“The global applicant tracking system market size to grow at a CAGR of 6.7% during the forecast period”

The global ATS Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period, to reach USD 3.2 billion by 2026 from USD 2.3 billion in 2021. Key factors that are expected to drive the growth of the market are the Key factors that are expected to drive the growth of the market are the improved candidate experience through a streamlined process, need for automation in the recruitment process, and enhance reporting and compliance.

The COVID-19 Impact on the global ATS Market

The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the applicant tracking system market. The recent economic slowdown with the impact of COVID-19 emphasizes the need for alternate business systems. It has become important for businesses to embrace cloud computing and migrate to cloud applicant tracking system solutions. The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic has had a positive impact on the applicant tracking system market. Corporates are increasingly adopting technology-aided recruitment tools that can be leveraged remotely and can ensure hiring as well as business continuity amid disruptions. ATS has increasingly gained market traction amid the ongoing COVID- 19 pandemic to cater to virtual recruitment with the growing adoption of remote working models. The COVID-19 pandemic has created an enormous challenge for businesses globally in continuing operations despite the massive shutdown of offices and other facilities. The increasing use of technologies, especially in the pandemic situation, to stay connected and efficiently operate businesses is expected to drive the market during the COVID-19.

Services segment to grow at a higher CAGR during the forecast period

Based on the component, the market is segmented into two categories: software, and services. The services segment is expected to grow at a higher CAGR during the forecast period. Services, including consulting, integration and implementation, training and education, and support and maintenance, are required at various stages, starting from the pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum RoI. Services constitute an integral part in deploying the solution on-board, imparting training, and handling and maintaining the software solution. Companies offering these services encompass consultants, solution experts, and dedicated project management teams that specialize in the design and delivery of critical decision support software, tools, and services.

Cloud deployment mode segment to grow at a higher CAGR during the forecast period.

The ATS market is segmented by deployment type into on-premises and cloud segment. The cloud deployment mode is expected to grow at a higher CAGR during the forecast period. ATS solutions are migrating to the cloud from the on-premises deployment model as the former offers benefits such as reduced operational costs, making the technology accessible to the organizations and departments that lack capital and good infrastructure to support the on-premises deployment model. ATS software can be deployed as a cloud-based model, allowing multiple users to access information through the internet. Cloud services require no upfront cost or pay according to the user requirement. The cloud deployment model offers various benefits to organizations, such as quick deployment, scalability, and anywhere access. Data security is a major concern while adopting cloud services. Thus, organizations are moving toward private and hybrid cloud solutions.

Consumer goods and retail vertical to grow at a higher CAGR during the forecast period.

The consumer goods and retail industry vertical is expected to grow at the highest CAGR during the forecast period. The retail and consumer goods vertical is evolving and expected to grow rapidly in technological changes, customer needs, and employment. Tasks such as forecasting, budgeting, customer satisfaction, on-time task execution, and store labor schedules are the major challenges faced by the companies in this vertical. Moreover, retailers need to gain complete visibility and control over the recruitment of a diversified, mixed workforce that comprises in-store employees, drivers, and field service providers, who are difficult to attract by the manual Middle East and Africans. Due to such complexities, the retail and consumer goods vertical needs to select and hire the right employees.

APAC to grow at a higher CAGR during the forecast period.

The APAC market is gaining huge traction among global businesses. Moreover, the business relationship of APAC countries has increased drastically with the US in the past decade. This has led to the increased adoption of ATS software and services in the APAC region. Due to the region’s high population, there are many applications for every job post, which has become a major challenge for recruiters in the APAC region. To overcome this challenge, APAC enterprises are being made aware of the benefits offered by ATS since the region includes countries such as Singapore, India, Sri Lanka, Malaysia, and Hong Kong, which focuses more on such parameters. Moreover, the advanced benefits of automation and analytic metrics are a few other factors compelling APAC companies to adopt ATS.

The break-up of the profiles of primary participants in the global Applicant tracking system Market is as follows:

• By Company: Tier 1–16%, Tier 2–43%, and Tier 3–41%
• By Designation: C-Level Executives–28%, Director Level–46%, and Others–26%
• By Region: North America–44%, Europe–30%, APAC–12%,  and RoW-14%

The Applicant tracking system Market comprises major providers, such as Check Point Software Technologies(Israel), Fortinet(US), Broadcom (US), OPSWAT(US), Peraton(US), Deep Secure (UK), Votiro (US), Resec Technologies(Israel), odix (Israel), Glasswall Solutions (England), Sasa Software (Israel) JiranSecurity (South Korea), YazamTech(Israel), Solebit(Mimecast), CybACE Solutions (India), SoftCamp (South Korea), and Gatefy (US). The study includes an in-depth competitive analysis of key players in the Applicant tracking system Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

Research Coverage

The report segments the global applicant tracking system Market by component into two categories: software and services. By deployment mode, on-premises and cloud. By organization size, the market is segmented into two categories: SMEs and large enterprises. By vertical, the applicant tracking system market has been classified into BFSI, government, manufacturing, telecom and IT, consumer goods and retail, healthcare and lifesciences, energy and utilities, transportation and logistics, and others. By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.

Key benefits of the report

The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall applicant tracking system market and the sub segments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.