- Services and Solution
Applicant Tracking System Market size was valued at USD 2,387.6 million in 2022 and is anticipated to grow at a CAGR of 7.4 % over 2023-2029. An applicant tracking system (ATS) is a software application that simplifies and streamlines the recruitment and hiring process for organizations. It's designed to help businesses manage job applications and candidates in a more efficient and organized manner. ATS software is commonly used by HR departments and hiring managers to handle the entire lifecycle of recruitment, from posting job openings to selecting candidates for interviews and making job offers.
The rising demand for streamlined hiring processes has been a significant driving force behind the growth of the applicant tracking system (ATS) market. As organizations face an influx of job applications and the need to identify top talent efficiently, ATS software offers a solution by centralizing and automating various recruitment tasks. By providing tools for posting job openings, parsing resumes, and tracking candidate progress, ATS systems empower HR teams to navigate the hiring process seamlessly. This streamlining not only saves valuable time and resources but also enables better candidate engagement and an improved overall experience. Moreover, the increased use of online job portals has significantly propelled the growth of the applicant tracking system market. With the proliferation of digital platforms for job postings and applications, organizations are faced with a higher volume of candidate submissions. ATS systems address this challenge by seamlessly integrating with various online job portals, enabling companies to centralize incoming applications, automate resume parsing, and streamline candidate management. As companies seek to efficiently manage and evaluate candidates from multiple sources, ATS platforms provide a unified solution to organize, categorize, and track applicants throughout the hiring process.
However, implementing and maintaining an ATS system can involve significant upfront costs, including software licenses, customization, integration with existing systems, and ongoing maintenance fees. For smaller organizations with limited budgets, these costs might be prohibitive. Meanwhile, there is a growing trend towards the adoption of innovative sourcing strategies. ATS software that integrates with various sourcing channels beyond job boards, such as social media, professional networks, and employee referrals, can help organizations tap into a wider talent pool. Key developers are developing innovative solutions to cater to the various job sectors. For instance, in February 2022, Alcor launched TalentRun, an automated real-time end-to-end Applicant Tracking System (ATS).
Applicant Tracking System Market Key Developments:
Fastest Growing Market
It is noticed that the global application tracking system market has a significant growth rate on perspective with the increase in mobile based recruitment. As we live in a digital era when technology play a vital role in daily life. Global Applicant Tracking system market has been designed for the employers and for recruiting companies for their routine work environment. It has been estimated that over 90% of them use their mobile devices to look for that dream job. 45% does so on a daily basis, while. A mere 89% of those who are job-hunting believe that mobile devices are a crucial part of the job seeking process hence boosting the global market substantially.
The applicant tracking system market size was valued at USD 2,387.6 million in 2022
ApplicantStack Oracle Corporation iCIMS, Inc. Workable Software Ltd. Hyrell Bullhorn, Inc. ClearCompany Greenhouse Software, Inc. Jobvite Inc. Automatic Data Processing, Inc.
Integration with AI and automation and enhanced analytics and reporting are some of the major trends in the applicant tracking system market.
Global expansion of companies and remote work management are some of the key opportunities for companies to enhance their revenue over the forecast years.