Online Recruitment Market Size, Share & Segmentation By Job Type (Secretarial or Clerical, Accounting and Financial, Computing, Technical, and Engineering, Professional or Managerial, Medical, Hotel or Catering, Sales or Marketing, Other Industrial or Blue Collar), By Technology Type (Chatbot, Candidate Relationship Management Platform, Application Tracking System, Video Interviewing), By Application (Finance, Sales and Marketing, Engineering, IT, Others), By Region and Global Forecast 2023-2030

Online Recruitment Market Report Scope & Overview:

The Online Recruitment Market size was valued at USD 10.23 billion in 2022 and is expected to grow to USD 30.99 billion by 2030 and grow at a CAGR of 14.86% over the forecast period of 2023-2030.

Online Recruitment has become an increasingly popular method for companies to find and hire new employees. This process involves using various online platforms, such as job boards, social media, and company websites, to advertise job openings and attract potential candidates. One of the main advantages of online recruitment is its convenience. Employers can easily post job listings and receive applications from candidates all over the world, without the need for physical meetings or paperwork. This saves time and money and allows companies to reach a wider pool of talent. Online recruitment also has its challenges. With so many job postings available online, it can be difficult for companies to stand out and attract the right candidates. Additionally, the anonymity of online communication can make it harder to assess a candidate's personality and fit with the company culture.

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Market Dynamics

To overcome these challenges, companies can use various strategies to improve their online recruitment efforts. This includes creating compelling job descriptions, using targeted keywords to optimize search results, and leveraging social media to reach a wider audience. Additionally, companies can use online assessments and video interviews to get a better sense of a candidate's skills and personality. online recruitment is a powerful tool for companies looking to hire top talent. By understanding its benefits and challenges and implementing effective strategies, companies can improve their chances of finding the right candidates and building a strong team

Drivers

• Increased emphasis on automation in the hiring process to aid market growth

With the advent of internet technology, the manner in which the online recruiting process is carried out has changed dramatically in recent years. A considerable change away from traditional techniques of recruiting services and towards more productive, cost-effective approaches is now a top priority for businesses and government organizations. Most businesses have shifted away from traditional recruitment methods and towards internet 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 in order to produce the requisite pool of applicants.

Restrains

• Increased Incidence of Online Fraudulent Applications to Hurt Growth

Companies and recruitment managers are finding it tough to hire particular personnel while weeding out unqualified individuals owing to the high quantity of online recruitment applications due to the availability of accessible internet access. Because not all online recruiting technology platforms provide extensive information, it might be difficult to establish what works and how to optimize marketing. To minimize needless applications, companies should be cautious when presenting job listings and be as specific as possible about the roles they are looking for and the abilities they require.

The majority of recruiting procedures are completed online with organizations that may not require tests. Interviews are typically conducted through Skype and phone, particularly for offshore businesses. 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 online information to market a service to companies. When organizations include a considerable quantity of data for online job posting, hostile hackers may attempt to utilize the accessible knowledge to gain access to the organization's IT systems.

Opportunities

• The expansion in job opportunities has boosted the demand for advanced recruiting platforms dramatically.

Challenges

• Concern about the security and privacy of the data of candidates.

Impact of the Russia-Ukraine War

The ongoing conflict between Russia and Ukraine has had a significant impact on various industries, including the online recruitment market. This sector has experienced a range of challenges and opportunities as a result of the conflict.

One of the most significant impacts of the war has been the disruption of the labor market in Ukraine. Many skilled workers have left the country in search of better opportunities, leaving a shortage of talent in certain industries. This has created a challenge for online recruitment platforms that rely on a steady supply of qualified candidates. According to NBU data, just 23% of small and medium firms (SMEs) paid full salaries in May 2022, and this number is dropping with time. 21% of them do not pay salaries, while 12% lay off employees, and these figures have been rising since the conflict.

On the other hand, the conflict has also created new opportunities for online recruitment platforms. As companies in Ukraine struggle to find qualified candidates, they are increasingly turning to online recruitment platforms to fill their vacancies. This has led to an increase in demand for these services, particularly in industries such as IT and engineering. the conflict has also led to an increase in remote work opportunities. As companies in Ukraine look to expand their operations beyond the conflict zone, they are increasingly turning to remote workers to fill their vacancies. This has created new opportunities for online recruitment platforms that specialize in remote work. In conclusion, the Russia-Ukraine war has had a significant impact on the online recruitment market. While it has created challenges for the industry, it has also created new opportunities for growth and innovation.

