| Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, Jan. 12, 2022 (GLOBE NEWSWIRE) — The global talent acquisition & staffing technology and services market is estimated to reach US$ 140.7 Bn in 2022, and is further projected to register a CAGR of 5.7% to top a valuation of US$ 196 Bn by 2028.
Talent acquisition & staffing technology and services currently account for around 13% share of the global human capital management market. Demand for marketing and advertising is likely to surge at a CAGR of 12% over the assessment period of 2022 to 2028.
Talent Acquisition & Staffing Technology and Services Demand Analysis (2013 to 2021) Vs. Market Projections (2022 to 2028)
Market value of talent acquisition & staffing technology and services registered around 5.8% CAGR historically, from 2013 to 2021.
In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, true potential will be unlocked only when organizations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organization.
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This data-driven knowledge graph will broaden the scope; hiring companies would no longer have to manually dig through thousands of candidate applications and can leverage intelligent recommendations through machine learning. While machine learning would automate various repetitive aspects of the recruitment process, it would also help identify top candidates from large talent pools on job boards.
Talent acquisition solutions play an important role in strengthening the growth fabric of organizations. With the economy improving and given the significantly low employment rate, candidate sourcing has become a challenge. To overcome this, strategies around HR marketing are being built to impart more control over outcomes pertaining to talent acquisition.
Organizational thrust is more on employer branding, brand messaging and employee engagement initiatives to attract and retain the best talent pool. Also, while employer branding plays a very important role in the sourcing and recruitment process as it provides an identity, image, and distinctiveness to the organization, it also helps motivate, engage and retain current employees.
Growth in the talent acquisition software market has led to the evolution of many technologies that are revolutionizing the recruitment landscape. To enhance the talent acquisition process and bring in more effectiveness, recruiting organizations are moving towards interactive hiring that requires extensive communication with the applicants in addition to the basic sourcing and recruitment process.
The market for talent acquisition & staffing technology and services is forecast to expand at a CAGR of close to 5.7% over the forecast period.
What Makes North America a Prominent Regional Market for Talent Acquisition & Staffing Technology and Service Providers?
The North America talent acquisition & staffing technology and services market accounts for 38% share of the global talent acquisition & staffing technology and services market.
Social media’s growing influence and the usage of Applicant Tracking Systems (ATS) as important drivers of organisational hiring decisions. The increased usage of advanced technologies by businesses for the purpose of recruitment is driving market expansion.
How is the U.S. Market Shaping Up for Talent Acquisition & Staffing Solution and Service Providers?
Growing demand for recruitment solutions across businesses and rising adoption of modern technologies, the presence of prominent companies are driving the market growth in the U.S.
In addition, increasing adoption of smartphones and rising internet penetration in the United States are driving talent acquisition software and services demand growth.
Why is China Witnessing Positive Growth in Talent Acquisition & Staffing Technology and Services?
The China talent acquisition & staffing technology and services market accounts for the highest share in the global market and is expected to maintain its dominance over the coming years.
Rapid economic expansion, digitalization, globalization, and the growing usage of high-performance technologies are all contributing to the growth of the market in China.
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Which Category of Talent Acquisition & Staffing Technology and Services is Majorly Driving Market Expansion?
Marketing and advertising are expected to witness the highest demand in the global market for talent acquisition services. Demand for marketing and advertising is projected to expand 2X by 2028.
Recruitment marketing is the practice of attracting, engaging, and nurturing good talent even before the candidates apply for a particular role within the organization. Today, hiring managers to use the power of reporting and analytics and deploy advanced CRM tools to source the best talent in the job market.
Organizations are realising the importance of marketing and advertising, and are increasingly adopting employer branding, recruitment marketing, and job posting activities through different channels to promote their brands in the job market.
Will Demand for Other Internet Platforms Increase Over the Coming Years?
Other internet platforms are expected to account for over 43.7% share of the global market for talent acquisition & staffing software and solutions in 2022.
The increasing use and adoption of modern technology such as analytics, cloud, and big data for talent acquisition and staffing are paving the way for the growth of the global talent acquisition & staffing technology and services market. Individuals have started using smart devices such as smartphones, laptops, tablets, etc., for updating their professional profiles to build an online presence and to search for jobs
While other internet platforms act as a marketing tool wherein job seekers can represent themselves to potential employers, it also serves as a suitable job screening mechanism, where employers can use the information available on other internet platforms to acquire a better picture of potential employees. This data is then analyzed by the HR departments of organizations to build a predictive analytics model that helps in sourcing the right candidates.
Other internet platforms are becoming more widely used, resulting in a more efficient talent acquisition process. This is one of the key factors fueling talent acquisition technology and services market expansion.
Impact of COVID-19 Crisis
The talent acquisition & staffing technology and services market experienced a huge change due to the COVID-19 pandemic. Due to lockdowns, travel bans, and business shutdowns, the COVID-19 has had a negative impact on economies and businesses in a number of countries.
The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market.
Despite a massive economic downturn, talent acquisition & staffing technologies and services businesses have adopted new methods and developed new development skills to recover from the setbacks.
On both, a regional and worldwide scale, market players have begun to explore various funding sources and business tactics to stay afloat.
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Product innovation, product approvals, investments, and partnerships & alliances are among the strategies that talent acquisition & staffing technology and service companies are working on. These efforts have paved the road for market players to expand their business and client base.
Talent Acquisition & Staffing Technology and Services Industry Report Scope
Find the Previous Research Done on – Talent Acquisition & Staffing Technology and Services Market Trends – https://www.globenewswire.com/news-release/2018/08/20/1553949/0/en/Talent-Acquisition-Staffing-Technology-and-Services-Market-Estimated-to-Expand-at-a-Robust-CAGR-of-6-25-over-2028-Future-Market-Insights.html
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