Global recruitment software market was valued at US$ 2.55 billion in 2021, and it is expected to reach a value of US$ 3.85 billion by 2028, at a CAGR of 6.10% over the forecast period (2022–2028).
Westford, USA, Aug. 18, 2022 (GLOBE NEWSWIRE) -- According to a recent study by SkyQuest, the demand for recruitment software is on the rise. In the global recruitment software market, more than 4.8 million organizations are using the tool and the number is expected to expand to 6 million by 2030. The study found that 41% of hiring managers surveyed said they've increased their use of recruitment tools in the past year, and more than half (54%) said they plan to do so in the next year.
Why the demand for recruitment software market is on the rise is clear: with a tight labor market and continued growth in automation, hiring managers need all the help they can get when it comes to finding qualified candidates.
Recruitment software can help organizations automate many of the tasks involved in recruiting, such as jobs postings, candidate tracking, and feedback management. It can also help with things like predicting which roles will become vacant and preparing Qualified Candidate Shortlists (QCLs) in advance. This not only saves time and money; it also helps organizations ensure that they're being as effective as possible when it comes to recruiting talent.
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AI is Becoming Mainstream and Started Shaping the Future of Global Recruitment Software Market
One of the most important ways artificial intelligences (AI) is being incorporated into recruitment software is through predictive modeling. Predictive modeling uses algorithms to create models of how people behave, in order to make predictions about future events or situations.
For instance, HireVue, Paradox, ZohoRecruit, some of the leading players in the global recruitment software market, are using predictive modeling in their recruitment process They use AI in conjunction with data from LinkedIn and other social media platforms to predict which candidates are likely to be a good fit for a job opening. This allows the hiring manager to save time by not having to interview candidates that they're not interested in or that may not be a good fit for the job.
As per SkyQuest’s latest findings, the future of recruitment software market looks quite exciting, and it looks like artificial intelligence (AI) is going to play a big role in shaping it. For example, a recent study found that AI can help identify talented employees more accurately than human recruiters. This means that not only will AI help streamline the recruitment process, but it will also save businesses a lot of money in the long run.
It has also been found that AI assisted chatbots are being increasingly used to connect with potential employees and gather information about their skills and interests. In addition, robots can be used to conduct online searches for potential candidates. All of this saves’ businesses time and money, which is vitally important in today’s competitive market.
Altogether, AI is projected to change the face of the recruitment software industry in several ways. Not only will it make the process more efficient, but it will also help identify talented candidates more accurately.
SkyQuest has published a report on recruitment software market and has covered all the latest trends in the market with deeper understanding of its impact on the current providers. This report would help the buyers in identifying the lucrative growth opportunity in the market and target potential buyers. Apart from this, the report provides a detailed market analysis of top 30 players, their competitive analysis, market share analysis, growth strategies, marketing strategies, among others.
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Small Businesses, Luxury Brands and IT Companies are the Most Potential Consumers of Recruitment Software Market
The job market is always changing, which means that recruitment software is constantly becoming more vital for employers. Plenty of companies use this software to help with the entire recruitment process, from finding candidates to vetting them and then picking the best ones. While there are plenty of different types of recruitment software out there, some of the main protentional consumers are small businesses, luxury brands and IT companies.
As per SkyQuest analysis, small businesses can often be more nimble than larger companies and need to be able to find talented new employees quickly. Luxury brands are always looking for new talent to bring on board, and IT companies often need to fill a lot of positions right away in order to keep up with growing demand.
Small businesses and luxury brands are some of the most potential consumers of recruitment software market according to a recent survey by SkyQuest. The company surveyed 1,000 small businesses based in US, Canada, India, Japan, Australia, UK, and France and found that 61% of them use or are using recruitment software, with the majority (73%) using Skillset. The study also found that luxury brands are the most likely to use recruitment software, with 92% of them saying they use or are using it. This is in contrast to small businesses, where only 61% of them said they use or are using recruitment software.
The main reasons given for not using recruitment software were that companies didn’t think it was necessary (77%) and that they didn’t have the budget (59%). However, when it came to hiring new employees, 73% said they would choose a recruiter if they couldn’t find anyone else, while almost half (48%) said they would choose an online vacancy instead of contacting a recruiter. This indicates that there is potential for recruitment software to be used more widely by small businesses and luxury brands.
SkyQuest has conducted a survey on global recruitment software market in order to get a better picture about the adoption of the product across SMEs and large enterprises. The study has found some promising results, which can be used to understand consumer’s behavior and how are they responding their demand through use of these software. The report would help the market players device growth strategies, identify growth potential and develop marketing strategy as per consumers’ mindset.
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Key Players in Global Recruitment Software Market
iCIMS, Inc. (US)
Jobvite, Inc. (US)
Recruiterbox Inc (US)
SAP SE (Germany)
Zoho Corporation Pvt. Ltd. (India)
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