The global Applicant Tracking System Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period, to reach USD 3.2 billion by 2026 from USD 2.3 billion in 2021. Key factors that are expected to drive the growth of the market are improved candidate experience through streamlined process, need for automation in the recruitment process, and enhance reporting and compliance.
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Services segment to grow at a higher CAGR during the forecast period
Based on the component, the market is segmented into two categories: software and services. Services, including consulting, integration and implementation, training and education, and support and maintenance, are required at various stages, starting from the pre-sale’s requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum RoI. Services constitute an integral part in deploying the solution on-board, imparting training, and handling and maintaining the software solution. Companies offering these services encompass consultants, solution experts, and dedicated project management teams that specialize in the design and delivery of critical decision support software, tools, and services.
Cloud deployment mode to grow at a higher CAGR during the forecast period.
The applicant tracking system market is segmented by deployment mode into on-premises and cloud segment. The ATS market is segmented by deployment type into on-premises and cloud segment. The cloud deployment mode is expected to grow at a higher CAGR during the forecast period. ATS solutions are migrating to the cloud from the on-premises deployment model as the former offers benefits such as reduced operational costs, making the technology accessible to the organizations and departments that lack capital and good infrastructure to support the on-premises deployment model. ATS software can be deployed as a cloud-based model, allowing multiple users to access information through the internet. Cloud services require no upfront cost or pay according to the user requirement. The cloud deployment model offers various benefits to organizations, such as quick deployment, scalability, and anywhere access. Data security is a major concern while adopting cloud services. Thus, organizations are moving toward private and hybrid cloud solutions.
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The applicant tracking system market comprises major providers, such as Oracle(US), IBM (US), iCMIS (US), PeopleFluent (US), Cornerstone (US), Workday (US), Bullhorn (US), Ultimate Software (US), ADP (US), SAP (Germany), Jobvite (US), Silkroad Technology (US), Paycor (US), Greenhouse Software (US), ClearCompany (US), BambooHR (US), Infor (US), Zoho (India), SmartRecruiters(US), JazzHR (US), CEIPAL (US), skeeled (Luxembourg), Breezy HR (US), Ascentis (US), Tribepad (UK), Manatal(Thailand), Trakstar Hire (US), ATS OnDemand(US), Oorwin (US), TalentNest (US), and Lever (US). The study includes an in-depth competitive analysis of key players in the applicant tracking system market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, mergers, and acquisitions, have been the most dominating strategies adopted by the major players from 2019 to 2022, which helped them strengthen their offerings and broaden their customer base.
Oracle provides products and services that address all aspects of corporate Information Technology (IT), including application, platform, and infrastructure. Oracle offers various HCM products such as HR, Talent Management, Workforce Management, and AI Apps for HCM. The company operates in the cloud and on-premises software, hardware, and services. Apart from these services, it builds ERP software, HCM software, and Supply Chain Management (SCM) software. The company prevails in growing technologies, such as the Internet of Things (IoT), blockchain, ML, and AI. Taleo recruiting services streamline the entire recruitment process in the ATS market.
Oracle has about 136,000 employees and caters to clients from the Americas, Europe, Middle East, and Asia. It offers its services for industry verticals, such as automotive, construction and engineering, consumer goods, education and research, financial services, healthcare, hospitality, and retail.
IBM operates globally with more than 352,600 employees worldwide and caters to its clients in 175 countries. It is one of the leading providers of IT and business insight software across the globe. The company offers extensive services across categories: application services, Business Process Operations (BPOs), business resiliency services, business strategy and design services, cloud services, digital workplace services, network services, security services, and technology consulting and support services. It operates through five business segments: cognitive solutions, technology services and cloud platforms, Global Business Services (GBS), systems, and global financing. It offers various products such as Talent Acquisition, Talent Assessment and Talent Development to support the recruitment process. The company offers the IBM Watson Recruitment software suite to enhance talent acquisition experiences in the ATS market. IBM caters to industry verticals, including automotive, aerospace and defense, government, banking, healthcare, finance, IT and telecom, Banking, Financial Services, and Insurance (BFSI), consumer products, and retail. Moreover, it has established a strong channel partner ecosystem by building partnerships.
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