WILMINGTON, DE, UNITED STATES, January 17, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Online Recruitment Software Market, by Component (Solution, Services), by Deployment Mode (Web-based, Cloud-based), by Enterprise Size (Large Enterprise, Small and Medium-sized Enterprise), by End User (IT and Telecom, BFSI, Retail and E-commerce, Healthcare, Manufacturing, Government, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032"

The online recruitment software market was valued at $1.8 billion in 2022, and is estimated to reach $4 billion by 2032, growing at a CAGR of 8.6% from 2023 to 2032.

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Online recruitment (also known as E-recruitment or internet recruiting) allows businesses to use various internet-based solutions – for example, online advertising, job listings, social media and company websites to source and hire the best candidates. These software solutions are commonly used by human resources professionals, recruiters, and hiring managers to manage job postings, track applicants, collaborate with team members, and make data-driven hiring decisions. Online recruitment software can vary widely in terms of features, complexity, and pricing. Small businesses may use simpler solutions, while larger enterprises may opt for more comprehensive, customizable systems to meet their specific needs. The goal of these systems is to make the recruitment process more efficient, reduce administrative tasks, and help organizations find and hire the best talent for their positions.

Online recruitment software will helps organizations to save time and money. The hiring procedure is time-consuming and labor-intensive. Paperwork consumes time and costs money. An automated approach saves a lot of time and effort over long hours of paperwork. The money that would have been spent on hiring someone to handle the documentation is also saved.

Additionally, the online recruitment software market is expected to witness notable growth owing to increase in use of virtual recruitment, rise in need for robotic process automation and rise in use of artificial intelligence. Moreover, a rise in remote interviewing is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, accessibility issue open-source software limits the growth of the online recruitment software market.

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On the basis of enterprise size, large enterprise dominated the online recruitment software market size in 2022, owing to the presence of servers and critical resources within the network premises. In addition, by applying online recruitment software large enterprises can access a wider pool of potential candidates by posting job listings on multiple job boards and social media platforms, making it easier to reach a diverse and qualified talent pool. However, the small and medium-sized enterprise is expected to witness the fastest growth, owing to advanced technologies such as artificial intelligence and automation technologies help small & medium enterprises to compete with large organizations. Thus, the need to implement cost-effective software solutions drives the adoption of global online recruitment software market among SMEs.

Region-wise North America dominated the online recruitment software market share in 2022, owing to the increasing technical developments that are entirely revolutionizing the landscape of the IT industry and, in turn, encouraging the online and automated solutions for hiring process in the region. However, Asia-Pacific is expected to witness the fastest growth in the upcoming year, owing to developing countries such as China and India, the adoption of smart technologies such as AI and ML escalates the demand for online recruitment software. This is further attributed to the rise of remote work, and the desire for more efficient and data-driven hiring processes.

The online recruitment software market forecast has been significantly impacted by the COVID-19 pandemic. The COVID-19 health crisis is an unprecedented shock that is transforming the lives and livelihoods of individuals around the globe. Its effects are expected to extend beyond the short term into the medium and long term as well. The severe health impacts have been matched by sharp declines in economic activity and upheavals of labor markets. As industries were forced to cease operations to protect the health of workers and promote compliance with mitigation and containment policies, many countries adopted widespread job retention schemes and/or income support schemes designed to support workers. Whenever possible, employers reorganized their operations to enable remote working arrangements. The volume of online job postings dropped significantly since the start of the pandemic and the introduction of COVID-19 related containment measures. In the second half of March 2020, job vacancies advertised online in Australia, Canada, New Zealand, the UK, and the U.S. declined sharply and by early May, the volume of online job vacancies had fallen by over 50% in all five countries compared to the beginning of the year. Data show that the drop was widespread, affecting almost all sectors and occupations in the five economies. By the end of December, the drop in online job postings was still very evident in the U.S. and the UK.

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Key Findings of the Study

By component, the solution segment led the online recruitment software market in terms of revenue in 2022.
By deployment mode, the web-based led the online recruitment software market in terms of revenue in 2022.
By enterprise size, the small and medium-sized enterprise is anticipated to have fastest growth rate for online recruitment software market.
By end user, the healthcare is anticipated to have fastest growth rate for online recruitment software market.
By region, North America dominated the online recruitment software market analysis in 2022.

The key players profiled in the online recruitment software industry analysis are Oracle Corporation, IBM Corporation, SAP SE, Freshworks Inc., Zoho Corporation Pvt. Ltd., Skillsoft, ClearCompany, Inc., Ukg Inc., Cornerstone, and Sumtotal Systems, LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the online recruitment software industry.

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