The North America Applicant Tracking System Market would witness market growth of 6.4% CAGR during the forecast period (2021-2027).
With the growing use of the internet and social media, job seekers can readily contact potential recruiters. The ecosystem of online communication channels through which groups or individuals can share useful information is referred to as social media. The adoption of social networking activities has been assisted by the increasing penetration of smartphones around the world since smart apps and mobile internet connections have facilitated the adoption of these activities. It has gained popularity among businesses that engage with potential employees via social media platforms such as LinkedIn and others.
The advantage of having all candidates' information collected and arranged in a single platform is that recruiters can get a better perspective of the hiring process faster. Everything from receiving applications to filtering down viable applicants, scheduling interviews, and hiring the appropriate individual for the job picks up at a rate that speeds up the entire cycle once the ATS is installed. Automated contact capabilities also help with the recruitment process by enabling easy general follow-up and application transfers.
The North American region has the most technically sophisticated workforce. It hires and supplies skilled human resources from different parts of the world. The need for applicant tracking system solutions in the region comes largely from companies in the United States. Even in wealthy countries, such as Canada, HR operations have seen very little modernization.
The presence of key technology providers in North America is the key driver of the regional market growth. To stay competitive in the regional and global landscape, these companies focus on partnerships, mergers and acquisitions, and creative solution offerings. For example, Microsoft Corporation and Workday formed a strategic agreement in May 2020 with the goal of prioritizing resource planning in the cloud and extending business solutions so that customers may better optimize their daily work. Workday clients will be able to run Workday Adaptive Planning on the Azure cloud due to this agreement. In addition, Microsoft's finance teams will use Workday Adaptive Planning for budgeting and forecasting in order to speed up decision-making.
The US market dominated the North America Applicant Tracking System Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $897.4 million by 2027. The Canada market is estimated to grow at a CAGR of 8.8% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 7.9% during (2021 - 2027).
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Component, the market is segmented into Software and Services. Based on Deployment Model, the market is segmented into On-premise and Cloud. Based on Vertical, the market is segmented into BFSI, Telecom & IT, Retail & Consumer Goods, Manufacturing, Healthcare, Government & Defense, Transportation & Logistics, Energy & Utility, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Applicant Tracking System Market is Estimated to reach $3.3 Billion by 2027, at a CAGR of 7.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, SAP SE, Infor, Inc., Workday, Inc., ADP, Inc., Zoho Corporation Pvt. ltd., Bullhorn, Inc., Cornerstone OnDemand, Inc., and iCIMS, Inc.
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