Online Recruitment Market $ 47.31 Billion by 2028 Growth Forecast
New York, September 17, 2021 (GLOBE NEWSWIRE) – Online recruitment market: key information
According to our new research study on “Online recruitment market to 2028 – COVID-19 impact and global analysis – by job type, application and geography”, the Online recruitment market is expected to reach US $ 47,315.0 million by 2028 compared to US $ 29,292.3 million in 2021; it is expected to grow at a CAGR of 7.1% during 2021-2028.
Online Recruitment Market: Competition Landscape and Key Developments
ABC Advisors; Glassdoor, Inc .; iPlaceUSA, Inc .; itForte; Info Edge (India) Ltd. (naukri.com); LinkedIn Company; Multi Recrut, SH Inc .; StepStone GmbH; and TalenTECH Solutions Pvt Ltd (Hiring Plug) are among the major players that were presented during the market research. Players adopt strategies such as product development, partnerships, mergers and acquisitions, and collaborations to maintain competitive advantage.
In 2021, Tribepad Ltd., a recruiting software company, announced a partnership with WeLove9am, a marketing and advertising agency. The partnership aims to help Signature Senior Lifestyle Care Homes facilitate a smooth online recruitment process for their clients.
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In 2018, LinkedIn launched a new product to help employers manage candidate searches, interviews, and hiring. LinkedIn is also experimenting with how it can help companies improve their diversity by allowing recruiters to assess gender proportions in a candidate pool.
Recruiting chatbots are also gaining ground in the online recruiting market. The main goal of a recruiter’s chatbot is to have real-time interactions with candidates by asking specific questions. Chatbots powered by artificial intelligence are supposed to take the candidate experience to the next level. If job seekers receive daily updates during the application process, they are more likely to have a favorable opinion of the organization. Thus, the growing awareness of the benefits of AI integrated recruiting process is expected to prompt more companies to adopt it, thereby contributing to the growth of the market during the forecast period.
Several companies are using artificial intelligence in HR in one way or another. AI should be used in the recruitment process by companies. AI for hire refers to the use of artificial intelligence to solve problems much like a machine. The use of technology helps streamline high volume activities in the recruiting process. One of the ways AI helps companies with the hiring process is online application management. Monitoring candidates from recruiter databases involves many keywords and other data points that AI can easily filter and analyze. To speed up the recruiting process, AI helps recruiters sort through thousands of resumes.
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Digital transformation is changing the way companies work (internally) or communicate with their customers (external). However, in most situations, digital transformation involves purchasing software and data technologies such as recruiting solutions and online recruiting channels, to reduce or eliminate administrative activities and improve operational performance within and between departments and recruiting teams. Digitization or switching to online recruiting mode has various advantages, such as: Better productivity and time saving: In various ways, online recruiting helps to speed up the daily hiring procedures. Companies can automate administrative tasks such as tracking candidate documents or arranging interviews. Online recruiters use Applicant Tracking System (ATS) solutions to quickly screen applicants because ATS stores all required candidate data in one place. They won’t have to read a resume before moving on to the cover letter, portfolio, or candidate assessment as they will be on the same page. Recruiters aren’t the only ones who benefit from online recruiting systems. Applicants can also apply quickly, as the processes include auto-filling application forms and one-click application buttons. Other factors driving digitization are improved candidate analysis and access to a large number of candidates, among others. The above-mentioned factors are driving the digitalization of the recruitment process among companies around the world, thus fueling the growth of the online recruitment market.
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Online Recruitment Market: Segment Overview
On the basis of applications, the online recruitment market is segmented into finance, sales and marketing, engineering, IT and others. The IT segment dominated the market in 2020. Information Technology (IT) refers to the transfer or other use of data by computers or computer systems. Computer experts are responsible for a variety of activities. They test, develop, install, repair or manage the hardware and software associated with complex computer systems in one or more locations. In order to manage their diverse network of computer systems, some companies employ a number of IT professionals from around the world. This encourages the adoption of online recruiting for IT professionals in all organizations. Key job profiles for IT professionals include Cloud Infrastructure Architect, Enterprise Architect, IT Systems Architect, Solution Architect, and Technical Architect. Various online recruiting companies, such as itForte, Dice, Angel.co, and Authentic Jobs, focus solely on IT recruiting.
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