Global Recruitment Software Market Report and Forecast 2024-2032

Global Recruitment Software Market Size

The global recruitment software market reached a value of more than USD 2.20 billion in 2023. The market is expected to grow at a CAGR of 6.3% between 2024 and 2032, reaching a value of USD 3.81 billion by 2032.

Recruitment Software Market Outlook

• The most popular talent tracking software includes SmartRecruiters, BambooHR, Workday, Greenhouse, and Submittable.

• As per industry reports, almost 99% of Fortune 500 companies utilise specialised recruitment software.

• 94% of recruiters acknowledge that recruitment software has positively impacted their hiring processes.

• 68% of recruiters believe that investing in advanced recruiting technology is crucial for enhancing recruiting outcomes.

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Recruitment Software Market Growth

Recruitment software is a system that helps in hiring talented applicants by optimising the hiring process and streamlining the recruitment workflow for hiring managers, recruiters, and talent acquisition professionals.

Increasing adoption of cloud-based solutions and mobile applications by organisations to streamline hiring processes and improve candidate experience is a major factor driving recruitment software market expansion. Growing need for data-driven decision making in talent acquisition and the use of artificial intelligence and machine learning to automate tasks like resume screening and candidate matching is also a key driving factor.

Key Trends and Developments

Increasing adoption of cloud-based and mobile solutions, integration of ai and machine learning, and focus on diversity and inclusion are boosting the recruitment software market growth

May 2024

Cornerstone OnDemand launched Cornerstone Galaxy, an AI-powered workforce agility platform, designed to unite technology, data and content to inspire a future-ready workforce. The launch redefines learning and talent management.

May 2024

Oracle introduced Oracle Grow for Business Leaders, an AI-powered upskilling solution within Oracle ME employee experience platform. It offers leadership-driven role guides, a centralised leader dashboard, innovative internal mobility, and a skills aggregation platform.

January 2024

Ceridian acquired eloomi, a leading learning experience platform software provider. The acquisition aims to provide customers with more engaging learning and development experiences, AI-driven content creation, and extended enterprise learning capabilities.

Increasing implementation of automation

With technological advancements, companies are increasingly implementing automation in various operations. The recruitment software allows automation of the process of job posting on different portals and keeping track of applicants.

Incorporation of AI in recruitment software

Companies are implementing AI in recruitment software for the purpose of predictive modelling as it allows recruiters and hiring managers to use the algorithms and predict who would be best for the job opening. This can significantly help in reducing the time taken in recruiting, which further propels the recruitment software market development.

Emerging nations increasingly adopting recruitment software

Recruitment software is increasingly being adopted by smaller and growing businesses and luxury brands in emerging nations owing to rapid industrialisation. With automation and management services, companies would be enabled to sort and choose the most suitable employee.

Rise in consolidation and partnerships

Major players like Oracle and SAP are engaging in mergers and acquisitions to gain market share and expand their product offerings. Oracle's acquisition of Taleo Corp. allowed it to integrate new value-added features and cross-sell to more multinational companies.

Recruitment Software Market Trends

Organisations are increasingly turning to cloud-based platforms like Greenhouse and Lever to streamline their hiring processes and improve candidate experience. Cloud-based solutions offer greater flexibility, scalability, and cost-effectiveness compared to on-premises systems. Additionally, the rise of mobile recruitment apps like JobScan and Jobvite is enabling recruiters to access candidate data and manage hiring processes on-the-go.

Moreover, demand for software that enables remote hiring and virtual interviews has accelerated due to the pandemic. Increasing focus on diversity and inclusion in hiring and the need for software that helps mitigate bias is another key factor influencing recruitment software market outlook. Textio's augmented writing platform analyses job descriptions and suggests language that appeals to a diverse pool of candidates.

