Market Analysis and Insights
According to projections, the global market for talent acquisition software was valued at USD XX billion in 2021 and will increase at a CAGR of XX% from 2022 to 2031 to reach USD XX billion.
Automation is increasingly important for businesses looking to streamline their employment processes. Companies may locate competent candidates quickly and simply with the help of recruitment automation, which also makes it possible to monitor their development and make choices with little human participation. By filling roles swiftly and effectively without using physical labour, firms are able to save time and money. Due to the process's lack of regional restrictions, automation also enables businesses to access a bigger pool of candidates.
Talent Acquisition Software Market Scope :
|Revenue forecast in 2031
|CAGR of NA during 2021-2031
|by Type , by Enterprise Size ,by Industry ,by Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Peoplefluent, Ultimate Software, WorkDay, ADP,SilkRoad Technology, SAP, Cornerstone OnDemand,IBM, Halogen Software Upwork,BetterInterviews, Njoyn, Sage People, Saba Software, Insperity, LinkedIn (Microsoft), iSmartRecruit, Oracle, Infor, Insperity, LinkedIn (Microsoft), and HireCraft Software.
Organizations utilize the potent tool known as talent acquisition software to manage and recruit employees and job seekers. Many of the manual steps involved in hiring are automated, including advertising jobs, following up with prospects, reviewing resumes, conducting interviews, onboarding new recruits, and monitoring employee data.
In order to recruit top people, it also aids organizations in creating and maintaining their employer brand. Due to the growing requirement to streamline recruiting processes and maintain regulatory compliance, the global talent acquisition software market is anticipated to expand significantly over the next several years. To benefit from the newest features and tools available, organizations are spending more money on talent acquisition software.
A wide range of suppliers with various features and price structures dominate the fiercely competitive talent acquisition software industry. Additionally, it is anticipated that new trends including automation, data-driven decision-making, and social media recruiting would propel market expansion. In the end, organizations need technologies that make it possible for them to rapidly and effectively hire and retain the greatest employees.
Key Market Segmentation
Insights on Type
The On-Premise Segment is Valued for the Highest Share
On-premise solutions are software programmes created to be installed and used on a business's own physical servers, storage devices, and networks. With the help of these solutions, businesses may adapt the software to suit their unique requirements while also customizing and maintaining databases over time. Maximum control and security are provided by this strategy, but it comes with a higher installation and upkeep cost.
Likewise, on-demand solutions are cloud-based software programmes that give businesses access to a range of web-based resources via a subscription-based platform. These systems have the ability to scale up and down with new features and can be accessed from any device with a secure internet connection, all while being less expensive than conventional on-premise solutions.
Insights on Enterprise Size
The SMEs Segment Valued for the Highest Share
Due to their frequently constrained financial and resource availability, SMEs must employ time- and money-saving strategies. They may manage and attract qualified applicants for any available roles more swiftly and effectively with the use of talent acquisition software. It streamlines the hiring process, improves the effectiveness of both time and money and gives businesses the information they need to make sure they are hiring the most qualified applicants.
Insights on Region
The North America Region Accounted for the Highest Share
In North America, there is rapid expansion in the market for talent acquisition software. Due to the area's sizable and highly educated labour population as well as the rising need for specialized talents, this has occurred. More businesses are using talent acquisition software to automate hiring procedures and swiftly and effectively discover the best candidates. Artificial intelligence (AI) and machine learning (ML) technologies are being used more and more in talent acquisition software, which is another factor driving the market. By automating the hiring process and lowering the time and expense involved in identifying the appropriate candidates, these technologies are assisting businesses.
Key Company Profiles
The key players operating in the market include Peoplefluent, Ultimate Software, WorkDay, ADP, SilkRoad Technology, SAP, Cornerstone OnDemand, IBM, Halogen Software, Upwork, BetterInterviews, Njoyn, Sage People, Saba Software, Insperity, LinkedIn (Microsoft), iSmartRecruit, Oracle, Infor, Insperity, LinkedIn (Microsoft), and HireCraft Software.
