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Online Recruitment Market to Exhibit a Stellar CAGR of 7.1% by 2027; Increasing Technological Advances in AI to Foster Growth: Fortune Business Insights™

Pune, India, May 05, 2021 (GLOBE NEWSWIRE) -- The global online recruitment market size is anticipated to reach USD 43.39 billion till 2027. This information is provided by Fortune Business Insights™, in its report, titled, Online Recruitment Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Online Recruitment, Part Time Online Recruitment), By Application (Secretarial/ Clerical, Accounting/ Financial, Computing, Technical/ Engineering, Professional/ Managerial, Nursing/ Medical/ Care, Hotel/ Catering, Sales/ Marketing, Other Industrial/ Blue Collar) and Regional Forecast, 2020 – 2027.” The report states that the market size stood at USD 28.68 billion in the year 2019, and further is expected to exhibit a stellar CAGR of 7.1% during the forecast period of 2020-2027. As per data by Bureau of Labor Statistics, by the end of June 2019, nearly 7.3 million jobs vacancies were registered. This availability created amplified demand for online recruitment portals and other services such as resume management, employee verification, and assessment process, among others. This is expected to fuel demand for online recruitment in the foreseeable future.


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COVID-19 Impact

The online recruitment market growth was affected by the COVID-19 crisis due to the unrivalled demand-supply chain disruption and turbulent production process caused by the pandemic. The ultimate aim of the government is to minimize physical contact of maximum people to curb the spread. This is estimated to fuel demand for online services such as e-commerce platforms for groceries and essentials, similarly, online recruitment portals for job hunting. However, due to the giant companies facing massive losses during the pandemic, they are laying off employees to manage cost cutting. For instance, as per a report by the World Bank, the world economy has observed severe contraction leading to an economic decline of 5.2%.

Report Coverage

The report provides a holistic evaluation of the current market trends, investment opportunities, restraints, and a general insulated jacket market overview. An in-depth analysis of the competitors and their prominent strategies to hoist their position in the market. Furthermore, regional dynamics shaping the market's structure are explained. Tangible insights on the driving factors of the market and how they bolster the market growth are explained. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better.

To get to know more about the short-term and long-term impact of COVID-19 on this market,


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Segmentation

Based on type, the global online recruitment market is divided into permanent online recruitment and part-time online recruitment. On the basis of region, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By application, the market is further segmented into secretarial or clerical, accounting or financial, computing, technical and engineering, professional and managerial, nursing/medical and care, hotel or catering, sales or marketing, and another industrial and blue-collar. Among them, the hotel and catering industry is expected to make remarkable progress due to adopting web-based recruiting platforms. It held a total market share of 20.5% in the year 2019. The U.S Bureau of Labor Statistics stated that turnover percentage in the hospitality industry is around 2 times to 3 times greater as compared to others. Some online platforms such as LinkedIn, Twitter, and Facebook among others are efficient for the recruitment process.

Drivers and Restraints

Increasing Demand for Global Automation to Simulate Market Growth

The increasing demand for automation in all sectors has led to the development of evolved technologies applicable in all sectors. There has been a substantial shift from conventional and traditional methods of job hunting to the utilization of digital platforms to search for a job. Majority of the companies are switching to online platforms to recruit employees as the process is convenient and hassle free. Whereas, the employees too are applying on these portals, as it is more involving and reduces time consumption in travelling. All communication processes such as job postings, confirming employee’s job application and online interviews too are done via the internet by companies. This is expected to steer market growth during the forecast period.


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Regional Insights

North America to Lead Global Market Backed by Heavy Adoption of Social Media Platforms

North America generated USD 11.49 in 2019 in terms of revenue. Rising adoption of social media platforms and other online services for recruiting purposes is likely to propel growth in this region during the forecast period. Additionally, the key players in this region are developing AI technologies to further maintain its domination over the globe in terms of technological advances.

Asia Pacific is expected to hold second-largest shares in the global online recruitment market owing to the dramatic growth rates regarding adoption of AI in leading nations of this region such as China, Japan and India among others. Furthermore, talent acquisition and HR recruiters are observing substantial growth as the business owners are switching to the automated hiring process to fulfil technical advances.

Europe is anticipated to showcase remarkable growth potential on account of the rising usage of IT tools and thriving confidence among the population. This is expected to boost market growth in this region during the forecast period.

Competitive Landscape

New Product Launches By key Players to Create Growth Opportunity

Key players use strategic plans to bolster their position as top players in the market. Their efficient strategies include acquisitions, mergers, partnerships and launching products among many others.

For example, in September 2019, LinkedIn launched several skill assessing tools to warrant job seeking candidates to find their skill and test their knowledge. This helps the candidates to present their caliber in the form of certificate provided by LinkedIn to their employers. This initiative is expected to work in favor of LinkedIn in the long run.

Industry Development

April 2020: Totaljobs Group Ltd., which is a pioneer in recruiting, launched Totaljobs Video Interviewing, which is a software targeted to perform professional video call interviews due to the crisis of COVID-19.

List of Key Players Covered in the Online Recruitment Market Report

  • LinkedIn
  • Naukri. Com
  • TalentLyft
  • Zoho Corporation Pvt. Ltd
  • Indeed
  • HackerRank
  • Self-Management Group
  • Pymetrics
  • iCIMS
  • Ultimate Software (Ultipro)
  • Monster Worldwide, Inc.
  • Jobvite, Inc.
  • Ideal
  • Texito
  • SAP SE
  • Recruiterbox Inc.
  • Recruitee.com
  • BambooHR LLC
  • CEIPAL Corp.
  • iSmartRecruit


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Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
  • Global Online Recruitment Key Players Market Share Insights and Analysis, 2019
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Past and Current Revenue
      • Geographical Share
      • Business Segment Share
    • Recent Developments
  • Annexure/Appendix
    • Global Online Recruitment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
      • By Type (Value)
        1. Permanent Online Recruitment
        2. Part Time Online Recruitment
      • By Application (Value)
        1. Secretarial/Clerical
        2. Accounting/Financial
        3. Computing
        4. Technical/Engineering
        5. Professional/Managerial
        6. Nursing/Medical/Care
        7. Hotel/Catering
        8. Sales/Marketing
        9. Other Industrial/Blue Collar 
      • By Region (Value)
        1. North America
        2. Europe
        3. Asia Pacific
        4. Middle East & Africa
        5. Latin America

TOC Continued.


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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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