Talent Acquisition And Staffing Technology Market Overview
As per MRFR analysis, the Talent Acquisition And Staffing Technology Market Size was estimated at 19.66 (USD Billion) in 2022. The Talent Acquisition And Staffing Technology Market Industry is expected to grow from 21.61(USD Billion) in 2023 to 50.67 (USD Billion) by 2032. The Talent Acquisition And Staffing Technology Market CAGR (growth rate) is expected to be around 9.93% during the forecast period (2024 - 2032).
Key Talent Acquisition And Staffing Technology Market Trends Highlighted
The Talent Acquisition and Staffing Technology Market is evolving rapidly with increasing demand for specialized talent and advancements in technology. Key market drivers include the growing use of Artificial Intelligence (AI) and automation in talent acquisition, the need for efficient and effective hiring processes, and the increasing competitiveness of the talent pool.
Opportunities for growth in this market lie in the adoption of cloud-based talent acquisition systems, the integration of AI and data analytics for improved decision-making, and the development of innovative solutions for remote and hybrid work models. Recent trends include the rise of predictive analytics for identifying top talent, the use of social media platforms for candidate sourcing, and the growing popularity of employee referral programs.
To capture these opportunities and address market trends, vendors must invest in research and development of cutting-edge technologies, focus on providing customized solutions tailored to specific industry needs, and prioritize user experience by offering intuitive and user-friendly platforms. By embracing these key drivers and trends, the Talent Acquisition and Staffing Technology Market is poised for continued growth and innovation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Talent Acquisition And Staffing Technology Market Drivers
Increased Adoption of Cloud-Based Solutions
One of the drivers of growth of the Talent Acquisition And Staffing Technology Market Industry is the increased adoption and availability of cloud-based solutions. Unlike on-premises solutions, cloud-based solutions are more scalable, flexible, and cost-effective. This has led to an increase in the number of businesses and companies adopting cloud-based talent acquisition and staffing solutions. Since most businesses are witnessing the advantages of cloud-based solutions, the trend is expected to remain common in the following years.
Rising Demand for Data-Driven Insights
Another important factor responsible for the growth of the Talent Acquisition and Staffing Technology Market Industry is increasing demand for data driven insights. Nowadays, more and more businesses start leveraging the benefits of using data to discover valuable insights about their talent acquisition and staffing processes. The information received through this process helps to focus directly on the trends, improve talent acquisition and staffing performance, and make data driven decisions.In the next years, the demand for data driven insights will undoubtedly keep increasing.
Need for Improved Candidate Experience
The need for improved candidate experience is a third major driver of growth in the Talent Acquisition And Staffing Technology Market Industry. Candidates are increasingly expecting a positive experience when applying for jobs. This includes being able to easily find and apply for jobs, receiving timely feedback on their applications, and being treated with respect throughout the process. The need for improved candidate experience is expected to continue to grow in the coming years, as candidates become more selective about the jobs they apply for.
Talent Acquisition And Staffing Technology Market Segment Insights
Talent Acquisition And Staffing Technology Market Component Insights
The Talent Acquisition And Staffing Technology Market is segmented by Component into Software and Services. The Software segment commanded the larger market share in 2023 and is expected to maintain its dominance over the forecast period. The growth of the Software segment is attributed to the rising adoption of cloud-based talent acquisition and staffing solutions which provide greater flexibility, scalability, and cost-effectiveness.
The Services segment is also expected to experience significant growth as a result of the growing need for managed services and outsourcing solutions.The revenue from the Software segment of the Talent Acquisition And Staffing Technology Market is expected to reach $12.3 billion by 2024, growing at a CAGR of 10.2%. The revenue from the Services segment is expected to reach $9.3 billion by 2024, growing at a CAGR of 9.8%. Key insights into the Component segment of the Talent Acquisition And Staffing Technology Market:
The Software segment is expected to continue growing at a faster rate than the Services segment owing to the growing adoption of cloud-based solutions. The growing need for managed services and outsourcing solutions is expected to drive the growth of the Services segment.The key players in the Software segment of the market include SAP SuccessFactors, Oracle Taleo, and Workday. The key players in the Services segment of the market are Kelly Services, ManpowerGroup, and Randstad.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Talent Acquisition And Staffing Technology Market Enterprise Size Insights
In terms of enterprise size, the GASt market is segmented into Small and Medium-sized Enterprises and Large Enterprises. The Large Enterprises segment is expected to dominate the market in 2023 with a market value of USD 12.93 billion. This is attributed to the rising adoption of these solutions by the large enterprises for streamlining their sourcing and hiring processes, automating tasks, and gaining a competitive edge. However, the SMEs segment is anticipated to register the highest CAGR during the forecast period due to the growing awareness of the benefits of talent acquisition technology solutions among SMEs.
