Originally Published on: technavio |US - Online Recruitment Market by Application and End-user - Forecast and Analysis 2023-2027
US Online Recruitment Market: Growth, Trends, and Challenges
US Online Recruitment Market Analysis Report 2023-2027
The US online recruitment market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 6.93% from 2022 to 2027. During this period, the market size is anticipated to increase by USD 3,669.08 million. The expansion of this market is influenced by a range of factors, including innovations in the hiring process, the increasing globalization, and the growing reliance on social media for hassle-free access to job information.
Forecasting the Size of the US Online Recruitment Market
US Online Recruitment Market Size
Explore the full report for deeper insights.
Key Drivers, Trends, and Challenges in the US Online Recruitment Market
Our research analysts have examined the data with the base year set as 2022, along with an analysis of the key drivers, trends, and challenges. A comprehensive understanding of the drivers can assist companies in refining their marketing strategies to gain a competitive edge.
Key Driver for the US Online Recruitment Market
One of the primary drivers of the US online recruitment market is the growing globalization. The increasing trend toward globalization has made it easier for companies to interact with employees and job seekers from diverse backgrounds, cultures, and languages across the globe. Companies are increasingly inclined to hire employees from diverse backgrounds, viewing it as an advantage that brings a wider range of ideas and innovations to the company.
Furthermore, many multinational companies have a global presence, with offices and manufacturing facilities in various countries. Consequently, these companies are embracing online recruitment processes due to their ease and advantages. The globalization of the recruitment process also offers professional growth opportunities for employees as they gain the chance to work and learn in various regions worldwide. These factors are expected to have a positive impact on the market and drive the growth of the US online recruitment market during the forecast period.
Key Trends in the US Online Recruitment Market
One of the trends shaping the growth of the US online recruitment market is the use of big data applications and analytics. Big data and analytics are gaining popularity among various enterprises in the recruitment industry. Moreover, with the rise of social media, recruiters must adopt a more proactive approach by engaging talent on various social media platforms. The increased penetration of the Internet has also led to the proliferation of social media recruitment platforms.
The main advantage of online recruitment platforms is the ability for organizations to leverage data for analyzing recruitment patterns. By using tools such as big data analytics, organizations can analyze previous recruitment processes to monitor applicant behavior. These factors have a positive impact on the US online recruitment market and are expected to drive its growth during the forecast period.
Key Challenge in the US Online Recruitment Market
A significant challenge facing the US online recruitment market is scalability issues. Online recruitment companies need to continually invest in improving the performance of their websites. Several factors, such as capacity constraints and infrastructure changes, can affect performance and lead to website performance problems. These issues can pose challenges in diagnosing and resolving problems in a timely manner.
Performance issues can significantly impact the subscription base and engagement levels. Additionally, disruptions in services caused by interoperability issues with operating systems like Android and iOS, which are beyond the control of online recruitment market players, can negatively impact the market. Therefore, scalability issues can hinder the growth of the US online recruitment market during the forecast period.
US Online Recruitment Market Customer Landscape
The market research report includes an examination of the adoption lifecycle, covering from innovators to laggards. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Leading Companies in the US Online Recruitment Market
Various companies are implementing strategies such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to enhance their presence in the market. For instance, Adecco Group AG offers online recruitment through tech hiring, talent acquisition solutions, and a personalized job-seeking platform through its subsidiary, Hired Inc.
The report also provides detailed analyses of the competitive landscape, including information about 20 market companies, such as:
Adecco Group AG
Barbachano International
Betterteam Pty Ltd.
CareerBuilder LLC
College Recruiter Inc.
CornerStone Search Group LLC
DHI Group Inc.
JobHat.com
Jobing.com LLC
Ladders Inc.
Microsoft Corp.
NationJob Inc.
Nippon Telegraph And Telephone Corp.
Ragns Inc.
Randstad NV
Recruit Holdings Co. Ltd.
Self Management Group
Snagajob.com Inc.
ZipRecruiter Inc.
The Select Group LLC
Qualitative and quantitative analyses have been conducted to help clients understand the broader business environment and assess the strengths and weaknesses of key market players.
Fastest-Growing Segment in the US Online Recruitment Market
The hospitality segment is expected to experience significant growth during the forecast period. This is driven by increased demand for jobs in the hospitality sector due to various macroeconomic factors and developments within the industry. Investment in automation solutions within the hotel and hospitality industry has changed skillset requirements, resulting in the need for more employees.
The hospitality segment was the largest segment, valued at USD 2,487.26 million in 2017. Moreover, the rise in meetings, incentives, conferences, and exhibitions (MICE) activities has led to increased demand for employees with the necessary soft skills and operational skills. As a result, numerous industry players are availing the services of leading recruitment companies. Furthermore, the growth of the in-flight service market and the increasing number of passengers in North America have contributed to the growth of the hospitality segment. This growth is further expected to be fueled by an increase in the number of hotels to cater to the rising number of passengers.
Understanding the US Online Recruitment Market
The US online recruitment market report provides an analysis of trends, drivers, and challenges, along with historic market data from 2017 to 2021. It forecasts market growth by revenue and offers a comprehensive view of the competitive
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