Global Online Recruitment Market by Type (Permanent online Recruitment, and Part-time Online Recruitment), By Application (Manufacturing, Service), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: March 2024
- Report ID: 32242
- Number of Pages: 287
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Report Overview
The Global Online Recruitment Market size is expected to be worth around USD 58 Billion by 2032, from USD 34.0 Billion in 2023, growing at a CAGR of 6.4% during the forecast period from 2023 to 2032.
Online recruitment refers to the process of using digital platforms and technologies to find, attract, and hire candidates for job vacancies. It has revolutionized the traditional recruitment methods by leveraging the power of the internet and online platforms to streamline the hiring process. Online recruitment encompasses various activities, including job posting on job boards, online resume submission, applicant tracking systems, and online interviews.
The online recruitment market has experienced significant growth in recent years, driven by several factors. Firstly, the widespread adoption of the internet and digital technologies has transformed the way people search for jobs and companies recruit talent. Job seekers increasingly turn to online platforms, job boards, and professional networking sites to find employment opportunities, making it essential for employers to have a strong online presence to attract top talent.
Key Takeaways
- The online recruitment market is estimated to reach a substantial value of USD 58 billion by 2032, experiencing a steady growth rate of 6.4% annually from 2023 to 2032. This growth reflects the increasing reliance on digital platforms for talent acquisition.
- 81% of recruiters plan to boost their investment in online recruitment tools, emphasizing the growing reliance on digital strategies for talent acquisition.
- E-recruitment is considered a critical function by 87% of recruiting professionals, highlighting its centrality in modern hiring processes.
- By the end of 2024, it’s expected that over 70% of companies will utilize online tools for conducting video interviews, reflecting a shift towards remote recruitment practices.
- Employers are increasingly valuing soft skills, with 97% acknowledging their importance on par with or above hard skills.
- 60% of all job applications are submitted through online job boards, showcasing their pivotal role in job searching.
- Predictions for 2025 indicate that 22% of the US workforce will be hired to work remotely, indicating a trend towards flexibility in employment.
- Nearly 60% of job seekers abandon their online job applications midway due to the applications’ length and complexity, pointing to a need for streamlined processes.
- 41% of recruiters find filling entry-level positions challenging, suggesting a disconnect between candidate availability and job requirements.
- 75% of recruiters have observed candidates retracting their acceptance after signing an offer letter, indicating volatilities in commitment levels.
- There has been a 28% increase in job postings on platforms year-over-year, signaling a growing demand for talent.
- Companies employing AI-powered recruitment tools have seen a 25% decrease in time-to-hire in 2023, underscoring the efficiency gains from technology adoption.
- 62% of HR professionals have identified online recruitment as a top priority for their talent acquisition strategies in 2023.
- There has been a 35% increase in job seekers using platforms to research companies and job opportunities in 2023.
- By the end of 2024, over 60% of job applications are expected to be submitted via mobile devices, highlighting the importance of mobile-friendly application processes.
- 72% of job seekers preferred using online recruitment platforms for their job search in 2023, reflecting a strong trend towards digital job searching.
- 73% of potential candidates are passive job seekers, indicating that a significant portion of the talent pool is not actively looking for new opportunities but is open to them.
- 94% of hiring professionals using Applicant Tracking Systems (ATS) report improved hiring processes, showcasing the effectiveness of such technologies.
- 84% of companies recruit through social media, leveraging the expansive reach of these platforms.
- 88% of businesses report that their best hires come from referrals, emphasizing the importance of network-based recruiting.
- Strong employer branding has been shown to reduce recruiting costs by 43%, illustrating the financial benefits of a positive corporate image.
- 89% of applicants accept job offers more swiftly when contacted by a recruiter, indicating the value of personal engagement in the recruitment process.
Type Analysis
In the type analysis, the focus is on the segmentation of the online recruitment market based on specific types or segments. In this case, the analysis highlights the dominance of the Permanent Online Recruitment segment. This indicates that within the online recruitment market, the segment catering to permanent hiring needs holds a significant market share.
