In 2022, the worldwide market for Talent Acquisition & Staffing Technology and Services was valued at approximately US$140.7 billion. It’s expected to continue growing at an average annual rate of 5.7%, reaching a value of around US$196 billion by the year 2028.
Right now, Talent acquisition & staffing technology and services make up about 13% of the global market for managing human resources. We expect that the need for marketing and advertising services will grow steadily at a rate of 12% per year from 2022 to 2028.
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In the first half of 2022, there was a slight decrease of 10 basis points (0.1%) in a particular industry. This decline was influenced by the growth and changes in the number of users on job platforms like LinkedIn, which now has more than 830 million users. This had an effect on how companies hire and use technology for staffing and finding talent.
Certain recruiters also prefer in-person interviews, aptitude tests, and other recruitment activities which may not include talent acquisition software. Some countries like Japan, South Korea, and China are experiencing a drop in their population, which is impacting the workforce in these countries.
Machine Learning to Transform the Talent Acquisition Process
In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, the 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. This data-driven knowledge graph will broaden the scope; hiring companies will 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.
Recently launched Google’s ‘Cloud Job Discovery’ that provides plug-and-play access to Google’s search and machine learning capabilities has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. The Cloud Job Discovery tool encompasses the entire recruiting ecosystem and has been designed to provide an improved candidate-employer experience. Google has also launched a tool called ‘Google for Jobs’ that gives smart recommendations to job seekers and helps them find the right jobs.
Chatbots for Candidate Engagement Trending the Global Market
Automation has permeated nearly every sector, with chatbots being the latest addition to the HR toolbox. Hiring companies are now using smart algorithms to screen candidate resumes and are deploying intelligent recruitment assistants to identify top prospects; pre-screen candidates; and to facilitate effective candidate engagement.
Recruitment Marketing and Advertising Initiatives to be the Go-to Strategy for Talent Acquisition; Interactive Recruiting to Metamorphose the Overall Hiring Experience
A recent study by Future Market Insights highlights the importance of marketing and advertising in the recruitment process. The growth in the talent acquisition 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. A detailed report on the global talent acquisition and staffing technology and services market by Future Market Insights forecasts the market to reach a valuation of US$ 196,136.0 Mn by 2028, up from US$ 100,605.9 Mn in 2017. This translates to a CAGR of 6.25% during the 10 year period from 2018 to 2028.
Key Companies of Talent Acquisition & Staffing Technology and Services Market:
- International Business Machine Corporation
- Oracle Corporation
- SAP SE
- Randstad Holding NV
- Linkedin Corporation
- PeopleFluent, Inc.
- CareerBuilder, LLC
- CornerStone OnDemand, Inc.
- Saba Software, Inc.
- Paycom Software, Inc.
- The Adecco Group, ADP, LLC
- Workday, Inc.
- Ultimate Software Group, Inc.
- Skillsoft Corporation
- BambooHR, LLC
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Key Segments of Talent Acquisition & Staffing Technology and Services Industry Report:
By Category:
- Marketing and Advertising
- Job Posting
- Employer Branding
- Recruitment Marketing
- Technologies
- Integrated ATS
- Standalone ATS
- Point Solution & Sourcing Tools
- Services
- Recruitment Process Outsourcing Services
- Contingent Staffing Services
- Background Screening Services
- Other Search Services
By Industry:
- Education
- Manufacturing
- BFSI
- Healthcare
- IT & Telecommunication
- Energy
- Retail
- Transportation
- Others
By Platform:
- Internal Referrals
- Other Internet Platforms
- Social Platforms
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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