Applicant Tracking System Market Overview
Applicant tracking system market is forecast to reach $2.1 billion by 2026, growing at a CAGR 7.6% from 2021 to 2026. Applicant tracking system is also known as the candidate management system, and enterprises use the software to more efficiently recruit employees and is used in conjunction with customer relationship management solutions. The applicant tracking system can also be used to post job openings on a company website or work board to review resumes, and to create interview requests via e-mail to deserved applicants. Given the need for automation of recruitment practices, applicant tracking system is gaining significant adoption across governments and businesses. When applicant tracking software application automates screening and job application posting of applicants through various work boards, it reduces bias and manual errors by using data mining and natural language processing. Cloud-based applicant tracking software as a service solution is slowly seeing higher acceptance due to lower latency and lower applicant tracking system prices. Many verticals are also increasingly implementing applicant tracking system due to growing emphasis on growing the satisfaction of applicants by improving communication and reducing the recruitment workforce and expense. Due to the time, cost, and bias issues associated with human analysis, the manual analysis of candidates’ applications is getting outdated. Applicant tracking system provides not only actionable insights but also reduces the hiring and recruitment time and costs.
Applicant Tracking System Market Segment Analysis – By Componen
tDuring the forecast period, software segment is expected to grow at a CAGR of 6.9% during 2021-2026. Applicant tracking software gives companies the ability to adapt the software to the needs of the end-users, although the software is tailor-made for use by companies. The Human Capital Management (HCM) Suites offered by vendors also include applicant tracking system functionality along with workplace management as an integrated kit for managing the entire hiring process, right from applicant tracking to employee life cycle management. This is expected to boost the market demand for applicant tracking system software.
Applicant Tracking System Market Segment Analysis – By Deployment Type
During the forecast period the cloud deployment segment is expected to grow at a CAGR of 8.8% between 2021-2026. ATS software cloud implementation provides various benefits, such as improved security, enhanced scalability, enhanced flexibility and lower costs. The increase in data generation and the use of advanced technologies such as IoT and analytics contributes to increased adoption of the cloud deployment model due to the advantages of enhanced and structured storage and ready data availability when necessary. These factors are expected to help in the growth of Cloud-based applicant tracking system.
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Applicant Tracking System Market Segment Analysis – By Geography
North America currently dominates the global Applicant Tracking System market with a share of more than 37.5% in 2020. North America is expected to have the largest share, due to the involvement of developed economies like the United States (US) and Canada. It is the most developed region on the ATS market, since virtually all the major corporations are headquartered in the area. In North America organizations move towards new and upgraded technologies with the increasing adoption of digital business strategies. In addition, organizations have invested in advanced technologies to gain a competitive advantage and enhance operations. All these factors are the driving force of the market in this region. In addition, increasing adoption of cloud-based services is another factor projected to drive growth of the target market in North America.
Applicant Tracking System Market Drivers
Adoption of Cloud based Technologies
Due to the adoption of cloud-based technology, market demand for the applicant tracking system is increasing. Cloud-based technologies enable secure data processing and provide results-oriented performance to solve recruitment problems. These systems also increase the speed of the software and reduce the response time by updating information in real time. This helps to accelerate the recruitment process and make better decisions in less time. It is therefore expected that demand for cloud-based technology would increase the market for applicant tracking systems over the forecast period.
Increasing Demand for Digitalization
Rising demand for digital services improves the overall quality and organizes the data automatically. Companies will not have to pay extra for the additional time needed to process and file the paper applications, thus speeding up the hire time. Digital transformation is helping to attract talent in rising through speedy and productive operations, according to the SAP SE. Therefore, the increasing demand for digitalization is expected to drive the applicant tracking system market during the forecast period.
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Applicant Tracking System Market Challenges
Lack of Awareness Regarding Applicant Tracking Systems and Security Concern
It is time-consuming to manually process information. 80% of hiring managers spent their time searching for candidates and scanning resumes, according to the IBM Corporation. In a report it was found that 52% of candidates in the two to three months after applying for job openings did not receive any communication from the recruiter. Applicant monitoring systems help source the best applicant while helping to interact effectively with all the applicants. Therefore, lack of product knowledge can hinder the growth of the market for applicant tracking systems. Growing security and privacy issues related to the implementation of such applications over cloud-based delivery are a hampering growth factor in the global market for applicant tracking systems.
Applicant Tracking System Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Applicant Tracking System Market. Applicant Tracking System Market is expected to be dominated by major companies such as Oracle, IBM, SAP, Cornerstone, ADP, iCIMS, Jobvite, PeopleFluent, SilkRoad Technology, Paycor, Greenhouse Software, Workday, Ultimate Software, JazzHR, ClearCompany, BambooHR, Racarie Software, Zoho, SmartRecruiters, Ascentis, Recruiterbox, Infor, ResumeWare, TribePad, ATS OnDemand.
Acquisitions/Technology Launches
In June 2019, Barcodes, Inc. announced the recent acquisition of Informs, Inc., an AIDC solutions provider with a strategic focus on consumables and custom labels sales.
Key Takeaways
The manual analysis of candidates’ applications is becoming outdated due to the time, cost, and bias issues associated with human analysis. Applicant tracking system not only offers actionable feedback but also reduces the time and cost of hiring and recruiting.
Implementation of ATS cloud software offers various benefits, such as increased security, increased scalability, increased flexibility and lower costs and this is expected to boost market growth.
North America is expected to have the largest share, as developed economies such as the United States (US) and Canada are involved. It is the most developed region on the ATS market, as virtually all the major companies have their headquarters in the area.
Market demand for the applicant tracking system is growing because of the introduction of cloud-based technology.
According to the SAP SE, digital transformation helps to send and retain talent in increasing rapid and efficient operations. As a result, the growing demand for digitalization is expected to drive the applicant tracking system market during the forecast period.
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