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Online Recruitment Market to Reach US$ 41.14 Billion by 2032 | Growing Demand for Efficient Hiring Solutions & Global Talent Pool Access, Research by SNS Insider

By Globenewswire August 8, 2024 • 9:11 pm

As enterprises are realizing the productivity benefits of using online recruitment for quickening their hiring processes, overall online recruitment market potential will rise and more firms embrace this method to reduce both time-to-hire and cost per hire.

Pune, Aug. 08, 2024 (GLOBE NEWSWIRE) — Online Recruitment Market Size & Growth Analysis:

“As per SNS Insider Report, The Online Recruitment Market size was escalated at USD 11.38 billion in 2023 and is expected to reach USD 41.14 billion in 2032 and it will grow with a CAGR of 15.35% over the forecast period 2024-2032.”

Market Analysis

The online recruitment market has expanded rapidly as businesses look for more efficient ways to advertise their job vacancy and reduce the friction in hiring processes. Automating the hiring process allows companies to decrease time spent on recruiting, as well reduce recruitment costs and increase hire quality. Online recruitment facilitates hiring beyond the geographic locations. More precise candidate-job matches are now available due to technological innovations such as AI and machine learning. These technologies help conduct resume screening, preliminary rounds of interviews and even predicting how well a candidate will do in that particular role ultimately saving the recruiter time. These platforms offer more advanced search functions and filtering so a candidates can find the roles they are interested in, by location, field or job title.

Continuous technological advancements and evolving job market dynamics make the industry consistently changing. The potential drivers of growth are greater adoption of cloud-based technologies, the increasing availability and speed of high-bandwidth internet service and a vast number social media networks. Further, the increasing trend in smartphones have fueled mobile-based hiring solutions which acts as a key market driver. Studies suggest the average time to hire in the US is 39 days with tech jobs taking up to 43 days. With some American companies spending about $4,701 per hire (capable of accounting for the cost of job postings and recruiting software as well as recruiters’ salaries) Therefore, to mitigate costs and maximise the operational capacity of businesses online recruitment solutions are a necessity.

Get a Sample Report of Online Recruitment Market@ https://www.snsinsider.com/sample-request/2891

Major Players Analysis Listed in this Report are:

  • SmartRecruiters
  • HireVue, Inc.
  • Yello
  • BambooHR LLC
  • TalentLyft
  • flair.hr
  • Fountain
  • Recruitee.com
  • Avature
  • TestGorilla
  • Seek Limited
  • Guru.com
  • Monster Worldwide, Inc.
  • CareerBuilder, LLC
  • ManpowerGroup Inc.
  • Upwork Inc.
  • Other Players

Online Recruitment Market Report Scope:

Report Attributes Details
Market Size in 2023  US$ 11.38 Bn
Market Size by 2032  US$ 41.14 Bn
CAGR  CAGR of 15.35% From 2024 to 2032
Base Year  2023
Forecast Period  2024-2032
Historical Data  2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers • Increased emphasis on automation in the hiring process to aid market growth

Recent Developments

In January 2023, SmartRecruiters unveiled a new product featuring a range of enhancements, including Zoom integration, the ability to edit onboarding start dates, and updates to the Interview Scheduler such as multi-day scheduling, multi-country posting, and remote work support. This product significantly enhances the candidate hiring experience.

LinkedIn introduced LinkedIn Talent Hub in 2023 to employer so they can make better data-driven recruitment decisions using real-time talent insights and market trends.

Nearly 60% of job seekers abandon their online job applications midway due to the applications’ length and complexity, pointing to a need for streamlined processes. LinkedIn Talent Hub launched in 2023 by LinkedIn, offers employers real-time insights into talent and market trends with LinkedIn from employers.

A 41% of recruiters find filling entry-level positions challenging, suggesting a disconnect between candidate availability and job requirements. 75% of recruiters have observed candidates retracting their acceptance after signing an offer letter, indicating volatilities in commitment levels.

The number of job postings on platforms have increased by 28% year-over-year, indicating a demand for talent. From 2023, companies leveraging AI-driven recruitment tools observed a 25% reduction in the time-to-hire showing significant benefits from technology adoption.

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Segment Analysis

Based on application the IT segment was the largest application in 2023 with more than 25% revenue share. The rising demand for IT professionals across industries because of the adoption of technologies like AI, machine learning and cloud computing is driving this boom. Add to this the worldwide movement towards remote work and increase in cybersecurity awareness, fueling for even greater demand. On the other hand, IT being a sector that needs to recruit people with specialized technical skills can gain substantially by availing online recruitment solutions which match job requirements using algorithms and data analytics.

Permanent Online Recruitment segment By Type, accounted over 80% of the market revenue share in 2023. Fueled by digital platforms that expedite the candidate journey, this growth comes as organizations seek to lock in permanent talent amid a climate which demands long-term stability and strategic workforce alignment. High-level tools to recruit online : tailored for high-volume campaigns, filtering and matching the best talent with jobs at lower costs The use of data analytics and sophisticated algorithms increases the talent pool for businesses, making it a more likely possibility that they will find someone suitable. Further, full-time jobs benefit from the inherent security of permanent positions which improves its ability to leverage top talent.

Online Recruitment Market Key Segmentation:

By Type

  • Permanent Online Recruitment
  • Part-Time Online Recruitment

By Job Type

  • Secretarial or Clerical
  • Accounting and Financial
  • Computing
  • Professional or Managerial
  • Technical and Engineering
  • Sales or Marketing
  • Medical
  • Hotel or Catering
  • Others

By Technology Type

  • Chatbot
  • Application Tracking System
  • Candidate Relationship Management Platform
  • Video Interviewing

By Application

  • IT
  • Sales and Marketing
  • Finance
  • Engineering
  • Others

North America region dominated the Market

The online recruitment market in North America region held the highest revenue share with more than 34% in 2023, due to a well-digitized corporate sector and high penetration rate advanced technology practices. About 80%-90% of U.S. companies use advanced recruitment software with AI & ML, making the US and Canada early adapters in tech-savvy features around Talent acquisition. Connecting the dots between candidates and job openings with these state-of-the-art features make it possible to respond, quicker hire efficient, making hiring more cost-effective as well. North America boasts a highly skilled labor force, and the region maintains a long-standing tradition of job mobility which has drive demand for online recruitment services. The region’s healthy economy and a large share of international companies necessitate an evolving recruitment market that can adapt to changing requirements.

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Key Takeaways

  • Artificial intelligence (AI), machine learning and cloud based technologies are now playing big role in making online recruitment processes more efficient & effective.
  • North America leads the market with a 34% share, driven by a highly digitized corporate sector and advanced recruitment technologies.
  • Permanent online recruitment and the IT sector are the dominant segments, driven by the need for long-term stability and advanced technical skills.
  • Integration of AI, Machine Learning and Data analytics is evolving the process making candidate matching more efficient and reduce hiring costs.

Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Online Recruitment Market Segmentation, By Type

8. Online Recruitment Market Segmentation, By Job Type

9. Online Recruitment Market Segmentation, By Technology Type

10. Online Recruitment Market Segmentation, By Application

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

Read Full Report Details of Online Recruitment Market Analysis 2024-2032@ https://www.snsinsider.com/reports/online-recruitment-market-2891

[For more information or need any customization research mail us at info@snsinsider.com]

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

CONTACT: Contact Us: Akash Anand – Head of Business Development & Strategy info@snsinsider.com Phone: +1-415-230-0044 (US)

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. SingaporeOutlook.com takes no editorial responsibility for the same.

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