Reports And Data

Rapid advancements & innovations in application tracking systems software & growing usage of social media platform for job search are key factors driving market

NEW YORK, NY, UNITED STATES, January 19, 2023 /EINPresswire.com/ -- The global Application Tracking Systems (ATS) market size was USD 2.34 Billion in 2021 and is expected to register a revenue CAGR of 6.8% during the forecast period, according to latest analysis by Reports and Data. Rising requirement for efficient workforce management and increasing penetration rate of cloud-based platforms, along with adoption of mobile-based recruitment systems are major factors driving market revenue growth. Application tracking systems or candidate tracking system software controls hiring and recruiting process. ATS users have access to different features depending on their position in the hiring process. For instance, a recruiter might use ATS, to advertise a job, assess applications, get in touch with prospects, and offer the position to best one. Candidates will utilize ATS to browse an organization's job postings and apply to those that fit their qualifications. In addition, ATS can be used by candidates to engage with recruiting teams and accept job offers. Advancements and improvements in ATS software have enabled instant hires and interviews that let hiring managers customize application workflows while enabling applicants to start a phone interview with a recruiter even as they are applying.

However, difficulties in managing hourly labor and its biased and discriminatory nature are factors expected to hamper market revenue growth. Difficulties facing hourly labor are made worse by the Great Resignation. For instance, if two team members leave a ten-person team working shifts in a warehouse or manning a restaurant, the remaining eight team members must perform 25% more work merely to keep on schedule. This increases likelihood of those eight individuals leaving, which creates a vicious cycle restraining market revenue growth.

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 Some major companies in the global market report include Swipeclock, IBM, Greenhouse Software, Inc., ClearCompany, Workable Technology Limited, JobDiva, iCIMS, Oracle, SAP, Hireology, Workday, Inc., and Cornerstone.

Some Key Highlights From the Report

• The software segment accounted for largest revenue share in 2021. Despite being specifically designed for use by businesses, applicant tracking software enables organizations to customize it according to demands of end users. To manage the complete hiring process, from applicant monitoring to employee life cycle management, Human Capital Management (HCM) software also incorporates workplace management and application tracking system functions, which is driving revenue growth of this segment.
• The social media segment accounted for second-largest revenue share in 2021. Social media is an online communication tool that lets users share information with other people in groups or communities. Social media can be a source of hiring data since it is becoming a prevalent form of communication.
• The Europe market accounted for second-largest revenue share in 2021. Europe has witnessed a dramatic transition in the recent years with new jobs opening and big gaps brought on by a lack of skilled employees. Since the job market is more competitive than ever, steps must be taken to avoid excluding eligible applications, which is expected to drive revenue growth of the market in this region.
• On 31 August 2022, Sequoia Capital India and Square Peg Capital, along with returning investors Venture Highway and Together Fund, announced that Kula had raised a USD 12 million seed round. It will be utilized to grow its go-to-market, product, and Research & Development (R&D) teams in the U.S., Singapore, and India. Kula addresses this issue by automating operations by integrating with tools frequently used by recruiters such as LinkedIn, GitHub, Gmail, and ATS.

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Reports and data have segmented the global application tracking systems market based on deployment, organization, components, application, end-use, and region:

Deployment Outlook (Revenue, USD Billion; 2019-2030)

On-Premises
Cloud

Organization Outlook (Revenue, USD Billion; 2019-2030)

Small and Medium Enterprises (SMEs)
Large Enterprises

Component Outlook (Revenue, USD Billion; 2019-2030)

Software
Services

Application Outlook (Revenue, USD Billion; 2019-2030)

IT and Telecom
BFSI
Manufacturing
Retail
Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)

HR Platforms
Social Media
Facebook
LinkedIn
Others
Others

Regional Outlook (Revenue, USD Billion; 2019–2030)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Key Advantages of Application Tracking Systems (ATS) Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Application Tracking Systems (ATS) industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Application Tracking Systems (ATS) market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Nikhil Morankar
Reports and Data
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