Geographically, the North America region will hold the major market share owing to the increased use of social media platforms and online services for recruitment over the forecast period.
Dallas, Texas, Sept. 20, 2022 (GLOBE NEWSWIRE) — Rising living standards and lack of time have prompted an innovative growth strategy that is expected to positively impact the online recruitment market. The scope of the candidate has also widened due to the changes in the use of social media and other networking websites, which is expected to drive growth in the global online recruitment market in the coming years.
The size of the world online recruitment market was USD 29,293.4 million, and by 2029 it is expected to grow to USD 47,316.1 million, with a compound annual growth rate (CAGR) of 8.1%.
Many companies perform all communication procedures online, including posting job vacancies, checking the status of applicants, and conducting interviews online. These elements are likely to fuel the growth of the online recruitment market throughout the forecast horizon. The way organizations operate internally and interact with their customers is changing due to digital transformation. However, in the majority of cases, digital transformation involves investing in software and data technologies, such as recruiting solutions and online recruiting channels, to reduce or completely eliminate administrative tasks and improve operational performance within and across departments and recruiting teams.
Online recruiting helps speed up routine hiring processes in several ways. Companies can automate administrative tasks such as scheduling interviews and managing application documents. Online recruiters can quickly assess candidates using ATS solutions, as the Applicant Tracking System keeps all necessary candidate data in one place. The candidate’s cover letter, portfolio, and assessment will all be on the same page, eliminating the need for them to read a resume before proceeding.
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HR automation software is a common tool used by recruiters. These integrated technology solutions support recruiting, training, engagement, and candidate conversion. These solutions automate the recruitment process to streamline it and make it more efficient. These are important factors that can contribute to the expansion of the global online recruitment market.
In terms of application, the hospitality segment dominates the global online recruitment market. The adoption of online recruitment platforms is expected to create significant advances in the hospitality industry. In 2020, it held an overall market share of 21.5%. According to the US Bureau of Labor Statistics, the hospitality industry has a turnover rate that is two to three times higher than other industries. Several websites, such as LinkedIn, Twitter and Facebook, among others, are effective for the hiring process.
The North American region accounted for the largest share of revenue in 2020. Growing use of social media platforms and other online services for recruitment will likely fuel growth in this region over the projection period. Major companies in this field are also working on AI technologies to continue dominating global technological advancements. Due to the rapid adoption of AI in key countries in the region, including China, Japan, and India, Asia-Pacific is expected to hold the second-largest share of the global recruitment industry in line.
For example, marketing and advertising agency WeLove9am and Tribepad Ltd., a recruitment software provider, partnered in 2021. Through this collaboration, Signature Senior Lifestyle Care Homes will be able to offer its clients a simple process of online application. .
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Scope of the Global Online Recruitment Market:
Market size in 2029
By job type, by application, by region,
By type of employment covered
Part time and permanent
By Covered Application
Finance, marketing, sales, engineering, IT, hospitality and catering and others
North America, Europe, Asia-Pacific, Middle East, Africa and South America
Profiled Key Players
LinkedIn, Self-Management Group, Pymetrics, HackerRank, Ultimate Software (UltiPro), iCIMS, Monster Worldwide, Jobvite, Ideal, SAP SE, Textio, Recruiterbox, Naukri.com, Zoho Corporation
Main points of the table of contents:
2. Research methodology
3. Market Outlook
4. Online Recruitment Market by Component, 2019-2029 (USD Million)
4.1. Part time
5. Online Recruitment Market by Application, 2019-2029 (USD Million)
5.5. Hotel and catering
6. Data Visualization Software Market by Region 2018-2028 (USD Million)
6.1. North America
6.2.4. The rest of Europe
6.3. Asia Pacific
6.3.4. Rest of Asia-Pacific
6.4. South America
6.4.3. Rest of South America
6.5. Middle East and Africa
7. Competitive landscape
8. Company Profiles
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