At 7.6 % CAGR, Applicant Tracking System Market Size Worth U...| MENAFN.COM

Tuesday, 27 September 2022 02:06 GMT

At 7.6 % CAGR, Applicant Tracking System Market Size Worth USD 2.1 Billion By 2026: Industryarc

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Demand for cloud-based technology would increase the market for Applicant Tracking System Market over the forecast period.

HYDERABAD, TELANGANA, INDIA, September 22, 2022 / / -- IndustryARC, in its latest report, predicts that Applicant Tracking System Market is forecast to reach $2.1 billion by 2026, growing at a CAGR 7.6% from 2021 to 2026. Applicant tracking system is also known as the candidate management system, and enterprises use the software to more efficiently recruit employees and is used in conjunction with customer relationship management solutions. The applicant tracking system can also be used to post job openings on a company website or work board to review resumes, and to create interview requests via e-mail to deserved applicants. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key Takeaways:

This IndustryARC report on the Applicant Tracking System Market highlights the following areas -

1. The manual analysis of candidates' applications is becoming outdated due to the time, cost, and bias issues associated with human analysis. Applicant tracking system not only offers actionable feedback but also reduces the time and cost of hiring and recruiting.

2. Implementation of ATS cloud software offers various benefits, such as increased security, increased scalability, increased flexibility and lower costs and this is expected to boost market growth.

3. North America is expected to have the largest share, as developed economies such as the United States (US) and Canada are involved. It is the most developed region on the ATS market, as virtually all the major companies have their headquarters in the area.

4. Market demand for the applicant tracking system is growing because of the introduction of cloud-based technology.

5. According to the SAP SE, digital transformation helps to send and retain talent in increasing rapid and efficient operations. As a result, the growing demand for digitalization is expected to drive the applicant tracking system market during the forecast period.

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Segmental Analysis:

1. During the forecast period, software segment is expected to grow at a CAGR of 6.9% during 2021-2026. Applicant tracking software gives companies the ability to adapt the software to the needs of the end-users, although the software is tailor-made for use by companies.

2. North America currently dominates the global Applicant Tracking System market with a share of more than 37.5% in 2020. North America is expected to have the largest share, due to the involvement of developed economies like the United States (US) and Canada. It is the most developed region on the ATS market, since virtually all the major corporations are headquartered in the area.

3. During the forecast period the cloud deployment segment is expected to grow at a CAGR of 8.8% between 2021-2026. ATS software cloud implementation provides various benefits, such as improved security, enhanced scalability, enhanced flexibility and lower costs.

Competitive Landscape:

The top 5 players in the Applicant Tracking System industry are -

1. ADP
2. ATS Ondemand
3. Ascentis
4. Bamboohr
5. Clearcompany

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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

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