The talent Acquisition Software market is expected to hit paramount growth amidst growing demand for cloud-based Talent Management Software Solutions, as well as an increase in the usage of on-demand solutions.
Covid-19 Impact & Market Status
The disease has expanded to almost 100 countries around the world since the COVID-19 viral outbreak in December 2019, prompting the World Health Organization to declare it a public health emergency. The global effects of the coronavirus illness 2019 (COVID-19) are already being seen, and the Talent Acquisition Suites Software industry will be considerably impacted in 2020.
COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets.
Flight cancellations travel bans, and quarantines; restaurants closed; all indoor events restricted; over forty countries declared states of emergency; massive supply chain slowdown; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about the future have all been impacted by the COVID-19 outbreak.
The global talent acquisition software market report study through in-depth research offers a comprehensive market outlook with analysis of Covid-19 impact. The report examines the impact of a pandemic on the economic growth of the market, developments, applications, and regions operating in the global crypto market. Recovery strategies implemented by market players during the covid-19 pandemic are studied. A detailed study of the Talent Acquisition Software market documented in this report helps market players make well-informed decisions.
On-demand Solutions Type to Emerge as the Most Lucrative Segment
On-Demand Solutions are a set of services that allow businesses to hire people without having to make a large upfront commitment. On-demand solutions are becoming increasingly popular in the industry. IT companies have adopted the on-demand approach to provide a service that can be accessed at any time and from any location, decreasing downtime for consumers and lowering operating expenses. These services often feature platforms or portals where customers can submit requests as needed, as well as the option of selecting from various levels of customization, such as pay-per-use, usage-based pricing plans, and so on, depending on how they are set up.
Large Enterprises Applications to Ensure Revenue Maximization
In major firms, talent acquisition software is used to automate and simplify the hiring process. Large businesses may have a large number of open positions, but they may not always be able to fill them because they are competing with other businesses for the same pool of applicants. Using talent acquisition tools, you can turn open positions into more appealing possibilities that attract top talent from all around the world. The result is an increase in hires without having to do much more than identifying which roles need to be filled; this saves time and resources when it comes to onboarding new employees, while also reducing the risk of resume fraud or unqualified people being hired on the spur of the moment after seeing a job posting on social media.
North America to Render Ample Investment Avenues
The most important region for talent acquisition software in North America. Latin America is the second-largest revenue-generating area in the world. Europe is a large and fragmented market for talent acquisition software, whereas the Asia Pacific and the Middle East, and Africa are fast rising as growth regions.
The recruitment software market in the Asia Pacific is being propelled by an increase in the number of start-up organizations and their increased focus on the creation of smartphone applications. The Asia Pacific market is expected to develop at the fastest rate during the projected period, according to the report. Aside from that, rapid industrialization and the growing demand for mobility in emerging nations like China and India will increase the industry in the next years.
In the SMB sector, there is a growing demand for cloud-based Talent Management Software Solutions, as well as an increase in the usage of on-demand solutions.
Human resource management (HRM) technology includes talent acquisition software. It enables businesses to look for and recruit people across a variety of job marketplaces, as well as handle job applications. Talent acquisition software is used by businesses to fill open vacancies. Employers use talent acquisition software to advertise job openings, receive and assess resumes and applications, and manage the hiring process at various stages (such as interviewing) until a candidate is recruited or rejected. Potential employees might utilize the technology to identify open opportunities that they are interested in.
Acquisition software platforms such as Lumesse's Talent Acquisition Experience Platform and IBM's Kenexa Talent Acquisition Suite assist businesses in quickly filtering, ranking, and storing candidate data. These systems also make it easier to follow an application's progress and automate the process of posting jobs on numerous job boards. Data that is confidential in nature, such as employee information, home address, social security number, and financials, is maintained and tracked by recruitment software.
The development of new tools like applicant finding, candidate relationship management, advertisement management, and LinkedIn and Facebook integration are all projected to contribute to the growth of the recruitment software market.
