Recruitment Software Market Size (2024 - 2029)

Recruitment Software Market Analysis

The Recruitment Software Market size is expected to grow from USD 2.78 billion in 2023 to USD 4.45 billion by 2028, at a CAGR of 9.86% during the forecast period (2023-2028).

This growth is mainly attributable to the robust need to streamline the recruitment process and reduce the time it takes from the recruiting manager's request until the new hire begins working.

• Companies all over the world can make high-volume hiring more efficient by incorporating recruitment software into their business operations. The rising demand for cloud-based platforms and the increasing adoption of technology in recruitment systems are the primary factors driving the recruitment software market. Also, implementing AI (artificial intelligence) for automated resume screening methods to evaluate the candidate's level of experience and skills has augmented market growth.
• With the rise of communication tools like social media and the internet, it's easier than ever for job seekers to send or talk to possible recruiting agencies or people.Social media has become an ecosystem of online communication channels through which communities or individuals can share valuable information and feedback. One of the primary reasons for the growth in social networking is the rising penetration of smartphones across the globe, as mobile internet and smart apps have allowed the adoption of social networking activities. It has been very well received by companies, which can talk to potential job candidates through social media networks.
• However, the limited technical expertise in using advanced recruitment software, including the lack of information or awareness of the availability of recruitment software among SMEs, may restrict the growth of the global recruitment software market. Also, some jobseekers who are not computer adept fail to offer accurate information online. They frequently need to correct their mistakes when filling out forms, such as entering the wrong name, an incorrect hometown, an incorrect education, etc.
• Additionally, firms emphasize optimizing the candidate experience while also boosting organizational effectiveness, helping these systems become more widely used worldwide. Social recruitment trends, the need to replace traditional hiring methods to cut down on paperwork, waste of resources, and costs, and the growing number of start-up businesses, especially in emerging economies, are all expected to drive market growth.

With COVID-19 impacting businesses worldwide, companies and institutions were looking for ways to stay productive, facing unprecedented challenges in managing increasing or decreasing headcounts. As businesses tried to protect their customers and employees, they had a hard time keeping track of staff procedures and keeping up with workloads. This boosted the recruitment software market, as many businesses found easy solutions to the above problems by using recruitment software.

Recruitment Software Industry Segmentation

Recruitment software is a tool to recruit employees more efficiently. The software is used to post job openings on a corporate website or job feed, screen resumes, and generate interview requests to shortlist candidates via various channels such as email or SMS.The Recruitment software includes pre-screening questions, individual applicant tracking, response tracking, automated resume ranking, and customized input forms.

The recruitment software Market is Segmented by (On-Premise, Cloud), End-user Verticals (Retail, IT & Telecom, BFSI, Manufacturing, Healthcare), and by Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.