By Deployment model- Segment Analysis
Cloud deployment type segment held the highest market share of applicant tracking system in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Applicant tracking systems (ATS) helped the recruitment team work smarter with the advent of the cloud. Cloud-based technology has several advantages that make it a better option than traditional recruitment software. They make the work simpler and the cycle of attracting and recruiting talent more effective all round as they are always on and quick to manage. Cloud-based ATS enables to manage candidates any time and from anywhere, collaborate effectively with the team, better user experience for candidates, Integration with other software and others. The cloud makes it easier for applications to track progress. Recruiting team also has access to the same up-to-date details so several members may review applicants concurrently. It is faster and more efficient to screen, shortlist, interview, and select. An ATS incorporates video interviews that require applicants to be questioned wherever in the world they are.
By Organization Size – Segment Analysis
Applicant tracking system is segmented into small and medium-sized enterprises (SMEs), large enterprises on the basis of organization size. The market of large enterprises is anticipated to hold the highest market share during the forecast period 2020-2025. Applicant tracking systems are a form of software that simplifies the recruitment process by HR departments. Such programs will process, arrange, and coordinate thousands of resumes to put to the top of the people’s list the best and brightest to meet. Applicant tracking system enables large enterprise to easily narrow down the applicant pool, to save the business time and money, to be compliant with the internet applicant rule and others. An ATS narrows the applicant pool by excluding the clearly under-qualified applicants immediately. An ATS program is extremely important when a large-scale organization concurrently opens multiple vacancies in more than one division and wants to limit the hours spent hiring. Moreover, ATSs are a simple way to stay abreast of the Internet Candidate Record Keeping Law and impose stringent record keeping of recruited employees through electronic means. As a part of this law, all organizations that have 100 or more working people are forced to disclose details on ethnic recruitment to their workers annually. ATSs store this material, and make it much simpler to record.
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Geography – Segment Analysis
North America region held the highest market share of the applicant tracking system market in 2019. North America is a developed product deployment region. Faster and timely access to the required applicant-related data, coupled with the lack of job-specific applicants, the emergence of developed economies, such as the United States (US) and Canada, has been a main driving factor for this sector.North America is the most industrialized area in the ATS industry, with almost all major businesses based in the country. Growing spending by a variety of technological development organizations to achieve a strategic edge and improved business operations is also driving market growth in this area.The growing need for an effective procurement mechanism across North American countries has culminated in the highest market share. In fact, maximum authentication when running in real, simulated or cloud atmospheres is projected to further fuel the demand for applicant tracking systems. In January 2020, First Advantage entered into a partnership with LinkedIn Talent Platform that allows users to procure, monitor, and recruit talent through a centralized portal. This collaboration helps First Advantage to streamline, automate and extend training and tracking tools for consumers at LinkedIn Talent Centre. Such partnerships leverages appositive impact on the market growth of applicant tracking system.
Drivers – Applicant tracking system market
Rising penetration of Cloud technologies
Owing to the introduction of cloud-based technologies, consumer demand for the applicant tracking system is growing. Cloud driven technologies support stable data management and solve recruiting challenges to produce result-oriented production. However, these programs improve the efficiency of the program and reduce the reaction time by upgrading details in real-time. It aims to speed up recruitment procedures.
Challenges – Applicant tracking system market
Lack of awareness
Applicant tracking systems provides benefit to locate the best applicant thus ensuring to interact effectively with all the applicants. Lack of understanding of the advantages of utilizing a monitoring program framework thereby hinders the market growth. Furthermore, the convergence of ATS with other applications and the lack of technological experience to utilize ATS are significant barriers to business success in the demand for application tracking systems.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the applicant tracking system market. As of 2019, the market for applicant tracking market is consolidated with the top players including Applicant Stack, Greenhouse, Hyrell, iCIMS, Inc., Workable, Bullhorn, Inc., ClearCompany, Findly Talent LLC, JobDiva, Oracle among others.
• In June 2019, Good Time entered into a partnership with leading applicant tracking system, Smart Recruiters. Good Time and Smart Recruiters streamlined collaboration allows recruitment teams remove repetitive labor in the interview process to reduce job time thus enhancing employee interaction.
• In March 2020, HackerEarth entered into a partnership with JazzHr for efficient, accurate developer recruitment and hiring solution. The partnership completely incorporates JazzHR’s award-winning Applicant Tracking System (ATS) with HackerEarth’s stage for specific, skill-based applicant selection, HackerEarth Valuations.
• In July 2019, AllyO, the technology company renowned for its end-to-end AI recruiting solution, entered into a partnership with iCIMS, the leading best-in-class talent acquisition solutions provider.The collaboration allows employers to transfer applicants from procurement to processing effortlessly. This enhances the effectiveness of recruiters and strengthens successful employee feedback.
• Growing digitization increases performance consistency and organizes the data automatically. Organisations don’t have to spend additional time for processing and filing paper documents, thus speeding up the recruitment period. Consequently, the growing need for digitalization is projected to boost the market for the applicant tracking system throughout the forecast period 2020-2025.
• North America region dominated the global applicant tracking system market in 2019 owing to the presence of developed countries, key market players in this region. Moreover, implementation of advanced technologies in different verticals including IT & Telecommunications, Government & Public Sector, Retail & Consumer Goods and others enhance the market growth.
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