These factors collectively influence the thumping growth of the global Talent Acquisition Software market. As a result, the global Talent Acquisition Software market is expected to exceed revenue growth from USD billion in 2021 with an annualized growth rate of 7.5% from 2021 to 2028.
Employee personal information, such as their home address, financial accounts, social security number, and other associated information, can be maintained and tracked using recruitment software. With technological improvements, new capabilities in HR recruitment software are being launched that enable the integration of LinkedIn and Facebook marketing management, candidate searching, and candidate relationship management. In the future, these advances will augur well for HR software solutions.
One of the important aspects driving the market's growth is the increasing penetration rate of cloud-based platforms, as well as the use of mobile-based recruitment methods. Automated resume screening approaches that employ artificial intelligence (AI) to assess a candidate's level of skills and expertise are fast gaining traction in the workplace. Through transactional actions and analytical inputs, the program also employs optical trackers and machine learning (ML) systems to determine market trends and patterns. Furthermore, firms are increasingly focusing on improving the applicant experience while also increasing organizational efficiency, resulting in the widespread use of these systems around the world. Other factors, such as the emergence of social recruiting trends, a growing need to replace traditional hiring methods to reduce paperwork, waste of resources, and costs, as well as an increase in the number of start-up companies, particularly in developing economies, are expected to fuel the market even further.
The Global Talent Acquisition Software Market is growing due to several factors. The growing need for analytics metrics is one of them. The demand for applicant monitoring is increasing as a result of this, as well as the increase in geographically varied talent acquisitions. To stay competitive in today's market, firms are focused on improving the candidate experience. However, the Global Recruiting Software Market's growth may be restricted by a lack of technical competence in the use of complex ATS.
This, combined with a lack of knowledge and awareness about the applicant tracking system and its benefits, is obstructing the market's progress. Nonetheless, the growing need to automate the recruitment process, as well as various firms' increased focus on improving applicant experience, is anticipated to benefit the Global Recruiting Software Market. Furthermore, the rising popularity of mobile recruitment, in which social recruiting is done through career sites, mobile recruiting apps, and text messages, will boost the future need for recruitment software.
The top companies proving talent acquisition software are PeopleStrategy Inc., Oracle Corporation, Linkedin (Microsoft), Ultimate Software Group Inc., Ramco Systems, Ceridian HCM Inc., Accenture, Automatic Data Processing LLC, Workday, IBM Corporation, Kronos Inc., Infor, Cornerstone OnDemand, SumTotal Systems LLC (SkillSoft) among all the emerging and well-established players.
These companies to stay ahead of the competitive edge are undertaking strategic initiatives such as mergers and acquisitions, and expansions for research and development in NFTs and Talent Acquisition Software.
Latest Innovations in the Global Talent Acquisition Software Market: a Snapshot
- Casino Group, Google Cloud, and Accenture formed a strategic partnership in July 2021 to accelerate technological advancements and expand their customer base.
- ABB partnered with International Business Machines Corp in April 2017 to accelerate its Internet of Things advances.
- Accenture purchased Trivadis AG, an IT services business focusing on highly automated provisioning and data-driven innovation, in July 2021.
- Collaborative Solutions, a global consulting firm focusing on daily enterprise cloud applications for finance and human resources, was acquired by Cognizant in May 2020
Talent Acquisition Software Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, The Middle East and South Africa|
|Key Players Profiled||PeopleStrategy Inc., Oracle Corporation, Linkedin (Microsoft), Ultimate Software Group Inc., Ramco Systems, Ceridian HCM Inc., Accenture, Automatic Data Processing LLC, Workday, IBM Corporation, Kronos Inc., Infor, Cornerstone OnDemand, SumTotal Systems LLC (SkillSoft) among all the emerging and well-established players.|
Key Segments of the Global Talent Acquisition Software Market
Type Overview, 2018-2028 (USD Billion)
- On-Premise Solutions
- On-Demand Solutions
Application Overview, 2018-2028 (USD Billion)
- Small and Medium Business
- Large Business
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa