The Asia Pacific Applicant Tracking System (ATS) Market to gain a noteworthy growth momentum during the following years
The companies across the globe are revising their staffing strategies and therefore, they are increasingly turning to recruitment service providers for the hiring of qualified candidates, and diversify their workforce cost effectively. Nonetheless, the advent of technology during the recent past has disrupted the recruitment by generating a multitude of novel changes and opportunities in coming years. Moreover, the employment landscape has also transformed radically after the financial crisis of 2008. The global upsurge in Internet users and the groundbreaking changes in human resource management industry have created a rich atmosphere for screening service to propagate. Large number of industries across globe are currently stimulated by the candidate-driven employment market, where companies are keen to decrease the time-to-hire ratios. Since, hiring delays impacts an organization both in terms of time and cost. Companies are these days competing for the best candidates and therefore are putting more emphasis on crafting a positive onboarding experience, which also includes the background screening process of employees.
The growth in the demand for recruitment services is also associated to the GDP, as enhancement of economic conditions leads to rise in labor demand, subsequently resulting in expansion of recruitment industry. Apart from the economic virtue of the Applicant Tracking System Market, the technology aspect has had a remarkable impact on the recruitment industry.
The applicant tracking system is also a result of digital revolution in recruitment processes, an ATS gathers all recruitment associated documents, organize and store them for easy future access. The applicant data stored in the system is collected in certain ways with the help of an application integrated with the user company’s internal website. The ATS software not only collect and organize data but also perform a company defined analysis of resumes. The analysis enables the companies to effectively filter the applications sufficing the criteria. Rapidly increasing rate of employment and demand for time efficient solution in the Human Resource department is expected to contribute to the growth of ATS solution worldwide.
APAC is expected to be the fastest growing region in terms of integrations of applicant tracking system. The major reason for this is the presence of a huge number of companies coupled with some favorable Government policies encouraging the setup of businesses in the region. Also, the availability of abundant human resource at inexpensive rates has lured business across different sectors to explore the APAC region and reap maximum benefits. India, China, are some of the important countries in Asia that comprise of large manufacturing plants. Geographically, North America will have the largest share in the financial accounting software market by 2025, owing to rapid technological developments, numerous investments and supportive Government policies in the western part of the world.