Applicant tracking systems (ATS) help organizations efficiently manage recruiting processes and identify top talents. These cloud-based talent acquisition software offers applicant screening, candidate rating and rankings, skills matching, and hiring recommendations to recruiters. ATS streamline time-consuming manual tasks of sorting resumes and schedules interviews.
The global Applicant Tracking System Market is estimated to be valued at US$ 2.67 Bn in 2023 and is expected to exhibit a CAGR of 6.47% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for effective and streamlined recruiting processes from organizations across industries has been a key factor propelling the growth of the applicant tracking system market. ATS help recruiters save significant time by automatically notifying them of prospective candidates, scheduling interviews, and screening resumes basis pre-defined criteria. They offer enhanced candidate experience with their user-friendly interfaces. ATS further help hiring managers in obtaining critical insights into the supply and demand for skills using built-in analytics dashboards. This enables smart data-driven decision making around talent requirements and strategies
SWOT Analysis
Strength: Applicant Tracking Systems allow for streamlining of the recruitment process and handling a large volume of applications efficiently. It promotes transparency during hiring.
Weakness: Implementation of new ATS requires high upfront investment costs which can be difficult for small and medium enterprises. Technical issues or glitches in the ATS software can negatively impact the application process.
Opportunity: Growing demand from enterprises across industries to automate and digitize hiring processes presents an opportunity for ATS providers. Advances in AI and machine learning can further enhance the capabilities of these systems.
Threats: Open source and low-cost applicant tracking solutions available in the market pose pricing pressure on established vendors. Stringent data privacy laws across regions increase compliance requirements for user data collection and storage.
Key Takeaways
The global Applicant Tracking System market is expected to witness high growth over the forecast period of 2023-2030. The market size is projected to reach US$ 2.67 Bn in 2023.
Regional analysis – North America currently dominates the ATS market accounting for the largest share globally, followed by Europe. Asia Pacific is expected to witness the fastest growth owing to ongoing digital transformation of HR functions across enterprises in countries like China, India and Japan.
Key players – Key players operating in the Applicant Tracking System market are IBM Corporation, Oracle Corporation, Jobvite Inc., Bullhorn Inc. (Vista Equity Partners), iCIMS Inc. These companies are focusing on new product launches and partnerships to consolidate their market presence. For instance, iCIMS recently partnered with LinkedIn to enable direct application submission to their ATS from LinkedIn profiles.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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