Vendors are also increasingly incorporating AI and ML algorithms into their solutions to automate tasks such as resume screening, candidate matching, and interview scheduling. HireVue's AI-powered video interviews analyse candidates' facial expressions, word choice, and tone to assess their fit for a role. These technologies enable recruiters to process large volumes of candidate data more efficiently.

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Recruitment Software Industry Segmentation

The EMR’s report titled “Recruitment Software Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Software
  • Contact Management
  • Resume Management
  • Mobile Recruitment
  • Reporting and Analytics
  • Workflow Management
  • Others
• Services
  • Professional
  • Managed

Market Breakup by Enterprise Size

• Small and Medium Sized Enterprises

• Large Enterprises

Market Breakup by Industry

• Manufacturing

• Healthcare

• BFSI

• Education

• Hospitality

• Others

Market Breakup by Region

• North America

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa

Recruitment Software Market Share

SMEs use recruitment software to stay competitive in the market and hire capable employees

Based on enterprise sized, the small and sized medium enterprise (SMEs) segment is expected to hold a significant share of the market owing to the rising adoption of recruitment software due to the rising competition in the market.

The large enterprise segment is expected to hold a major share of the market. This can be attributed to the wide array of businesses owned by large organisations. Due to this, large enterprises hire many employees across various countries and proper management becomes a necessity. This gives the market positive opportunities for recruitment software market growth.

Hospitality and BFSI industries holds a significant market share due to rising demand for skilled professional in managing industrial operations

The hospitality segment holds a major share of the market in the forecast period due to increasing emphasis on customer care services. The development of the hospitality sector is dependent on many workers, due to which companies in the hospitality sector are always in need of highly skilled employees.

As per recruitment software market analysis, recruitment software plays a vital role in the education sector for attracting and retaining academic and administrative talent. Tools like resume management and reporting/analytics aid in assessing qualifications and tracking recruitment metrics, supporting diversity and inclusion initiatives in hiring practices. The BFSI sector is also expected to hold a significant share of the market owing to its rapid development and increasing implementation of automation, which has propelled the need for skilled workers.

Leading Companies in the Recruitment Software Market

Market players are focused on mergers and acquisitions to expand their presence; introducing AI-powered advanced versions of recruitment software; and offering cloud-based integrated platforms

Ceridian HCM Holding, Inc. is a global human capital management (HCM) company. It is headquartered in Minnesota, United States, and was founded in 2013. Their flagship HCM cloud platform, Dayforce, is an advanced service providing various including human resources, payroll, and talent management capabilities in a singular solution.

SAP SE is a German-based multinational software company, which was founded in 1972. The company specialises in resource planning and management solutions for service, consumer, and the banking and insurance industries.

Oracle Corporation is the largest database management companies, headquartered in Texas, United States, and was founded in 1977. The company's products can be categorised into cloud infrastructure, cloud applications, hardware, and software. They provide management solutions for automotive, health, communications, industrial manufacturing, food, and beverages industries.

Kronos Incorporated was founded in 1977 and is headquartered at Massachusetts, United States. It offers a range of industry-centric workforce applications designed to help organisations control labor costs, minimise compliance risk, and enhance workforce productivity.

Other key players in the global recruitment software market include Cornerstone, among others.

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Recruitment Software Market Analysis by Region

North America leads the market due to the need for efficient hiring processes in highly competitive job market

North America region holds the largest recruitment software market share due to its robust technological infrastructure, the need for efficient processes in a highly competitive job market, and the emergence of innovative recruitment solutions from leading providers such as SAP, Oracle, and Bullhorn. Europe is expected to experience substantial growth in the market due to the high emergence of corporate offices within several industry verticals. The region's growth is driven by the increasing adoption of various solutions in the service sector, particularly in the BFSI sector.

The Asia Pacific is predicted to experience a huge increase in its recruitment software market size during the projected period because of the region's significant industrialisation and the rise of start-up businesses focused on developing smartphone applications. The region's growth is also driven by the rising need for mobility in developing countries such as India and China.

Key Highlights of the Report