Analysis of the global talent acquisition and staffing technology and services market highlights favourable trends and is anticipated to grow at a CAGR of 6.25% in terms of revenue during the assessment period 2018-2028.
With the growing importance of recruiting and retaining top talent effectively and efficiently, smart hiring processes are the need of the hour. It is about time organisations move beyond merely scrutinising resumes. Salaries and benefits are important factors, but adopting ways that would make candidates an important part of the hiring process will attract the best talent. Studies reveal that due to discrepancies in existing Applicant Tracking Systems (ATS), hiring companies miss out on more than 50% qualified candidates and tech firms incorrectly classify up to 80% of candidates.
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Machine Learning to Transform the Talent Acquisition Process
In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, true potential will be unlocked only when organisations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organisation. This data-driven knowledge graph will broaden the scope; hiring companies would no longer have to manually dig through thousands of candidate applications and can leverage intelligent recommendations through machine learning. While machine learning would automate various repetitive aspects of the recruitment process, it would also help identify top candidates from large talent pools on job boards.
Recently launched Google’s ‘Cloud Job Discovery’ that provides plug-and-play access to Google’s search and machine learning capabilities has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. The Cloud Job Discovery tool encompasses the entire recruiting ecosystem and has been designed to provide an improved candidate-employer experience. Google has also launched a tool called ‘Google for Jobs’ that gives smart recommendations to job seekers and helps them find the right jobs.
Market Segmentation
By Category Type
- Marketing Advertising
- Job Posting
- Employer Branding
- Recruitment Marketing
- Technologies
- Integrated ATS
- Standalone ATS
- Point Solution & Sourcing Tools
- Services
- Recruitment Process Outsourcing
- Contingent Staffing Services
- Background Screening Services
- Other Search Services
By Industry Type
- Education
- Manufacturing
- BFSI
- Healthcare
- IT & Telecommunication
- Energy
- Retail
- Transportation
- Others
By Platform Type
- Internal Referrals
- Other Internet Platforms
- Social Platforms
Chatbots for Candidate Engagement Trending the Global Market
Automation has permeated nearly every sector, with chatbots being the latest addition to the HR toolbox. Hiring companies are now using smart algorithms to screen candidate resumes and are deploying intelligent recruitment assistants to identify top prospects; pre-screen candidates; and to facilitate effective candidate engagement.
Recruitment Marketing and Advertising Initiatives to be the Go-to Strategy for Talent Acquisition; Interactive Recruiting to Metamorphose the Overall Hiring Experience
A recent study by Future Market Insights highlights the importance of marketing and advertising in the recruitment process. The growth in the talent acquisition market has led to the evolution of many technologies that are revolutionizing the recruitment landscape. To enhance the talent acquisition process and bring in more effectiveness, recruiting organizations are moving towards interactive hiring that requires extensive communication with the applicants in addition to the basic sourcing and recruitment process. A detailed report on the global talent acquisition and staffing technology and services market by Future Market Insights forecasts the market to reach a valuation of US$ 196,136.0 Mn by 2028, up from US$ 100,605.9 Mn in 2017. This translates to a CAGR of 6.25% during the 10 year period from 2018 to 2028.
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Significant Contributions of the Report
- Key Trends and Challenges: Detailed analysis on the ‘ins and outs’ of the market with qualitative research and quantitative insights
- Recent Drivers and Opportunities: Detailed assessment on the key growth drivers, technological developments, and factors affecting the market over the forecast period.
- Segmental Analysis: Extensive research on each segment and sub-segment, compiled by expert research analysts of FMI
- Regional Market Forecast: Thorough analysis of each regional market to provide market players with real-time data and reliable statistic to gain a competitive edge in the industry
- Competitive Landscape: Comprehensive analysis on prominent players and new entrants eyeing to improve their revenue prospects in the industry
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.