The Applicant Tracking System Market size is estimated at USD 2.84 billion in 2024, and is expected to reach USD 3.89 billion by 2029, growing at a CAGR of 6.47% during the forecast period (2024-2029).
With the onset of the COVID-19 pandemic, several organizations allowed their employees to work from home and hired remote workers to fill company vacancies. As a result, the reopening of the offices, post-COVID lockdowns, is allowing only a few staff to come to the office to work. This change in the work dynamics is prompting companies to utilize efficient applicant tracking software to find the most appropriate hire and room scheduling software to alternate the schedules between return-to-office workers and work-from-home employees to revamp the economy after the economic decline due to the COVID-19 pandemic.
The applicant tracking system market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share of the market and focus on expanding their customer base. The vendors focus on the research and development investment in introducing new solutions, strategic partnerships, and other organic and inorganic growth strategies to earn a competitive edge over the forecast period.
In October 2022, iCIMS, the talent cloud company, announced new innovations to help talent teams gain unparalleled talent intelligence, automate more tasks and inspire existing employees to design their next career opportunity internally.
March 2022, Jobvite, the talent acquisition suite provider, introduces its Evolve Talent Acquisition Suite to provide enterprise organizations with a unified solution set of Jobvite's offerings to simplify complex challenges across the entire recruiting lifecycle. The Suite offers a single-user experience purpose-built to enhance recruiting efficiency, effectiveness, and cost-per-hire.
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