COVID-19 Impact and Market Status
The epidemic compelled many businesses to move to remote employment, which had an impact on the hiring procedure. TAS software has become crucial for handling remote hiring, including digital onboarding, virtual interviewing, and remote team communication.
During the pandemic, there was an increased demand for TAS solutions as businesses looked for digital tools to preserve their hiring practices amidst lockdowns and social segregation measures. As companies reacted to brand-new employment issues, demand for TAS increased.
During the pandemic, video interviewing and assessment technologies were more popular since they allowed businesses to interview and evaluate people from a distance. To fulfill the demand, several TAS providers added to or enhanced these functionalities. The introduction of automation and AI in TAS solutions was driven by the epidemic. The stress on HR personnel was reduced by using these technologies to conduct regular duties, screen applications, and expedite procedures.
1. TAS systems are progressively incorporating AI and ML. Predictive analytics, automated candidate screening, chatbots for candidate interactions, and data-driven insights for decision-making are all made possible by these technologies.
2. The candidate experience is being greatly improved by TAS providers. This includes tools for displaying workplace culture in virtual reality (VR), personalized communications, and apps that are mobile-optimized. These days, a lot of TAS systems come with tools to help DE&I projects, including tools for spotting bias in job descriptions and candidate screening, as well as reporting capabilities to monitor diversity indicators.
3. TAS platforms are embracing skills-based recruiting in addition to traditional credentials and degrees. Based on each candidate's unique set of abilities and competencies, they evaluate and pair them.
Significant Growth Factors
Organizations invest in TAS to effectively locate, attract, and retain top personnel as a result of the continued fierce competition for talented workers. Businesses are embracing digital transformation more and more, and TAS is a crucial part of this change.
The implementation of TAS is being driven by the requirement for automated and data-driven hiring procedures. The COVID-19 epidemic has expedited the emergence of remote and hybrid work patterns, which has increased the significance of TAS for managing remote hiring and onboarding.
Automation and artificial intelligence are being used in TAS platforms to streamline hiring procedures, lessen manual labour, and produce better applicant matches. TAS providers are putting a lot of attention on improving the applicant experience, which will help them recruit top personnel and boost their employer branding.
As businesses try to create more inclusive and varied workforces, TAS solutions are in high demand. Companies entering international markets need TAS solutions that can handle a variety of workforce pools and local regulatory compliance.
For smaller organizations or those with tighter resources, TAS' high upfront expenses and recurring subscription fees might be a hurdle.
TAS implementation may be hampered for certain organizations by the complexity and time required to integrate it with current HR systems and procedures.
Data privacy and security issues are major roadblocks because TAS systems handle sensitive applicant data. Regulations governing data protection must be followed. The usefulness of TAS systems may be constrained by the internal expertise that certain organizations lack to fully utilize their potential.
With several suppliers providing a wide range of solutions, the TAS industry is extremely fragmented. This might make it difficult for businesses to select the best solution for their unique requirements.
Recent Developments in the Global Talent Acquisition Software Market: A Snapshot
• In June 2022, Cornerstone OnDemand, Inc., a provider of adaptive cloud-based human resources software supported by Clearlake Capital Group, L.P. (along with its affiliates, "Clearlake"), formally agreed to acquire SumTotal, a provider of learning and human capital management SaaS (software-as-a-service) for clients in complex and highly regulated industries.
• Employee Well-being was introduced by BambooHR in March 2022. Users of the new tool may conduct surveys of employees to gauge their degree of professional happiness and overall well-being. A study of employee wellbeing looks at how they feel and how their employers support them. Employee well-being will assess how contented workers are in four areas: relationships, personal motivation, company motivation, and happiness.
Key Segments Talent Acquisition Software Market
• On-Premises Solutions
• On-Demand Solutions
by Enterprise Size Overview
• Large Enterprises
by Industry Overview
• Other Industries
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America