Applicant Tracking System Market estimated to grow at Impressive CAGR of in the forecast period (2018-2023)

Applicant Tracking System Market

MarketsandMarkets expects the Applicant Tracking System (ATS) market size to grow from USD 1.21 billion in 2018 to USD 1.81 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period. Growth in geographically diverse talent acquisition, increasing need to automate recruitment processes, focus on enhancing candidate experience, and emerging need for analytics metrics are expected to be major drivers for the market.

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The service component is expected to record a high growth rate over the next 5 years. ATS services assist and support organizations across industries in effectively dealing with candidate sourcing, resume tracking, and finally the onboarding of the selected candidates. The various significant benefits of ATS services include significant cost savings, trained resources, 24X7 customer service availability, and support for recruiters using the ATS software.

The cloud deployment is expected to grow at a higher rate over the next 5 years. Small and Medium-sized Enterprises (SMEs) are adopting the cloud deployment type, mainly due to its cost effectiveness and advanced results. Rapid growth in data generation and the use of advanced technologies, such as IoT and analytics are leading to the greater adoption of the cloud deployment type, due to the benefits of enhanced and organized storage, and ready availability of data when required.

The SMEs segment is expected to grow at a higher rate over the next 5 years. To address some common issues, including the lack of eligible candidates applying to the posted jobs, SMEs are using the ATS software, which enables the hassle-free posting of jobs on various job portals and helps maintain the profiles of candidates. Moreover, SMEs are more inclined toward adopting cloud-based ATS, due to benefits such as lower costs using the pay-as-you-go model, greater flexibility and storage, and better scalability.

The retail and consumer goods vertical is expected to grow at the highest rate in the ATS market over the next 5 years. The vertical is evolving and is expected to grow rapidly in terms of technological changes, customer needs, and employment. Moreover, retailers need to gain a complete visibility and control over the recruitment of a diversified, mixed workforce that comprises in-store employees, drivers, and field service providers, both internally and externally. Due to such complexities, the retail and consumer goods vertical needs to focus on selecting and hiring the right candidates.

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Asia Pacific (APAC) is projected to be fastest-growing region in adopting ATS software and services, due to the increasing adoption of automation and advanced technologies in the region. The large talent pool, high domestic demand, good and improving infrastructure, increasing government incentives, and the removal of trade barriers are expected to increase the hiring of qualified workforce in the APAC region, which, in turn, is expected to drive the growth of the ATS market.

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