The Applicant Tracking System is a software application that enables the electronic handling of recruitment needs. It helps automate various recruitment processes like posting of job openings, receiving and organizing resumes and applications, screening and sharing them with hiring managers.

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 6.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing automation of recruitment processes is driving the demand for Applicant Tracking Systems. Companies are increasingly leveraging ATS to streamline recruitment and efficiently manage a large volume of applications. ATS automates repetitive tasks involved in sourcing and screening candidates and provides insights into hiring funnel to optimize recruitment. It enables recruiting teams to focus more on identifying top talents rather than administrative work. With advanced features like candidate ranking, skills gap analysis and resume parsing, ATS helps hiring managers identify suitable candidates quickly. The AI and machine learning capabilities of modern ATS further enhances automation in recruitment.

SWOT Analysis
Strength: ATS provides efficient management of the hiring process and allows accessing a large candidate pool. It streamlines recruitment processes and reduces time taken for hiring.
Weakness: High implementation and maintenance costs associated with ATS deter SMEs from adopting it. Privacy and security concerns exist regarding candidate data stored in ATS.
Opportunity: Growing demand for automated and efficient recruiting solutions among companies presents an opportunity for ATS vendors. Increasing adoption of cloud-based ATS also opens new opportunities.
Threats: Free or low-cost applicant tracking tools threaten the premium ATS suppliers. Strong competition exists amongst key players in the market.

Key Takeaways
The global applicant tracking system market is expected to witness high growth driven by benefits like efficient hiring processes and costs savings for recruiters. 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 6.4% over the forecast period 2023-2030.
Regional analysis: North America dominates the ATS market currently due to presence of major players and early technology adoption among companies for automated recruitment. Asia Pacific is expected to grow at fastest pace due to rapid expansion of hiring activities across enterprises in the region.
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. IBM leads the market with its long presence and wide ATS product suite. Jobvite and iCIMS are gaining popularity for their affordable and easy to use cloud-based solutions catering to SMBs.

*Note:

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it