internal mobility within an organization that are key factors that have also positively driven the market. Furthermore, it also provides companies with a database for just in time recruitment of candidates to draw from as and when needs arise.
Moreover, the talent intelligence through these applicant tracking systems allows making informed decisions especially for recruitment in critically skilled positions. With all these drivers, presence of certain restraints has a negative impact on the overall market demand. It is seen that applicant tracking systems look only for resumes that meet the exact position requirements, thereby sidelining the borderline candidates which at times reduces the total number of candidates. Moreover, automated systems cannot be completely reliable and may at times reject even the deserving candidates. Along with this, sometimes this software may limit the information provided by applicants as a result of character restricted application fields. This may lead to elimination of a perfectly suitable candidate for the desired position. Considering all these factors, rise in demand for skill based professionals for defined job roles is likely to provide various opportunities for this market in the next few years.
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Geographically, North America and Europe have been the key regions driving the market demand for applicant tracking systems globally. Faster and timely access to desired applicant related data along with the dearth of job specific candidates has been a few major drivers for this market. Asia Pacific is one of the fastest growing markets in terms of application with China, India, and South Korea being key countries driving the market. It is seen that growth in automation and digitization along with high demand for saving company time and costs towards a particular candidate has been driving this market in Asia Pacific.
Some of the key players operating in the global applicant tracking systems market include Taleo Corp. (U.S.), Jobvite (U.S.), International Business Machines Corporation (U.S.), iCIMS Inc. (U.S.), ADP LLC (U.S.) and SAP SuccessFactors Corp. (U.S.) among others.
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