Applicant Tracking Systems (ATS): What They Are and How They Work
As companies receive hundreds of resumes for a single position 12, the hiring process can be a daunting task. Applicant Tracking Systems (ATS) have become a game-changer in this respect 12. They offer a solution for businesses to conduct smooth recruitment and to find applicants with the qualities and skills they seek. But what exactly is an ATS, and how does it work?
Applicant Tracking Systems Market Share was valued at USD 2.3 billion in 2021. The applicant tracking systems market industry is projected to grow from USD 2.5 billion in 2022 to USD 3.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.54% during the forecast period (2022-2030)
An applicant tracking system (ATS) is a software tool designed to help hiring teams streamline their candidate sourcing 34, screening, and hiring process. The system serves as a digital repository of resumes and other candidate information, allowing businesses to easily organize and manage applications. ATS technology automates much of the early stage recruitment process, helping to save time and effort for HR personnel. It filters and sorts a large number of applications based on relevant criteria, such as experience, education, or certifications, thereby expediting the review process. An ATS seeks to identify the most qualified candidates for the advertised job and reject unqualified applicants to narrow down the selection process.
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However, as the ATS scanning process struggles to accurately identify meaningful information, so-called “resume optimization” has arisen. This involves tailoring the language and format of a resume to match the ATS algorithms. The use of keywords, bullet points, and specific formats can be effectively used to push an application through the system.
Beyond resume screening, ATS capabilities can differ. Some systems can monitor candidate referrals and communicate with applicants, from arranging interviews to sending reminders for skill assessments or follow-up questionnaires. Some companies use ATS to keep track of ongoing recruitment processes, assisting HR staff to identify top-performing applicant sources and engagement channels.
Overall, the benefits of ATS are clear. They can save recruiters hours of time and effort, ensure that the most qualified candidates are reviewed, and maintain a centralized hub of all applicant and hiring related data. Additionally, as more systems incorporate artificial intelligence and machine learning technologies, ATS software is becoming smarter in its ability to scrutinize resumes and provide valuable insights for candidates and hiring staff alike.
However, there are also some concerns about the automated nature of the application process. One fear is that relying on software might lead to overlooking high-potential candidates. There are also concerns around privacy and security, as candidates’ personal data is stored in the system. Some applicants have even expressed resentment towards the process, feeling that they are losing the human touch with such software-heavy recruitment.
Applicant Tracking Systems Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global applicant tracking systems market based on industries, organization size, deployment, and services.
By services, the global applicant tracking systems market is segmented into professional service and managed services.
By deployment, the applicant tracking systems market is segmented into on-premises and on-cloud. Of these, the on-cloud segment will dominate the market over the forecast period.
By organization size, the global applicant tracking systems market is segmented into large enterprises and SMEs. Of these, large enterprises will spearhead the market over the forecast period.
By industries, the global applicant tracking systems market is segmented into manufacturing, IT and telecommunications, government, and others. Of these, IT and telecommunication will have the largest share in the market over the forecast period.
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In the Rest of the World, the applicant tracking systems market is predicted to have sound growth over the forecast period.
Applicant Tracking Systems Market Key Players
Key players profiled in the global applicant tracking systems market report include Findly Talent LLC (U.S.), ClearCompany (U.S.), Bullhorn, Inc. (U.S.), iCIMS, Inc. (U.S.), Hyrell (U.S.), ApplicantStack (U.S.), Workday, Inc. (U.S.), SAP (SuccessFactors) (Germany), Paycor (U.S. ), Lumesse Limited (England), Jobvite Inc. (U.S.), IBM Corporation (U.S.), ExactHire (U.S.), Cornerstone OnDemand Inc. (U.S.), BambooHR (U.S.), and Oracle Corporation (U.S.), among others.
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