This suggests that organizations are increasingly relying on online platforms for their long-term talent acquisition strategies. The dominance of the Permanent Online Recruitment segment signifies the growing trust and confidence in online platforms as effective tools for sourcing and selecting permanent employees.
Application Analysis
The analysis based on application focuses on the segmentation of the online recruitment market according to different industry sectors or applications. In this case, the Manufacturing segment emerges as the dominant player, capturing more than 30% market share. This indicates that within the online recruitment market, the manufacturing industry heavily relies on online platforms for their hiring needs.
The significant market share captured by the Manufacturing segment highlights the industry’s recognition of the benefits of online recruitment in addressing their specific talent requirements. It suggests that manufacturers are actively utilizing online platforms to access a diverse talent pool, efficiently match candidates with their specific skill requirements, and streamline their recruitment processes. The dominance of the Manufacturing segment underscores the importance of online platforms in meeting the unique hiring demands of the manufacturing industry.
Recession Impact Analysis
The rising unemployment rate continued her April at 14.4%. This brought the recruitment process to a halt across the region, impacting the online recruitment market. However, since the third quarter of 2020, the number of COVID cases in the US has begun to decline, triggering a gradual normalization of economic activity in the country.
With the resulting recession, the country’s unemployment number rose from her 6.2 million in February 2020 to her 20.5 million in May 2020, an increase of more than 14 million. As a result, her 2020 unemployment rate in the US rose from 3.8% in February to her 13.0% in May. This has increased the demand for products and services across the region. In addition, improved vaccine distribution and administration policies have led to a higher-than-expected rise in job openings in the United States in February 2021.
According to data released by the Job Openings and Labor Turnover Survey (JOLTS), the number of job openings in 2021 has increased from 7.1 million in February 2021 to 7.4 million in March 2021 bottom. Nonetheless, there is still a long way to go before the labor market recovers to the level of the end of 2021. U.S. adoption has risen from 3.8% in February 2020 to 4% in February 2021. Demand for online recruitment has surged across the region to easily and quickly recruit talent while maintaining social distancing. The online job market is segmented by job category, application, and geography.
Based on job type, the market is segmented into full-time and part-time. In 2021, the permanent segment owns the largest market share. In terms of applications, the market is segmented into sales and marketing, finance, engineering, IT, and others. In 2021, the IT segment will hold a larger market share. Geographically, the global online job market is roughly divided into North America, Europe, Asia Pacific (APAC), South America (SAM), the Middle East, and Africa (MEA). In 2020, the North American segment accounted for a large share of the global market.
Key Market Segments
Based on Type
- Permanent Online Recruitment
- Part-Time Online Recruitment
Based on Application
- Manufacturing
- Service
- Finance
- Sales and Marketing
- Engineering
- IT
- Others
Driver
Increasing Demand for Automation in Recruitment Processes
The growing demand for automation within recruitment processes stands as a significant driver for the online recruitment industry. As organizations seek more efficient, accurate, and cost-effective methods to manage high volumes of applications, the integration of artificial intelligence (AI) and machine learning (ML) technologies into recruitment platforms has become increasingly appealing.This demand is further amplified by the need to rapidly fill positions in a competitive job market, where the ability to quickly identify and engage with suitable candidates can provide a critical advantage. Automation not only streamlines the recruitment workflow but also enhances the candidate selection process by leveraging algorithms to match job specifications with applicant profiles, thereby reducing human error and improving the quality of hires.
Restraint
Concerns Over Data Privacy and Security
Data privacy and security concerns constitute a major restraint in the online recruitment market. With recruitment platforms collecting, storing, and processing vast amounts of personal information, the risk of data breaches and unauthorized access to sensitive data is a significant concern for both job seekers and employers.These concerns are exacerbated by stringent data protection regulations, such as the General Data Protection Regulation (GDPR) in Europe, which impose heavy penalties for non-compliance. The challenge of ensuring robust data security measures while maintaining user trust and regulatory compliance can hinder the adoption of online recruitment technologies and limit market growth.
