In this market, the APAC region will grow considerably owing to the shift of small enterprises from on-premises to SaaS-based recruitment software, says Technavio.
Technavio’s enterprise application portfolio has announced its latest market research report on recruitment software for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global recruitment software market during the forecast period. Some of the top vendors listed in this industry analysis include iCIMS Kenexa (IBM), Lumesse, SuccessFactors (SAP), and Taleo (Oracle).
The Americas, among various geographies, will be the fastest-growing region in the global market, by contributing revenues of around $1 billion by 2020. Factors like the increased penetration of social media and the need for cost efficient recruitment process are driving the market in the region.
“The dawn of social media in the recruitment industry is increasing the business opportunities for the recruitment software providers. Social media has made hiring managers and recruiters proactive in their approach. This has allowed them to engage with talents across a wide range of social networking platforms,” says Ishmeet Kaur, a lead analyst at Technavio for research on enterprise application.
Click here to request a free sample of this report
This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing acceptance of globally diverse workforce
The advent of globalization has led to a substantial increase in the competition, especially in the economic and business forefront. It is anticipated that the global enterprises which investing in recruitment software are likely to gain a competitive advantage during the forecast period. One of the strong economies of the world, the US, holds several competitive advantages like a distinct legal system, the availability of ample natural resources, and the presence of a productive and striving workforce. The dawn of the Internet has also changed the process of corporate recruiting, and as a result, many enterprises are employing a geographically diverse workforce. Since recruitment software diminishes geographical barriers and accelerates the process of hiring, most companies have started adopting this software to bring down the total cost of operations.
High demand for automated recruitment processes
The demand for automated recruitment processes is one of the chief drivers for the market. The employment of new talent requires huge investment in terms of time and money for any company. Recruitment software streamlines the entire hiring process by mechanizing the various activities of recruitment. It reduces the overall cost and time needed for the hiring process. Automating the hiring process also increases the chances of recruiting the right candidate for the right post.
Increased demand for SaaS-based recruitment software
Organizations are installing SaaS-based recruitment software as it is economical and improves the overall efficiency of the recruitment processes. It has made remote access of data and services easier through a web-browser without additional installation and management of the application software. The growing acceptance of SaaS-based recruitment can also be credited to its numerous advantages over the traditional recruitment process like short implementation time. This decreases the application cost and improves ROI.
Some of the other prominent vendors identified in this report are Ascentis, Bond International Software, Bullhorn, Colleague Software, Cornerstone, Jobscience, Jobvite, MatchMaker Software, Microdec, PeopleFluent, Recruiterbox, and Swiftpro.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Recruitment Software Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Online Project Management Software Market 2016-2020
- Global Cloud-based Payroll Software Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