Talent Acquisition And Staffing Technology Market Deployment Model Insights
The Talent Acquisition And Staffing Technology Market is segmented based on deployment model into cloud-based and on-premise. The cloud-based deployment model is expected to hold a significant market share in 2023, owing to its benefits such as scalability, flexibility, and cost-effectiveness. The cloud-based deployment model allows organizations to access talent acquisition and staffing technology solutions without the need for upfront investment in hardware and software infrastructure.
Additionally, cloud-based solutions can be easily integrated with other HR systems, such as payroll and benefits systems.The on-premise deployment model is expected to witness a steady growth rate during the forecast period, as organizations prefer to maintain control over their data and applications. However, the cloud-based deployment model is expected to gain traction in the coming years, as organizations realize the benefits of cloud computing.
Talent Acquisition And Staffing Technology Market End-User Industry Insights
The Talent Acquisition And Staffing Technology Market is segmented by End-User Industry into IT and Telecom, Healthcare, Manufacturing, Retail, and Financial Services. Among these segments, IT and Telecom is expected to hold the largest market share of around 29.8% in 2023. The Healthcare sector is projected to grow at the highest CAGR of 10.5% during the forecast period 2023-2032, owing to the increasing adoption of talent acquisition and staffing technology solutions to streamline hiring processes and improve patient care. The Manufacturing sector is anticipated to account for a significant market share due to the rising demand for skilled workers in the manufacturing industry.The Retail and Financial Services sectors are also expected to contribute to the growth of the Talent Acquisition And Staffing Technology Market.
Talent Acquisition And Staffing Technology Market Application Insights
The Talent Acquisition And Staffing Technology Market is segmented by Application into Recruitment and Sourcing, Applicant Tracking, Onboarding and Offboarding, and Performance Management. Among these segments, Recruitment and Sourcing held the largest market share in 2023, accounting for over 30% of the Talent Acquisition And Staffing Technology Market revenue. This is due to the increasing demand for efficient and effective recruitment and sourcing solutions to attract and hire top talent.
The Applicant Tracking segment is also expected to witness significant growth in the coming years, driven by the adoption of cloud-based applicant tracking systems and the need for improved candidate management.Additionally, the Onboarding and Offboarding segment is gaining traction as organizations focus on improving the employee experience and reducing turnover. The Performance Management segment is expected to grow steadily, driven by the need for continuous employee performance evaluation and feedback.
Talent Acquisition And Staffing Technology Market Regional Insights
The regional segmentation of the Talent Acquisition And Staffing Technology Market offers valuable insights into the market's geographic distribution and growth dynamics. North America held the largest market share in 2023, driven by the presence of several established technology hubs and a high adoption rate of advanced talent acquisition solutions. Europe followed closely, with a growing demand for cloud-based and AI-powered talent management tools. The Asia-Pacific (APAC) region is projected to witness significant growth in the coming years, primarily due to the rising adoption of digital technologies in emerging economies.South America and the Middle East and Africa (MEA) regions are expected to contribute a smaller but growing share to the Talent Acquisition And Staffing Technology Market revenue.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Talent Acquisition And Staffing Technology Market Key Players And Competitive Insights
The major players in Talent Acquisition And Staffing Technology Market are continuously trying to develop and apply the most innovative technologies to make use of the most available opportunities and ensure the formation of a sustainable competitive advantage. Among the most typical areas of their operations is the focus on the development and results of R activities for the improvement and creation of products and services. The extending of the presence with the help of acquisitions and partnerships is also widespread on this market.
The market is defined as relatively mature and populated, and it is possible to observe a significant share of major and well-developed players. There are many well-known firms on the market, which include SAP, Oracle, IBM, Microsoft, and ADP. They offer technological solutions that can be classified as those based on applicant tracking systems, recruiting software, and human capital management or HCM software. Also, it is relevant to admit that the Talent Acquisition And Staffing Technology Market is expected to develop in the nearest future because the demand for the appropriate practices and solutions is evident.