Opportunity
Expansion into Emerging Markets
Emerging markets present a substantial opportunity for online recruitment companies. As these economies continue to grow, so does the demand for skilled labor, creating a fertile environment for online recruitment platforms to expand their services. Many emerging markets are characterized by a young, tech-savvy population that is increasingly turning to digital channels for job search and application processes.By tailoring services to meet the specific needs of these regions, including mobile optimization and local language support, online recruitment platforms can tap into new user bases, driving growth and diversifying their market presence.
Challenge
Matching the Evolving Expectations of Job Seekers and Employers
One of the primary challenges facing the online recruitment industry is keeping pace with the evolving expectations of job seekers and employers. Today’s job seekers are looking for more than just job postings; they seek comprehensive career development platforms that offer personalized job recommendations, skill development resources, and insights into company cultures.
Simultaneously, employers demand more from recruitment platforms, including advanced screening tools, analytics for measuring recruitment efficiency, and capabilities to engage passive candidates. Meeting these complex and changing needs requires constant innovation and adaptation, posing a significant challenge for online recruitment platforms striving to remain relevant and competitive in a dynamic market.
Regional Analysis
In 2022, North America significantly led the online recruitment market with a valuation of USD 13,652 million, underscoring its dominant position within the global landscape. This dominance is expected to persist throughout the forecast period, driven by several key factors that contribute to the region’s leading status in the online recruitment sector.
Firstly, the region’s robust technological infrastructure and the high degree of digital literacy among its workforce provide a fertile ground for online recruitment platforms to thrive. North America is home to a large number of tech companies, including industry giants and innovative startups, which not only serve as primary users of these platforms for talent acquisition but also contribute to the market’s growth through technological advancements and investments in HR tech solutions.
Furthermore, the North American job market is characterized by its dynamic nature, with a constant demand for skilled labor across various industries. This demand is met by an efficient ecosystem of online recruitment platforms that facilitate quick and effective matching of job seekers with potential employers, supported by advanced data analytics, AI, and machine learning technologies.
The legal and regulatory framework in North America also plays a significant role in shaping the online recruitment market. Regulations concerning data protection, privacy, and employment equity encourage the development of more secure and inclusive online recruitment solutions, enhancing user trust and platform reliability.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
To give organizations effective solutions, market leaders like LinkedIn, HackerRank, TalentLyft, Naukri.com, Indeed, Zoho Corporation Pvt. Ltd., and others are creating novel products and implementing cutting-edge technologies. On the other hand, other significant businesses, including WeLove9am, Tribepad Ltd., and others, are forming strategic alliances to advance their market positions and build their brands.
Top Market Leaders
- LinkedIn (California, United States)
- Zoho Corporation Pvt. Ltd. (Chennai, India)
- Indeed (Texas, United States)
- TalentLyft (Croatia, Europe)
- Self-Management Group (Canada, United States)
- HackerRank (California, United States)
- Pymetrics (New York, United States)
- iCIMS (New Jersey, United States)
- Ultimate Software (UltiPro) (Florida, United States)
- Monster Worldwide, Inc. (Monster.com) (Massachusetts, United States)
- Jobvite, Inc. (California, United States)
- Ideal (Ontario, United States)
- Textio (Washington, United States)
- SAP SE (Walldorf, Germany)
- Recruiterbox Inc (Seattle, United States)
- com (Amsterdam, Europe)
- BambooHR LLC (United States, North America)
- CEIPAL Corp. (Rochester, United States)
- iSmartRecruit (New Jersey, United States)
Recent Developments
- In April 2023, Recruiter.com introduced a new tool called Recruiter Marketplace, designed to revolutionize talent acquisition. This platform enables employers to effortlessly link up with freelance candidates globally using automation, offering a cost-effective and flexible approach to hiring freelancers.
