The applicant tracking system market size was valued at USD 2.7 Billion in 2023 and is expected to reach a market size of USD 4.9 Billion by 2032 at a CAGR of 7.1%.
Fort Collins, Colorado, April 21, 2024 (GLOBE NEWSWIRE) --
Artificial intelligence and machine learning technologies blend to drive the industry growth.
The fusion of artificial intelligence (AI) and machine learning technologies is a notable opportunity for the applicant tracking system (ATS) market. AI-driven functionalities like resume parsing, candidate ranking, and predictive analytics hold the potential to augment ATS capabilities, empowering organizations to make informed, data-driven hiring decisions and elevating the candidate experience.
In 2023, the U.S. Government announced an investment of USD three billion across agencies to responsibly develop, test, procure, and integrate transformative AI applications. This underscores AI technologies' growing significance and potential across diverse sectors, including human resources and recruitment.
Another key driver for the market is the uptake of cloud-based applicant tracking system (ATS) solutions. Cloud-based platforms provide scalability, flexibility, and cost-effectiveness, making them appealing to businesses of various sizes. According to the U.S. Small Business Administration, small businesses comprise 99.9% of all firms in the United States, and the adoption of cloud-based ATS solutions has democratized advanced recruitment technology, making it accessible to these organizations. Additionally, cloud-based ATS facilitates remote access and collaboration, streamlining administrative tasks and bolstering remote work systems.
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Segmentation Overview:
The applicant tracking system market has been segmented into component, deployment, organization size, industry, and region.
Large enterprises accounted for a significant market share in 2023
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The large enterprise segment accounted for the dominant market share in 2023 based on the market segmentation by organization size. Large enterprises typically have more job openings and receive more applications, necessitating robust and scalable ATS solutions to manage their recruitment processes efficiently.
IT & Telecom industry hold a significant share in the coming years.
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Based on the market segmentation by industry, the IT & Telecom segment held the largest market share in 2023. The tech industry is known for its high volume of job openings and the need to attract top talent in a competitive market. IT & Telecom companies often receive many applications for their open positions, making ATS solutions essential for managing the recruitment process effectively.