Impact of Recession

A recession can have both positive and negative impacts on the online recruitment market. During a recession, there is typically a higher number of job seekers as companies downsize or freeze hiring. This can lead to a larger pool of candidates actively looking for employment, which benefits online recruitment platforms. These platforms can attract more users as job seekers turn to the internet to find opportunities. With more job seekers in the market, competition for available positions intensifies. Online recruitment platforms may experience an influx of applicants for each job opening, making it more challenging for individual candidates to stand out. As a result, job seekers may have to rely on online platforms to access a broader range of opportunities and improve their chances of securing a job. The types of jobs in demand may change during a recession. Some industries, such as travel, hospitality, and retail, may experience significant job losses, while others, like healthcare, technology, and essential services, may continue to hire. Online recruitment platforms need to adapt to these shifts by diversifying their job listings to match the changing demands of the job market. During a recession, companies often prioritize cost-cutting measures. They may opt for cost-effective recruitment methods, such as online platforms, to save on expenses compared to traditional hiring methods like print advertisements or recruitment agencies. This can be an opportunity for online recruitment platforms to demonstrate their value proposition and attract cost-conscious employers. 91 organizations lay off over 24,000 IT workers, indicating that worse days are ahead. According to data from Layoffs.fyi, over 1,000 enterprises fired off more than 1.5 lakh employees in 2022.

Key Market Segmentation

The Online Recruitment Market is segmented into three types on the basis of By job type, By Technology, and By application.

By Job Type

• Secretarial or Clerical

• Accounting and Financial

• Computing

• Technical and Engineering

• Professional or Managerial

• Medical

• Hotel or Catering

• Sales or Marketing

• Other Industrial or Blue Collar

By Technology Type

• Chatbot

• Candidate Relationship Management Platform

• Application Tracking System

• Video Interviewing

By Application

• Finance

• Sales and Marketing

• Engineering

• IT

• Others

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Regional Analysis

North America dominated the online recruiting technology market, with high market share, and is expected to continue dominating in the following years. This is due to the increased usage of online recruiting technology solutions by SMEs and major companies. The online recruitment business has seen several developments in recent years, ranging from the adoption of social media recruiting to the introduction of mobile recruiting platforms, all with the goal of improving recruitment procedures for companies and employees in the area. Employers and recruiters in the region would be able to extend their recruiting-related administrative chores, such as answering inquiries, organizing interviews, and even doing early screenings for prospects, thanks to recruitment marketing technology and AI.  Advances in technology like artificial intelligence (AI), data mining, and others have given companies in the region additional support and boosted recruiting efficiency. Furthermore, the proliferation of smart media and sophisticated technologies, as well as the availability of high-speed internet connections, have created unprecedented potential for major stakeholders to provide evaluation tools and services to decide the best applicant for the post.

In recent years, Asia Pacific has experienced exponential growth, and unique aspects are influencing the ability to establish a successful recruitment strategy in those regions. Despite their rapid development rates, countries such as China, Japan, India, and even Australia are transitioning from agrarian to modern urban cultures. The challenge for organizations expanding in these locations is attracting the resources needed to sustain such a significant rise in the worldwide workforce. Talent acquisition and HR management solution providers in the region are expanding rapidly as organizations strive to automate recruiting procedures and keep up with technological advancements. In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.

REGIONAL COVERAGE:

North America

• USA

• Canada

• Mexico

Europe

• Germany

• UK

• France

• Italy

• Spain

• The Netherlands

• Rest of Europe

Asia-Pacific

• Japan

• South Korea

• China

• India

• Australia

• Rest of Asia-Pacific

The Middle East & Africa

• Israel

• UAE

• South Africa

• Rest of the Middle East & Africa

Latin America

• Brazil

• Argentina

• Rest of Latin America

Key Players:

The major players in the market are SmartRecruiters, HireVue, Inc., Yello, BambooHR LLC, TalentLyft, flair.hr, Fountain, Recruitee.com, Avature, TestGorilla, Seek Limited, Guru.com, Monster Worldwide, Inc., CareerBuilder, LLC, ManpowerGroup Inc., Upwork Inc., and others in the final report.

HireVue Inc-Company Financial Analysis

Recent development

• January 2023 – Smart Recruiters introduced a new product with new features such as Zoom integration, Onboarding start date edit, and Interview Scheduler updates such as multi-day scheduling, multi-country posting, and remote work support, among others. This new product is critical in improving the experience of recruiting prospects.

• Test Gorilla received USD 70 million in Series A investment in June 2022 to assist firms with talent-based recruiting processes and to reduce biased hiring. Since 2020, the firm has recruited around 5,300 new employees. Customers include Oracle, H&M, Bain & Company, Sony, the National Health Service of the United Kingdom, Revolut, PepsiCo, and others.