Applicant Tracking System (ATS) Market size is set to grow by USD 714.3 million from 2024-2028, Advantages of applicant tracking systems boost the market, Technavio

NEW YORK, Aug. 14, 2024 /PRNewswire/ -- The global applicant tracking system (ATS) market size is estimated to grow by USD 714.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 5.25%  during the forecast period. Advantages of applicant tracking systems is driving market growth, with a trend towards mobile-based applicant tracking systems apps. However, limitations of applicant tracking systems  poses a challenge. Key market players include Applied Training Systems Inc., Arcoro, Automatic Data Processing Inc., Bamboo HR LLC, Bullhorn Inc., ClearCo. Inc., Cornerstone OnDemand Inc., iCIMS Inc., International Business Machines Corp., Jobvite Inc., Learning Technologies Group Plc, Oracle Corp., Paycor HCM Inc., SAP SE, Self Management Resources Corp., Silkroad Technology Inc., Skeeled HR S.a.r.l., UKG Inc., Workday Inc., and Zoho Corp. Pvt. Ltd..

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Market Driver

The use of mobile applicant tracking systems (ATS) is on the rise due to the widespread adoption of smartphones worldwide. Major vendors like Google Hire, BambooHR, and Zoho Recruit offer mobile-compatible ATS apps for both Android and iOS platforms. Recruiters are increasingly posting job notifications on mobile-friendly platforms to reach a larger candidate pool. With an increasing number of job seekers using mobile devices for their job search, particularly in emerging markets such as India, South Korea, and China, the demand for mobile ATS apps is anticipated to grow significantly during the forecast period. As a result, more vendors are expected to integrate mobile-friendly applications into their ATS offerings, driving market growth. 

The Applicant Tracking System (ATS) market is experiencing significant growth, with turnover projected to reach new heights in the coming years. Technology providers are enhancing their offerings with trends like video interviews, employment branding, and ML technologies. ILO's latest report highlights mergers and acquisitions in the industry, making it a competitive landscape. Enterprise organizations are embracing technologically advanced ATS software for a unified set of solutions, streamlining the recruiting lifecycle. With social distancing and remote hiring, ATS software has become essential for business continuity and virtual hiring strategies. Job seekers benefit from career opportunities and talent intelligence in the talent cloud. Future of Work relies on automation, AI technology, and recruiting automation for efficiency and quality. Existing employees also benefit from ATS for their career growth. 

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Market Challenges

• Applicant Tracking Systems (ATS) play a significant role in the recruitment process, but they come with certain limitations. These systems can only read specific file formats and may overlook ideal candidates due to strict keyword matching. The inability to measure the long-term quality of an applicant is another limitation. While ATS tools streamline the initial stages of recruitment, they fall short in assessing the entire employee lifecycle. To ensure compatibility, resumes must be optimized before uploading. The reliance on keywords may exclude qualified candidates with diverse backgrounds or experience outside the job description. These limitations may hinder the growth of the global ATS market during the forecast period.
• The Applicant Tracking System (ATS) market is essential for firms looking to streamline their talent acquisition activities. However, implementing an ATS comes with challenges. Risk of data breaches and ensuring candidate privacy is a major concern. Identifying the right talent with the required skills is another challenge. The selection process involves various stages, and each stage requires the recruiter's role to be effective. Artificial intelligence and machine learning have become essential tools in the recruitment process. However, understanding candidate behavior and brand recognition on various platforms and channels is crucial for success. KPIs like workload, candidate pools, and procedure analyses help recruiters make data-driven recruitment decisions. Recruitment companies are increasingly adopting ATS to optimize their recruitment marketing efforts. Visual dashboards provide valuable insights into candidate profiles, interest preferences, and requirements. Employers must invest in marketing to attract top talent and analyze reports for employee retention. CPOs need to ensure a smooth procedure for resume screening, keyword optimization, and candidate communication. Traditional hiring methods based on guesswork and the likeability factor can lead to risky hiring decisions. A well-defined data analytics strategy is necessary to ensure a successful ATS implementation.

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Segment Overview 

This applicant tracking system (ats) market report extensively covers market segmentation by  

1. End-user 
• 1.1 BFSI
• 1.2 Government
• 1.3 Telecom and IT
• 1.4 Healthcare and life sciences
• 1.5 Others
2. Deployment 
• 2.1 On-premise
• 2.2 Cloud-based
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 BFSI-  The Applicant Tracking System (ATS) market assists businesses in managing their recruitment process efficiently. It streamlines application collection, resume screening, and interview scheduling. Companies can set up customized job postings, search for candidates using specific keywords, and communicate with applicants effectively. ATS enhances productivity by reducing manual work and minimizing time-to-hire. It provides valuable analytics and reports, enabling informed hiring decisions. Overall, ATS is an essential tool for modern recruitment strategies.

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Research Analysis

The Applicant Tracking System (ATS) market is experiencing significant growth as organizations adapt to the new normal of remote work and social distancing. ML technologies are playing a crucial role in ATS software, enabling automation and AI technology for CV screening, interview scheduling, and room scheduling. Business continuity is a top priority, with ATS software ensuring uninterrupted talent acquisition processes during economic decline. Virtual hiring strategies are becoming the norm, with ATS software facilitating remote interviews and onboarding. Tracking applications are essential for monitoring the progress of job seekers and ensuring business efficiency and quality. The Future of Work is increasingly dependent on ATS software, allowing employees to work from home and enabling organizations to adapt to the changing economy. Investment in ATS software is on the rise, with ads for tracking systems becoming commonplace. The use of ATS software is not only essential for recruiting automation but also for ensuring business continuity and maintaining a competitive edge.

Market Research Overview

The Applicant Tracking System (ATS) market is experiencing significant growth due to the increasing adoption of ML technologies and recruitment automation in the Future of Work. With the shift towards remote hiring and business continuity strategies, ATS software has become essential for organizations of all sizes, from SMEs to large enterprises. The technological landscape of ATS is evolving rapidly, with AI technology and predictive analytics playing a key role in improving efficiency and quality in the hiring process. ATS software enables talent professionals, hiring managers, and recruiters to manage open positions, track new hires, and handle CV screening and interviews. It also offers recruitment analytics to help organizations make data-driven decisions and improve candidate satisfaction. The implementation of ATS involves IT teams ensuring enterprise infrastructure, security, and networking requirements are met. Security plans and cybersecurity measures are crucial to mitigate risks and protect sensitive data. The ROI of ATS investment justifies the cost savings from labor and increased efficiency. In the current economic climate, ATS software is essential for adapting to economic changes and managing attrition rates. Advanced technologies like ML and AI are transforming the recruitment process, enabling virtual hiring strategies, and providing real-time tracking of candidates and open positions. The future of ATS includes integration with other IT services and devices, room scheduling, and advanced selection process stages. The use of ATS is not limited to offices but is increasingly being adopted by home-based recruiters and remote workers. The economic decline has accelerated the adoption of ATS, making it an essential tool for organizations seeking to stay competitive in the talent market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• BFSI
• Government
• Telecom And IT
• Healthcare And Life Sciences
• Others
• Deployment
• On-premise
• Cloud-based
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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