The recruitment software market has emerged as a multi-billion dollar industry today. In fact, a large number of small and medium-sized businesses are making use of recruiting technology to improve overall efficiency in the recruitment process. What is noteworthy is that recruiters are now more open and receptive to transition from old and traditional methods of recruitment and leverage the latest technology to manage their day to day tasks and optimize the processes. From AI-driven recruiting tools to other cutting-edge automation solutions, the global recruitment software market has evolved tremendously in recent times and is poised to grow further in the coming decade.
What is the Global Recruitment Software Market Size?
There was a time when recruitment used to be a very tedious and time-consuming process. Recruiters had to indulge in a lot of paperwork to finalize their selection of the best candidates. But now with the advent of modern technological solutions, the hiring process has become much more convenient and simpler. The majority of the businesses have switched to newer technologies that offer real-time analytics, social media recruiting, web-based assessments, automatic workflows etc.
Recruitment solutions have completely changed the way businesses hire potential candidates, thereby allowing recruiters to streamline and optimize the hiring process. So, staffing agencies can now adhere to a more simplified approach to recruitment. In addition to saving a great deal of time, energy and valuable resources, recruitment software significantly facilitate in improving the overall candidate experience. Therefore, it would be safe to say that technology has been a game-changer since the increasing adoption of cloud-based recruitment solutions has brought forth this change.
The recruitment software industry is quite vast. Owing to the speedy growth across the service sector, North America is believed to be the most dominant market for recruitment solutions. Asia Pacific region too has been experiencing substantial growth due to heavy industrialization and the emergence of smartphone application development startups in recent years.
Furthermore, the growing need for mobility in developing economies like India is bound to give a notable boost to the market in the near future. Valued at US$ 1753.2 million in the year 2017, the global recruitment software market is pegged to reach around US$ 3095.8 million by 2025.
Also Read: The Top 10 Recruitment Software 2019
What is the future of Online Recruitment Software Market?
Artificial Intelligence (AI) is the future of the online recruitment software market. There is no denying the fact that artificial intelligence can make the process of recruitment faster and far simpler. In fact, it has been reported that artificial intelligence will transform recruitment in the next couple of years. With AI, recruiters will have more free time in hand which they can utilize on other essential tasks. Here are some of the ways in which AI will impact the future of the global recruitment software market.
Artificial intelligence will ensure that companies get the perfect match for the position by examining the candidate’s resume and online presence to see whether it is an ideal fit. The best part about AI is that candidates will also have to acquire certain skills to apply and interact with the recruitment platforms. With artificial intelligence, companies will be able to find the best talent, conduct opening interviews and examine the resumes of candidates, thereby ensuring a quicker selection procedure. Recruiters and staffing agencies will be able to reach out to more qualified candidates with the assistance of artificial intelligence. Moreover, they will be able to target their searches by factors such as job position, education, location, salary, and so on. With the help of certain AI tools, businesses will be able to assess potential threats while hiring workers living in remote locations. They will be able to determine whether an employee is going to work with honesty on being hired by the company; things which are not easy to gauge otherwise by way of pure personal interaction between humans.
There is no denying that the recruitment software market has grown by leaps and bounds over the past few years. It is so because modern-day recruitment tools have helped recruiters enhance the hiring speed and strengthen their candidate base. With the assistance of recruitment software, staffing agencies around the world have been able to improve productivity and cut down on hefty hiring costs concomitantly. However, remember thay the key to tapping the benefits of a recruitment software lies in doing a thorough research to narrow down on the best recruitment solution for your business that can meet your specific requirements.