A recently published analysis report by Future Market Insights has unveiled some intriguing insights about the Applicant Tracking System Market. In 2022, the global sales of the ATS Market reached an impressive figure of US$ 2.1 Billion. Looking ahead, the market growth projection from 2022 to 2032 stands at 5.3%, slightly surpassing the historical growth rate.
Among the various segments, it’s the software category that is anticipated to shine the brightest in terms of revenue generation. Projections indicate a Compound Annual Growth Rate (CAGR) of over 5.2% for software sales between 2022 and 2032.
Interestingly, delving into the historical context, the ATS Market’s value experienced a CAGR of approximately 6.1% from 2017 to 2021. This highlights the consistent growth trend that the market has witnessed over the years.
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Streamlining Recruitment Efforts: The Role of Applicant Tracking Systems
Applicant Tracking Systems (ATS): Enhancing Recruitment and Adaptability
Applicant Tracking Systems (ATS) serve as powerful tools for organizations to efficiently manage their recruitment processes. Originally designed for corporate use, these systems enable seamless resume collection and tracking within a centralized database, simplifying access for recruiters. Moreover, ATS platforms are flexible, allowing companies to tailor the software to align with their specific requirements. An illustrative example of this adaptability comes from the collaborative efforts of iCIMS, a cloud-based recruiting software platform, and UKG Inc., an American staffing firm, who joined forces in April 2021.
Collaborative Innovation: iCIMS and UKG Inc. Revolutionize Recruitment Practices
The strategic partnership between iCIMS and UKG Inc. marked a significant stride in modernizing recruitment strategies. By leveraging cloud-based technology, iCIMS aimed to enhance precision, data quality, and overall efficiency in recruitment procedures. A key aspect of this collaboration was the preservation of employee data and the acceleration of decision-making processes. One notable enhancement brought forth by the partnership was the streamlining of internal mobility procedures.
Seamless Data Integration: Transforming Employee Onboarding and Mobility
Through the integration of their applicant tracking system platform, iCIMS and UKG Inc. devised an innovative solution to enhance employee onboarding, mobility, and rehiring processes. Hiring managers and recruiters gained the ability to seamlessly transmit new hire insights through the ATS platform. This data synchronization promptly optimized internal processes for transfers, new engagements, and rehires. As a result, the collaborative efforts not only improved recruitment efficiency but also demonstrated the potential of ATS platforms to revolutionize various aspects of employee management.
Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Applicant Tracking System market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Applicant Tracking System market share.
Some of the recent developments of key Applicant Tracking System providers are as follows:
In January 2020, for its HR product line, Jobvite introduced a data science strategy. By ensuring that corporate recruiters have access to the most qualified applicants, this program aims to save time for both candidates and recruiters. Several algorithms and data sources, including corporate and recruiter hiring preferences, are incorporated into this data-driven strategy.
In December 2020, to enhance the company’s Talent Cloud Platform with employee-generated video storytelling, iCIMS recently announced the acquisition of Altru Labs, a mobile video platform.
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Key Players
- International Business Machines Corporation
- Icims
- Oracle
- PeopleFluent
- Cornerstone
- Greenhouse Software
- Trakstar Hire
- PeopleFluent
- SmartRecruiters
- Jobvite
- ClearCompany
- SmartRecruiters
Applicant Tracking System Market Segmentation
By Component:
- Software
- Services
- Training, Support & Maintenance
- Integration & Implementation
- Consulting
By Deployment:
- On-premise
- Cloud
By Organization Size:
- Small & Medium Enterprises
- Large Enterprises
By End Use:
- IT & Telecommunication
- BFSI
- Healthcare & Life Sciences
- Consumer Goods & Retail
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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