by The Global Applicant Tracking System (ATS) Market is estimated to be valued at USD 2.29 billion in 2022 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2033, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Applicant Tracking System (ATS) is a software solution designed to streamline the recruitment process and effectively manage talent acquisition. It provides automated tools and features that simplify the tedious and time-consuming tasks of sourcing, screening, and tracking job applicants. These systems offer a centralized database to store candidate information, track their progress in the recruitment pipeline, and facilitate efficient collaboration among recruiters and hiring managers. With the increasing demand for a streamlined recruitment process and effective talent management, organizations across various industries are adopting ATS to enhance their hiring efficiency and improve the quality of hiring decisions.
Market Dynamics:
The Applicant Tracking System market is driven by two primary factors. Firstly, the increasing demand for a streamlined recruitment process is compelling organizations to adopt ATS software to automate and optimize their talent acquisition activities. The ATS streamlines various steps involved in the recruitment process, such as resume screening, interview scheduling, and candidate communication, resulting in significant time and cost savings for organizations. Secondly, effective talent management is crucial for organizations to stay competitive in the market and attract top talent. The Applicant Tracking System helps organizations in managing and nurturing their talent pool, enabling them to identify and acquire the right candidates for their business needs. These driving factors are expected to fuel the growth of the Applicant Tracking System market over the forecast period.
Segment Analysis:
The applicant tracking system (ATS) market can be segmented based on deployment type, organization size, and vertical. The segment dominating the market is deployment type, with cloud-based ATS systems being the preferred choice for organizations. Cloud-based deployment offers flexibility, scalability, and cost-effectiveness, which makes it the dominating sub-segment in the market. Cloud-based ATS systems enable organizations to access their recruitment data from any location and at any time, making it easier to manage the hiring process.
PEST Analysis:
Political: The political landscape has a minimal impact on the ATS market. However, government regulations related to data privacy and protection can influence the adoption of ATS systems.
Economic: The economic factors such as GDP growth and business expansion play a crucial role in the growth of the ATS market. With growing economies and increased hiring activities, the demand for ATS systems is expected to rise.
Social: The social factor influencing the ATS market is the changing workforce dynamics. The shift towards remote work and gig economy has increased the need for efficient recruitment and talent management systems.
Technological: Technological advancements, such as artificial intelligence (AI) and machine learning (ML), have significantly impacted the ATS market. AI-powered ATS systems can automate various recruitment tasks, improve candidate matching, and enhance the overall hiring process.
Key Takeaways:
The Global Applicant Tracking System (ATS) Market is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period. This growth can be attributed to the increasing adoption of cloud-based ATS systems by organizations. Cloud-based deployment offers several advantages, including flexibility, scalability, and cost-effectiveness.
In terms of regional analysis, North America is the fastest-growing and dominating region in the ATS market. The region has a developed economy, a highly competitive job market, and a high adoption rate of advanced HR technologies. North American companies are increasingly investing in ATS systems to streamline their recruitment processes and attract top talent.
Key players operating in the ATS market include ApplicantStack, Greenhouse Software, Lumesse, Hyrell, iCIMS, Workable, Bullhorn, IBM Kenexa, ClearCompany, SAP SuccessFactors, Findly, JobDiva, Oracle Taleo, Newton Software, Cornerstone OnDemand, Lever, and Workday. These key players offer a wide range of ATS solutions with advanced features to meet the evolving needs of organizations in talent acquisition and management.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
