Streamlining HR: How Applicant Tracking Systems Improve Hiring Processes

Applicant Tracking System Market

The applicant tracking system or ATS is a software application that is used by various organizations and market players for managing the recruitment and hiring process. ATS includes job postings and job applications. The company uses this system to gather and store the resumes on the database and then share their opinion with the recruiters following studying and indexing those resumes. It’s the automatic way of organizing and sending information about the job seekers, as well as issuing notification alerts and sending automated emails to the relevant applicant.

The global applicant tracking system market is growing as this application is widely used in automating staffing the operations are many companies. The process involves the collection of candidates’ data either from social networking websites such as LinkedIn, Facebook, and Twitter. The rising need for automation in the recruitment process is the prominent factor driving the growth of the global applicant tracking system market. The automation simplifies the recruitment process and improves the quality of a company’s hiring attempts.

According to the research report, the global applicant tracking system market was valued at USD 2.35 billion in 2021 and is expected to reach USD 4.20 Billion By 2030, growing at a CAGR of 6.9% during the forecast period.

Applicant Tracking System Market: Growth Drivers

Rising demand to improve applicant experience using the automatic streamlined pr ocess, the emergence of mobile-based recruitment systems, surging demand to enhance staffing efficiencies and productivity, and the requirement to move towards modern hiring methods are the primary factors fueling the growth of the global applicant tracking system market. The benefits provided by the applicant tracking system, such as less time with administrative tasks, faster CV screening, and indexing, better hiring quality, and improved candidate experience, are also fueling the global market growth.

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Also, the integration of Artificial Intelligence (AI) functionality into applicant tracking system (ATS) software solutions is anticipated to create growth opportunities for the market. Moreover, growing urbanization will propel market growth. In addition, the growing adoption of new technological solutions coupled with rising demand for mobile recruitment is expected to accelerate the applicant tracking systems market growth.

Applicant Tracking System Market: Report Segmentation

Insight by Component

Based on components, the software segment is expected to dominate the global applicant tracking system market over the forecast period. This growth can be attributed to the growing need for applicant tracking systems in the hiring process in order to automate, organize, and standardize information about the candidate. Also, the customization flexibility of the software as per the end-user’s needs is fueling the segment growth in the market.

Insight by Deployment Model

On the basis of the deployment model, the on-premise segment is anticipated to generate the most significant revenue over the forecast period because the on-premise applicant tracking systems can efficiently maintain the servers. Also, the on-premise deployment model requires significant investment to implement, and therefore it is majorly used in large organizations.

Geographic Overview: Applicant Tracking System Market

Depending on geography, North America witnessed the largest revenue share in the global applicant tracking system market as most significant corporations globally worldwide are headquartered in the region. The growing usage of mobile phones for candidates’ recruitment process accelerates the market growth. The rapid adoption of advanced technologies in this region is expected to positively influence market growth. In addition, the increased adoption of artificial intelligence is driving the applicant tracking system market growth.

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Furthermore, Asia Pacific is projected to experience the highest market growth in the global applicant tracking system market. Due to the rising number of population in the region, there are many applications for every job post, which is driving the market growth. Also, the benefits offered by ATS are accelerating its demand in the region.

Recent Developments

  • In November 2021, Scout Talent, a recruitment software and services provider, launched applicant tracking software and recruitment services in response to the U.S. talent shortage.
  • In March 2022, Agile Onboarding, the premier applicant tracking system, launched the Agile Onboarding Software that uses targeted AI and data analysis to help companies well organize the hiring and onboarding processes.