The global talent acquisition & staffing technology and services market is expected to reach approximately US$ 140.7 billion in the year 2022. Looking ahead, it is projected to grow at a steady rate of 5.7% annually, ultimately reaching a total value of around US$ 196 billion by the year 2028.
Talent acquisition & staffing technology and services currently account for around 13% share of the global human capital management market. Demand for marketing and advertising is likely to surge at a CAGR of 12% over the assessment period of 2022 to 2028.
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Market value of talent acquisition & staffing technology and services registered around 5.8% CAGR historically, from 2013 to 2021.
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 organizations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organization.
This data-driven knowledge graph will broaden the scope; hiring companies will 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.
Talent acquisition solutions play an important role in strengthening the growth fabric of organizations. With the economy improving and given the significantly low employment rate, candidate sourcing has become a challenge. To overcome this, strategies around HR marketing are being built to impart more control over outcomes pertaining to talent acquisition.
Organizational thrust is more on employer branding, brand messaging and employee engagement initiatives to attract and retain the best talent pool. Also, while employer branding plays a very important role in the sourcing and recruitment process as it provides an identity, image, and distinctiveness to the organization, it also helps motivate, engage and retain current employees.
Growth in the talent acquisition software 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.
What Makes North America a Prominent Regional Market for Talent Acquisition & Staffing Technology and Service Providers?
The North America talent acquisition & staffing technology and services market accounts for 38% share of the global talent acquisition & staffing technology and services market.
Social media’s growing influence and the usage of Applicant Tracking Systems (ATS) as important drivers of organizational hiring decisions. The increased usage of advanced technologies by businesses for the purpose of recruitment is driving market expansion.
Country-wise Analysis
How is the U.S. Market Shaping Up for Talent Acquisition & Staffing Solution and Service Providers?
Growing demand for recruitment solutions across businesses and rising adoption of modern technologies, the presence of prominent companies are driving the market growth in the U.S.
In addition, increasing adoption of smartphones and rising internet penetration in the United States are driving talent acquisition software and services demand growth.
Why is China Witnessing Positive Growth in Talent Acquisition & Staffing Technology and Services?
The China talent acquisition & staffing technology and services market accounts for the highest share in the global market and is expected to maintain its dominance over the coming years.
Rapid economic expansion, digitalization, globalization, and the growing usage of high-performance technologies are all contributing to the growth of the market in China.
Category-wise Insights
Which Category of Talent Acquisition & Staffing Technology and Services is Majorly Driving Market Expansion?
Marketing and advertising are expected to witness the highest demand in the global market for talent acquisition services. Demand for marketing and advertising is projected to expand 2X by 2028.
Recruitment marketing is the practice of attracting, engaging, and nurturing good talent even before the candidates apply for a particular role within the organization. Today, hiring managers to use the power of reporting and analytics and deploy advanced CRM tools to source the best talent in the job market.
Organizations are realising the importance of marketing and advertising, and are increasingly adopting employer branding, recruitment marketing, and job posting activities through different channels to promote their brands in the job market.
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Will Demand for Other Internet Platforms Increase Over the Coming Years?
Other internet platforms are expected to account for over 43.7% share of the global market for talent acquisition & staffing software and solutions in 2022.
The increasing use and adoption of modern technology such as analytics, cloud, and big data for talent acquisition and staffing are paving the way for the growth of the global talent acquisition & staffing technology and services market. Individuals have started using smart devices such as smartphones, laptops, tablets, etc., for updating their professional profiles to build an online presence and to search for jobs
While other internet platforms act as a marketing tool wherein job seekers can represent themselves to potential employers, it also serves as a suitable job screening mechanism, where employers can use the information available on other internet platforms to acquire a better picture of potential employees. This data is then analyzed by the HR departments of organizations to build a predictive analytics model that helps in sourcing the right candidates.
Other internet platforms are becoming more widely used, resulting in a more efficient talent acquisition process. This is one of the key factors fueling talent acquisition technology and services market expansion.
Leading Key Players:
- International Business Machine Corporation
- Oracle Corporation
- SAP SE
- Randstad Holding NV
- Linkedin Corporation
- PeopleFluent, Inc.
- CareerBuilder, LLC
- CornerStone OnDemand, Inc.
- Saba Software, Inc.
- Paycom Software, Inc.
- The Adecco Group, ADP, LLC
- Workday, Inc.
- Ultimate Software Group, Inc.
- Skillsoft Corporation
- BambooHR, LLC
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Talent Acquisition & Staffing Technology and Services Market Segmentation:
By Category:
- Marketing and Advertising
- Technologies
- Services
By Industry:
- Education
- Manufacturing
- BFSI
- Healthcare
- IT & Telecommunication
- Energy
- Retail
- Transportation
- Others
By Platform:
- Internal Referrals
- Other Internet Platforms
- Social Platforms
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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