- In 2023, LinkedIn: Launched LinkedIn Talent Hub, offering employers real-time talent insights and market trends.
- In 2023, Zoho Corporation Pvt. Ltd.: Launched Zoho Recruit as a comprehensive solution for Applicant Tracking System (ATS), onboarding, and payroll.
Report Scope
Report Features Description Market Value (2023) US$ 34 Bn Forecast Revenue (2032) US$ 58 Bn CAGR (2023-2032) 6.4% Base Year for Estimation 2023 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Based on Type: Permanent Online Recruitment, Part-Time Online Recruitment; Based on Application: Manufacturing, Service, Finance, Sales and Marketing, Engineering, IT, and Others; Based on Region: North America, Latin America, Eastern Europe, Western Europe, APAC, Middle East and Africa. Regional Analysis North America – The US, Canada, & Mexico; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA. Competitive Landscape LinkedIn (California, United States), Zoho Corporation Pvt. Ltd. (Chennai, India), Indeed (Texas, United States), TalentLyft (Croatia, Europe), Self-Management Group (Canada, United States), HackerRank (California, United States), Pymetrics (New York, United States), iCIMS (New Jersey, United States), Ultimate Software (UltiPro) (Florida, United States), Monster Worldwide, Inc. (Monster.com) (Massachusetts, United States), Jobvite, Inc. (California, United States), Ideal (Ontario, United States), Textio (Washington, United States), SAP SE (Walldorf, Germany), Recruiterbox Inc (Seattle, United States), com (Amsterdam, Europe), BambooHR LLC (United States, North America), CEIPAL Corp. (Rochester, United States), iSmartRecruit (New Jersey, United States) Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the size of the Online Recruitment Market in 2022?The Online Recruitment Market size was estimated to be USD 31.75 billion in 2022.
What is the projected CAGR at which the Online Recruitment Market is expected to grow at?The Online Recruitment Market is expected to grow at a CAGR of 6.4% (2023-2032).
List the key industry players of the Online Recruitment Market?com (Noida, India), LinkedIn (California, United States), Zoho Corporation Pvt. Ltd. (Chennai, India), Indeed (Texas, United States), TalentLyft (Croatia, Europe), Self-Management Group (Canada, United States), HackerRank (California, United States),Pymetrics (New York, United States), iCIMS (New Jersey, United States), Ultimate Software (UltiPro) (Florida, United States), Monster Worldwide, Inc. (Monster.com) (Massachusetts, United States), Jobvite, Inc. (California, United States), Ideal (Ontario, United States), Textio (Washington, United States), SAP SE (Walldorf, Germany), Recruiterbox Inc (Seattle, United States), com (Amsterdam, Europe), BambooHR LLC (United States, North America), CEIPAL Corp. (Rochester, United States), iSmartRecruit (New Jersey, United States), Other Key Players engaged in the Online Recruitment Market.
Which region is more appealing for vendors employed in the Online Recruitment Market?North America accounted for USD 13,652 million in 2022 and is likely to remain dominant over the forecast period.
Online Recruitment MarketPublished date: March 2024add_shopping_cartBuy Now get_appDownload Sample - LinkedIn (California, United States)
- Zoho Corporation Pvt. Ltd. (Chennai, India)
- Indeed (Texas, United States)
- TalentLyft (Croatia, Europe)
- Self-Management Group (Canada, United States)
- HackerRank (California, United States)
- Pymetrics (New York, United States)
- iCIMS (New Jersey, United States)
- Ultimate Software (UltiPro) (Florida, United States)
- Monster Worldwide, Inc. (Monster.com) (Massachusetts, United States)
- Jobvite, Inc. (California, United States)
- Ideal (Ontario, United States)
- Textio (Washington, United States)
- SAP SE (Walldorf, Germany)
- Recruiterbox Inc (Seattle, United States)
- com (Amsterdam, Europe)
- BambooHR LLC (United States, North America)
- CEIPAL Corp. (Rochester, United States)
- iSmartRecruit (New Jersey, United States)
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