According to TechNavio market survey, global recruitment software market is worth over US$ 1,279.7 million in 2013 with a CAGR of 14.5%.
As per MarketsandMerkets annual forecast, “the global talent management software market is expected to grow from $5,270.3 million in 2014 to $11,367.0 million by 2019, at a Compound Annual Growth Rate (CAGR) of 16.6%.”
In current market scenario, North America is expected to witness a boom in hiring software domain and is predicted to become one of the largest market with regards to spending and adoption of talent management software.
The global recruitment software market has seen rapid increase in the implementation by companies looking for cost effective solution. This has also saw increase in availability of software on SaaS service and vendors owing the market growth.
Growing market competition has also encouraged software vendors to offer more integrated and cost-effective recruitment solutions. This on the other hand has resulted in the development of core recruitment solutions offering services such as hiring, management and analytics.
As per TechNavio analysts says two trends are responsible for the growing recruitment software market including social media integration with recruitment software and available of SaaS platforms. SaaS has reduced implementation hazards and social media integration has increased efficiency level.
With increased hiring cost, employers are now looking for cost-effective solutions that can increase efficiency. These solutions are now gaining demand with small and medium business who find recruitment software extremely user-friendly and efficient.
Recruitment software provides complete set of tools required for efficient hiring and is deployed either in-house or by third-party recruitment channels. The software generally includes features such as job posting, applicant tracking, pre-screening questions, response tracking, scheduling and tracking interviews, and communication with the candidates. Technological advancement and increased usage of internet has made it easier for vendors to create advanced hiring solution with features including compatibility, accessibility, multiple job posting feature and integration.
Recruiting solution helps organizations to gain a competitive edge in this candidate-focused hiring market. The market is expected to remain competitive with entry level players. Established vendors such as IBM, Oracle, CareerBuilder, Cornerstone on Demand, SAP Success Factor etc are going to provide innovative integrated solutions increasing their market reach among big corporates.
In short, recruitment software is going to witness high adoption rate in larger enterprise as they have the hardware and finance to support the investment. However, talent management tools will also witness growth in demand among mid and small-size organizations owing to the cost-effectiveness and benefits.
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