Recruiting Software Market is Expected to Reach USD 3.90 Billion by 2030
As per the report published by Kings Research, the global Recruiting Software Market was valued at USD 2.50 billion in 2022 and is projected to reach USD 3.90 billion by 2030, growing at a CAGR of 5.85% from 2023 to 2030.
The introduction of data analytics in recruiting has transformed the HR function by providing businesses with valuable insights into their hiring processes and candidate performance. Recruiting software solutions that incorporate data analytics allow businesses to collect, analyze, and visualize key data points such as candidate sourcing, application-to-hire ratios (AHR), diversity and inclusion metrics, and time-to-fill. These insights enable recruiters to make data-driven decisions, improve hiring effectiveness, and reduce the time and cost spent on filling open positions. The integration of data analytics has transformed the industry, ensuring that businesses stay ahead of the competition in the quest for top talent. Overall, rapidly growing recruiting software solutions that incorporate data analytics have become essential tools for streamlining and optimizing processes.
- Based on the offering, the software segment accounted for the largest market share of 63.19% in 2022
- Based on organization, the small and medium enterprises segment is anticipated to register a significant growth rate of 33.73% over the forecast period
- Based on the end-user, the IT & telecommunications segment accounted for the largest market share of 34.94% in 2022
- On the basis of region, Asia Pacific is expected to grow at the fastest CAGR of 8.42% during the forecast period
Cornerstone Acquired EdCast and SumTotal to Expand their Portfolio
October 2022: Cornerstone has acquired EdCast and SumTotal, which empowered Cornerstone to offer a range of SaaS platforms for learning and talent management aimed at supporting businesses to achieve remarkable success by driving growth in human resources. To leverage AI and ML-based solutions and improve their learning and talent management programs.
Rising Integration with Third-Party Apps to Drive Market Growth
Recruiting software providers are increasingly offering integrations with third-party applications to help optimize and streamline the recruitment process. Some popular third-party integrations for recruiting software include job boards, social media platforms, and background check providers. Integrations with HR systems such as payroll, time and attendance, and onboarding software also enable a more seamless hiring process. Greenhouse's recruiting software integrations include popular job boards and sourcing tools such as LinkedIn and Indeed, as well as integrations with HR systems such as ADP and Workday. Zoho Recruit offers integrations with popular social media platforms and job boards to facilitate candidate sourcing, as well as integrations with productivity tools such as Microsoft Office and Google Workspace. Overall, integrations with third-party applications can help recruiting software users access complementary features and services, maximize their recruiting potential, and optimize their workflows.
Adoption of Robotic Process Automation in the Recruiting Process to Offer Lucrative Growth Opportunities
Recruiting software and robotic process automation (RPA) can work hand-in-hand to streamline HR processes and improve recruitment efficiency. By automating routine tasks such as data entry, resume screening, and interview scheduling, RPA can save recruiters a significant amount of time and allow them to focus on higher-value tasks such as candidate engagement and relationship-building. Some recruiting software providers also offer RPA features or integrate with RPA tools to provide a more seamless process. However, it's important to ensure that RPA is used in a responsible and ethical way to avoid perpetuating bias or discrimination. Overall, the combination of recruiting software and RPA can be a powerful tool for HR departments looking to optimize their hiring process.
Asia Pacific is Predicted to Witness the Fastest Growing Region During the Forecast Period Driven by Major Population
Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period, acquiring a CAGR of 8.42% in 2022 owing to the growing trend towards remote interviewing. Additionally, there are several local and international recruiting software providers who offer solutions specifically tailored to the Indian market. These solutions provide features such as localized job postings, automated screening, and candidate tracking. Overall, it appears that recruiting software and remote interviewing are becoming increasingly important tools for companies looking to hire top talent in major countries such as India. Some companies, including Intel, have made diversity and inclusion a key part of their organizational philosophy and seek to create a more inclusive and responsible workplace.
Increasing Focus On Strategic Mergers and Acquisitions for Sustainable Growth
The global recruiting software market is fragmented with key players such as ADP, Inc., BambooHR, Bullhorn, Inc., Cegid, Cornerstone, Freshworks Inc., HROne, Oracle, Recruitee B.V., Sage Group plc, SAP SE, UKG Inc., Workday, Inc., Zoho Corporation Pvt. Ltd. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations, to expand their business globally and enhance their competitive position.