It is also possible to discuss the examples of such solutions and services on the market. For instance, SAP is a world-known provider of solutions within the market. The company’s product that can be discussed is the SAP SuccessFactors Talent Acquisition – this company’s solution is a cloud-based application that helps organizations to find, recruit, and keep the best talents. The major characteristics of the application can be discussed as those including the applicant tracking, recruiting management, and onboarding. The company’s application is widely used by major companies such as Coca-Cola, Unilever, and McDonald’s. Oracle offers the Taleo Platform that is called Oracle Taleo Enterprise. The platform provides all necessary applications to make the management of a full talent acquisition lifecycle from recruitment to the onboarding.
Key Companies in the Talent Acquisition And Staffing Technology Market Include:
- Avionté
- Oracle
- Greenhouse
- Lumesse
- Kronos Incorporated
- iCIMS
- Ceridian HCM
- SAP
- ADP
- Bullhorn
- iCIMS
- IBM
- Workday
- PeopleFluent
- LinkedIn
Talent Acquisition And Staffing Technology Market Industry Developments
The Talent Acquisition and Staffing Technology market has experienced significant growth in recent years, driven by the increasing demand for skilled talent and the need to streamline hiring processes. In 2023, the market was valued at approximately USD 21.61 billion, and it is projected to reach USD 50.67 billion by 2032, exhibiting a CAGR of 9.93%.Key trends shaping the market include the adoption of artificial intelligence (AI) and machine learning (ML) in talent acquisition and staffing, the rise of remote work and virtual hiring, and the growing importance of diversity and inclusion initiatives. The increasing adoption of cloud-based talent acquisition solutions is also driving market growth, as these solutions offer flexibility, scalability, and cost-effectiveness.
Talent Acquisition And Staffing Technology Market Segmentation Insights
- Talent Acquisition And Staffing Technology Market Component Outlook
- Talent Acquisition And Staffing Technology Market Enterprise Size Outlook
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
- Talent Acquisition And Staffing Technology Market Deployment Model Outlook
- Talent Acquisition And Staffing Technology Market End-User Industry Outlook
- IT and Telecom
- Healthcare
- Manufacturing
- Retail
- Financial Services
- Talent Acquisition And Staffing Technology Market Application Outlook
- Recruitment and Sourcing
- Applicant Tracking
- Onboarding and Offboarding
- Performance Management
- Talent Acquisition And Staffing Technology Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
19.66(USD Billion) |
| Market Size 2023 |
21.61(USD Billion) |
| Market Size 2032 |
50.67(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.93% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Avionté, Oracle, Greenhouse, Lumesse, Kronos Incorporated, iCIMS, Ceridian HCM, SAP, ADP, Bullhorn, iCIMS, IBM, Workday, PeopleFluent, LinkedIn |
| Segments Covered |
Component, Enterprise Size, Deployment Model, End-User Industry, Application, Regional |
| Key Market Opportunities |
Increased demand for skilled professionals Automation of recruitment processes Adoption of AI and ML Growing focus on employee experience Expansion into emerging markets |
| Key Market Dynamics |
AIpowered recruitment Personalized candidate experiences Automation of repetitive tasks Datadriven decisionmaking Increased focus on diversity and inclusion |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Talent Acquisition And Staffing Technology Market is expected to reach a valuation of 50.67 billion USD by 2032, growing at a CAGR of 9.93% from 2023 to 2032.
North America is expected to dominate the Talent Acquisition And Staffing Technology Market throughout the forecast period.
Rising demand for efficient talent acquisition and staffing solutions, increasing adoption of cloud-based HR technologies, and growing need for data-driven decision-making are the key growth drivers of the Talent Acquisition And Staffing Technology Market.
Talent Acquisition And Staffing Technology is used for candidate sourcing, applicant tracking, performance management, and employee engagement.
Some of the key competitors in the Talent Acquisition And Staffing Technology Market include SAP, Oracle, IBM, ADP, and Cornerstone OnDemand.
The Talent Acquisition And Staffing Technology Market is expected to reach a valuation of 30.67 billion USD by 2025.
The Asia-Pacific region is expected to account for a significant share of the Talent Acquisition And Staffing Technology Market, reaching a valuation of 15.67 billion USD by 2032.
Cloud-based solutions, artificial intelligence, and data analytics are the key trends shaping the Talent Acquisition And Staffing Technology Market.
Integration challenges, data security concerns, and lack of skilled professionals are some of the challenges faced by the Talent Acquisition And Staffing Technology Market.
The Talent Acquisition And Staffing Technology Market is expected to witness continued growth in the future, driven by the increasing adoption of digital technologies and the growing need for efficient talent management solutions.
