According to a new market research report "Applicant Tracking System Market by Component (Software and Services), Deployment (On-Premises and Cloud), Organization Size, Vertical (Retail and Consumer Goods, Government and Public Sector, and Manufacturing), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global ATS market size is projected to grow from USD 1.21 billion in 2018 to USD 1.81 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
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The main growth drivers are the increasing acquisition of geographically diverse talent, growing need to automate recruitment processes, focus on enhancing candidate experience, and emerging need for analytics metrics.
Software type is expected to hold a larger market size during the forecast period
ATS software offer organizations the flexibility of customizing the software according to the end-users' needs, while the software is tailor-made for organizations to use. Often, the Human Capital Management (HCM) suites offered by vendors provide ATS features along with workforce management as an integrated package to manage the complete hiring process, right from applicant tracking to employee life cycle management.
Cloud deployment is estimated to hold a larger market size in 2018
The rapid growth in data generation and the use of advanced technologies, such as Internet of Things (IoT) and analytics are leading to the greater adoption of the cloud deployment type, due to the benefits of enhanced and organized storage, and ready availability of data when required. Corporations and government agencies are finding cloud-deployed ATS attractive, as they are easy to provision, offer agility, and provide more functions than the on-premises ATS at an affordable cost.
Large enterprises segment is expected to hold a larger market size during the forecast period
The process of candidate acquisition is more complex in the case of large companies. The integration of the existing systems with advanced ATS software is a challenge faced by many large enterprises, which can be easily resolved with the help of the robust integration, training, and support services offered by ATS vendors. This is a major factor contributing to the adoption of the ATS software among large enterprises.
IT and telecommunications vertical is estimated to hold the largest market size in 2018
The IT and telecommunications vertical employs a large number of individuals, especially in the North American and APAC regions. The jobs market in the IT and telecommunications vertical is dynamic, considering the fast-changing landscape of technologies and the constant need to hire competent and skilled personnel. The role of ATS gains significance when the job market is dynamic, and there is heavy competition among the recruiters for sourcing, attracting, and acquiring talent.
North America is estimated to hold the largest market size in 2018
North America is estimated to hold the largest market size in the global Applicant Tracking System Market in 2018, and APAC is projected to be the fastest growing region during the forecast period. North America is a matured market in terms of technology adoption. The US and Canada are expected to contribute significantly to the growth of the ATS market in North America.
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