Talent Acquisition & Staffing Technology and Services Market 2022 Industry Research, Segmentation, Key Players Analysis and Forecast to 2028

 

Further forecasts indicate that the Talent Acquisition & Staffing Technology and Services Market will grow at a CAGR of 5.7% and reach a value of US$ 196 Bn by 2028. Smart hiring practises are essential given the increasing importance of finding and keeping top talent in an effective and efficient manner. It’s high time businesses did more than just review applicants’ resumes. The greatest talent will be attracted if employers embrace strategies that would make candidates an integral part of the hiring process in addition to salary and benefits.

According to studies, hiring companies miss out on more than 50% of qualified candidates due to errors in current Applicant Tracking Systems (ATS), while tech companies mistakenly categorise up to 80% of applications.

Machine Learning to Transform the Talent Acquisition Process

In the war to hire rock star candidates, the global talent acquisition & staffing technology and services market is undergoing a sea change. However, true potential will be unlocked only when organisations focus on the power of machine intelligence wherein experts build a knowledge graph of the existing workforce and the positions required within an organisation. This data-driven knowledge graph will broaden the scope; hiring companies would no longer have to manually dig through thousands of candidate applications and can leverage intelligent recommendations through machine learning. While machine learning would automate various repetitive aspects of the recruitment process, it would also help identify top candidates from large talent pools on job boards.

Recently launched Google’s ‘Cloud Job Discovery’ that provides plug-and-play access to Google’s search and machine learning capabilities has helped more than 3,000 job seekers connect with employers on various job boards and company career sites. The Cloud Job Discovery tool encompasses the entire recruiting ecosystem and has been designed to provide an improved candidate-employer experience. Google has also launched a tool called ‘Google for Jobs’ that gives smart recommendations to job seekers and helps them find the right jobs.

Chatbots for Candidate Engagement Trending the Global Market

Automation has permeated nearly every sector, with chatbots being the latest addition to the HR toolbox. Hiring companies are now using smart algorithms to screen candidate resumes and are deploying intelligent recruitment assistants to identify top prospects; pre-screen candidates; and to facilitate effective candidate engagement.

Recruitment Marketing and Advertising Initiatives to be the Go-to Strategy for Talent Acquisition; Interactive Recruiting to Metamorphose the Overall Hiring Experience

A recent study by Future Market Insights highlights the importance of marketing and advertising in the recruitment process. The growth in the talent acquisition market has led to the evolution of many technologies that are revolutionising the recruitment landscape. To enhance the talent acquisition process and bring in more effectiveness, recruiting organisations are moving towards interactive hiring that requires extensive communication with the applicants in addition to the basic sourcing and recruitment process. A detailed report on the global talent acquisition and staffing technology and services market by Future Market Insights forecasts the market to reach a valuation of US$ 196,136.0 Mn by 2028, up from US$ 100,605.9 Mn in 2017. This translates to a CAGR of 6.25% during the 10 year period from 2018 to 2028.

Key Segments of Talent Acquisition & Staffing Technology and Services Industry Survey

By Category:

• Marketing and Advertising
• Technologies
• Services

By Industry:

• Education
• Manufacturing
• BFSI
• Healthcare
• IT & Telecommunication
• Energy
• Retail
• Transportation
• Others

By Platform:

• Internal Referrals
• Other Internet Platforms
• Social Platforms

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa (MEA)

Information Source:
https://www.futuremarketinsights.com/reports/talent-acquisition-and-staffing-technology-market