Diversity Recruiting Software Market Size is expected to grow at a CAGR of 9.4% till 2027 fueled by Growing Need for Enhanced Communications and Productivity

NEW YORK, UNITED STATES, January 27, 2022 /EINPresswire.com/ -- Global diversity recruiting software market was estimated at US$ 357.1 million in 2019 and is projected to reach US$ 709.5 million by 2027; it is expected to grow at a CAGR of 9.4% from 2020 to 2027.The scope of this study involves understanding the factors contributing to the market growth; it also includes estimating and forecasting the revenues, conducting the market share analysis, and spotting significant market players along with their key developments.

Diversity recruiting software helps recruiters, HR departments, and hiring managers to design and manage various diversity recruitment initiatives. Also, these technologies for hiring diversity help companies build diverse teams by retaining, sourcing, and hiring candidates from underrepresented groups based on race, gender, etc. A few diversity recruiting software focus on reducing unconscious bias by creating blind skill-based screening solutions, while others focus on increasing talent pool diversity by sourcing from underrepresented groups. Moreover, as more executives and job seekers prioritize diverse teams, key diversity recruiting events become more competitive each year.

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Market Size Value in - US$ 357.1 Million in 2019
Market Size Value by - US$ 709.5 Million by 2027
Growth rate - CAGR of 9.4% from 2020-2027
Forecast Period - 2020-2027
Base Year - 2020
No. of Pages - 136
No. Tables - 56
No. of Charts & Figures - 69
Historical data available - Yes
Segments covered - Deployment
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Impact of COVID-19 Pandemic on Diversity Recruiting Software Market
During the COVID-19 pandemic, businesses and organizations, faced with unprecedented challenges, are looking for different ways to stay productive. Managing staff procedures, increasing or decreasing headcount, and maintaining workloads has become a remote process for many businesses as they look to protect their employees, their customers, and the public. Centers for Disease Control and Prevention (CDC) has recommended social distancing measures for organizations, which has made remote working a new norm. Employees work from home and manage personal obligations. Businesses are facing difficult decisions about how this seismic shift can be adapted and survived, and hiring practices have changed overnight. All of these factors are expected to impede market growth in 2020 and mid-2021.

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Artificial Intelligence (AI) to Provide Growth Opportunities to Diversity Recruiting Software
AI is the future of the Diversity Recruiting Software. It can make the diversity recruitment process quicker and simpler. AI is expected to transform recruitment in the next couple of years. With AI, recruiters would be able to use more free time for other essential tasks. AI would ensure that the company gets the perfect match for the position by examining the candidate's resume and online presence to see if it is an ideal fit. Moreover, with AI, businesses would be able to find the best talent, conduct opening interviews, and examine candidate resumes, thus ensuring a faster selection procedure. With the AI assistance, recruiters and staffing agencies can reach out to more qualified candidates. Moreover, they would be able to target their searches by factors, such as job position, education, location, and salary.

Organizations are emphasizing on enhancement of candidate experience and improvement of their organizational efficiency, which contributes to the widespread adoption of diversity recruiting software systems across the world. Additionally, other factors, such as growing need to replace traditional hiring methods to minimize paperwork, emerging trends in social recruitment, and increasing number of start-ups, particularly in developing economies, are projected to drive the market growth further. The diversity recruiting software market is segmented based on deployment and enterprise size. Based on deployment, the diversity recruiting software market is segmented into on-premise and cloud. Based on enterprise size, the diversity recruiting software market is categorized into small and medium enterprises and large enterprises. The key market players profiled in the report are Be Applied Ltd, Eightfold AI, Inc, Entelo, GR8 People, Inc., Greenhouse Software, Inc., Hiretual, HiringSolved, Plum, inc., Pymetrics, and SeekOut.

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Strategic Insights:

- In July 2020, Entelo announced the completion of Workday Certified Integration. The integration would allow joint customers to search Entelo’s database of passive candidate profiles and select individual or groups of profiles to export into Workday Recruiting.

- In December 2019, GR8 People announced launch of real-time intelligent personalization to help, inform, and engage candidates with a combination of AI-driven features that result in a more candidate-centric career website experience

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