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Pune, India,April, 2019: Rising adoption of artificial intelligence (AI) in Recruitment Software has increased its application across diverse sectors. The transition from manual-powered recruitment software to automated software using technologies such as AI and Internet of Things (IoT) has boosted the global market in recent times. Besides this, the easy availability of several open-source recruitment software is expected to create increasing growth opportunities for the global market in the forecast period. Fortune Business Insights predicts impressive growth for the market d in its report titled, ‘Recruitment Software Market: Global Market Analysis, Insights and Forecast, 2018-2025. It states that the global market will be valued at 3,095.8 Mn by the end of 2025. Further Business further states that this market is likely to reach the aforementioned value with a CAGR of 7.4% from an initial market value of US$ 1,753.2 Mn in 2017.
Kronos Inc.’s recently launched recruitment software which was driven by AI and machine learning was a great example, depicting technological advancements in this market in recent years. Other companies that have shown considerable growth in the global recruitment software market are Taleo Corporation (Oracle), SuccessFactors (SAP), Accenture Plc, Ceridian HCM Inc., Kenexa Corporation (IBM), Cognizant Technology Solutions, Halogen Software Inc., PeopleAdmin, and SumTotal Systems Inc.
Incorporation of interactive technologies such as the Internet of Things (IoT) and artificial intelligence (AI) have increased the demand for cloud services for virtual storage purpose. The global recruitment software is backed by the advent of optimized and free cloud services. Increasing use of artificial intelligence simplifies the data mining process and creates ease in setting up information databases. Besides this, properties of recruitment software are not limited to just hiring employees but also help in searching work-specific employee, recording various activities, keeping track of personal and professional information, and streamline employee management based on available data.
Implementation and Integration Services to Emerge as The Leading Segment
The implementation and integration services segment held the major share in the global recruitment software market in 2017. The services segment accounted for more than 35% of the global market value. The maintenance & operations and consulting services also accounted for a major share of the global market. Backed by huge demand, maintenance, and operations services are expected to grow at a higher CAGR than the other services during the forecast period.
North America to Emerge as the Leading Region
North America and South America together held more than 45% of the total market share of the global recruitment software market. However, Asia Pacific is expected to have the highest incremental growth in the during the forecast period. North America is likely to continue its dominance in the global market due to the rapid growth across the service sector.
Asia Pacific is likely to witness high growth in the future owing to growing industrialization in the region. Furthermore, a flurry of start-ups focusing on smartphone application development is boosting the recruitment market in Asia Pacific. Europe is also expected to inhibit a substantial growth owing to the increasing number of corporate offices across several industry verticals.
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The global recruitment software market is segmented based on:
By Service Type
· IT & Telecom
· Media & Entertainment
· Others (Construction etc.)
By Enterprise Size
· Small & Medium Enterprise
· Large Enterprise
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)