The Recruitment Software Market size is expected to grow from USD 2.78 billion in 2023 to USD 4.45 billion by 2028, at a CAGR of 9.86% during the forecast period (2023-2028).
This growth is mainly attributable to the robust need to streamline the recruitment process and reduce the time it takes from the recruiting manager's request until the new hire begins working.
With COVID-19 impacting businesses worldwide, companies and institutions were looking for ways to stay productive, facing unprecedented challenges in managing increasing or decreasing headcounts. As businesses tried to protect their customers and employees, they had a hard time keeping track of staff procedures and keeping up with workloads. This boosted the recruitment software market, as many businesses found easy solutions to the above problems by using recruitment software.
As of April of this year, more than 4,600 IT software workers were working for different companies in India. This was a big jump from the number of people hired in March of last year.
The Recruitment Software Market is moderately fragmented as it currently consists of some players dominating the market. Several key players in the market are in constant efforts to bring advancements. A few prominent companies are entering into collaborations and expanding their global footprints in developing regions to consolidate their positions in the market. The major player in this market includes Oracle Corporation, SAP SE, Workday, Inc., ADP LLC, Cegid, and others.
In November 2022, Ceridian disclosed its collaboration with Deloitte Australia to aid enterprise-wide HR modifications. This partnership would assist organizations, particularly in the corporate and higher education industries, in transforming their HCM operations using Ceridian’s award-winning Dayforce platform and world-class implementation methods.
In September 2022, SAP SuccessFactors introduced its most significant launch of the decade. The SuccessFactors opportunity network is a whole new business platform. SuccessFactors, a platform first developed for performance and people management, is tackling this issue head-on with several architectural modifications. This platform leverages the new SAP skills ontology to suggest projects, gigs, part-time employment, mentors, learning, growth, and even special interest groups.
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