Online recruitment Market Analysis: Top Companies, Opportunities, and Forecast to 2030

According to the Market Statsville Group (MSG), the Global Online recruitment Market size is expected to grow from USD 32,713.1 million in 2021 to USD 59,137.5 million by 2030, at a CAGR of 6.8% from 2022 to 2030. Online recruiting refers to the use of corporate websites, online ads, job postings, social media, and other internet-based tools to discover and hire qualified personnel for a certain firm. Online recruiting is a worldwide revolution for job seekers and companies. The market expanded since e-recruitment is regarded as the most recent approach for enhancing recruiting efficiency.

Major outsourcing of staff hiring operations via e-recruitment platform partners drives the industry. Furthermore, the fourth industrial revolution and digital transformation have produced a new wave of work prospects favorably affecting the online recruiting industry.

The demand for the market is attributed to the digitization of all business processes, including recruitment. Digital transformation transforms how businesses work (internally) and communicate with their customers (external). In most cases, however, digital transformation entails software and data technologies, such as online recruitment software, to reduce or eliminate administrative activities and improve operational performance within and across departments and hiring teams.

There are numerous advantages to digitalization or shifting to an online recruitment mode, including increased productivity and efficiency: Online recruitment helps speed up the employment process in various ways. Businesses can automate administrative duties such as keeping track of applicant papers and scheduling interviews. Online recruiters utilize application tracking system (ATS) solutions to swiftly screen prospects since the ATS maintains all necessary candidate data in one place. Because everything is on the same page, they won't have to read a resume before going on to the candidate's cover letter, portfolio, or evaluation. Online recruiting platforms benefit people other than recruiters.

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Global Online Recruitment Market Dynamics

Drivers: Rising Interest in Automation in the Recruitment Process to Aid Growth

The recruiting process has developed dramatically in recent years as a result of the advent of internet technologies. A considerable change away from traditional techniques of recruiting services and toward more productive, cost-effective approaches is now a top priority for businesses and government organizations. Rather than using traditional recruitment methods, most businesses now use online recruiting platforms (e-recruitment). Furthermore, potential job prospects become increasingly interested in searching for and applying for jobs on the internet. Companies strive to build captivating, rich content, easy-to-use, and user-friendly recruitment on their platforms or through online job portals to produce the requisite pool of applicants.

E-recruitment is being used in a variety of businesses of various sizes. However, most businesses today use e-recruitment to advertise job openings, authorise interview requests, and contact candidates via email. Thus, the internet and information technology have revolutionized traditional recruiting methods, allowing organizations to locate possible candidates for open positions.

Restraints: Increased Incidence of Online Fraudulent Applications to Limit Growth

Companies and recruitment managers are finding it tough to hire individual staff while weeding out ineligible individuals owing to the increasing quantity of online applications due to the availability of accessible internet access. Because not all online recruiting firms provide thorough information analysis and reporting, determining what works and how to improve marketing can be tough. Companies should be careful to describe job descriptions and be as specific as possible about the roles they are looking for and the abilities they require in order to minimize excessive applications.

Most recruiting procedures are completed online with organizations that may not require tests. Interviews are commonly conducted over Skype or phone, especially for offshore organizations. In this instance, recruiting managers and recruiters cannot guarantee a person's professional ethics, particularly in certain cultures and settings. Many applications may be fake in order to get information about the company or the recruitment officer, and spammers may utilize internet information to market a service to companies. When organizations include a considerable quantity of data for online job postings, hostile hackers may attempt to utilize the accessible knowledge to gain access to the organization's IT systems.

Scope of the Global Online Recruitment Market

The study categorizes the online recruitment market based on type and application at the regional and global levels.

By Type Outlook (Sales, USD Million, 2017-2030)

Permanent

Part-time

By Application Outlook (Sales, USD Million, 2017-2030)

Secretarial/Clerical

Accounting/Finance

Computing

Technical/Engineering

Professional/Managerial

Nursing/Medical/Care

Hotel/Catering

Sales/Marketing

Other Industrial/Blue Collar

By Region Outlook (Sales, USD Million, 2017-2030)

North America

US

Canada

Mexico

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Permanent segment is projected to account for the largest market share, by type

Based on type, online recruitment market is divided into permanent and part-time. In 2021, the permanent segment had the biggest market share. A permanent job, often known as a full-time job, is an employment situation in which a person works for and is paid directly by an employer. Unlike a temporary or contract employee hired for a certain period, a permanent employee's employment has no set expiration date. According to the Bureau of Labor Statistics, working 35 hours or more each week is considered permanent (BLS).

North America is expected to account for the highest market share in 2021

Based on the regions, the global Bulk Food Ingredients Market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is anticipated to expand rapidly with the highest market share. This is attributable to adopting advanced recruitment solutions among SMEs and large enterprises. From the adoption of social media recruiting to the introduction of mobile recruiting platforms, the online recruitment industry witnessed numerous changes in the past years, aiming to improve the recruitment processes for employers and employees in the region. Recruitment marketing technologies and AI would enable employers and recruiters in the region to expand further recruiting-related administrative duties, such as answering queries, arranging interviews, and even performing initial screenings for candidates. This could potentially improve productivity by more than 50%, allowing recruiters more time to focus on technical tasks. Moreover, recruiters in the region are also using assessment tools and software to validate the candidate’s capabilities.

Key Market Players in the Global Online Recruitment Market

The global online recruitment market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global online recruitment market are:

LinkedIn

Naukri.com

TalentLyft

Zoho Corporation Pvt. Ltd.

Indeed

HackerRank

Self-Management Group

Pymetrics

iCIMS

Ultimate Software

Monster Worldwide, Inc.

Jobvite, Inc.

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Recent Developments

In April 2020, Totaljobs Group Ltd, a hiring agency, introduced Totaljobs Video Interviewing, video calling software, to enable firms to hold live interviews during the COVID-19 pandemic. The app also has pre-recording and sharing capabilities.

In September 2019, LinkedIn announced talent evaluation tools for its social networking site, allowing job searchers to evaluate their understanding of software, computer languages, and other services. This provides job candidates a greater opportunity to exhibit their professional self through multiple-choice questions.

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