Integration of Technologies in Online Recruitment is Driving the US and Europe Online Recruitment Market Growth
According to The Insight Partners market study titled "US and Europe Online Recruitment Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Job Type and Application," the market is expected to grow from US$ 16.80 billion in 2022 to US$ 30.46 billion by 2030; it is estimated to record a CAGR of 7.7% from 2023 to 2030. The report provides trends prevailing in the market along with drivers and restraints.
Recruiters are constantly using HR automation software in their work. These integrated technology solutions aid in the identification, attraction, engagement, nurturing, and conversion of candidates into applicants. These tools streamline the recruiting process by automating it, making it more effective and quicker. AI is being used by a growing number of companies in their recruiting processes. Various solutions such as applicant tracking software, interviewing software, and candidate relationship management software are enhancing the overall online recruitment processes across the globe.
To take optimum advantage of online recruitment, recruitment firms are implementing data analytics-driven solutions for their applicant tracking processes. Jobvite unveiled a data science strategy to power its HR product portfolio in January 2020. This program aims to ensure that company recruiters are given the best-fit applicants and that both candidates and recruiters are not wasting time. This data-driven approach combines various algorithms and data sources to cover both enterprise-wide recruiting preferences and employee recruiter preferences. To increase technology adoption in online recruitment processes, various online recruitment market players are forming several cutting-edge technology alliances. For example, Talview, an AI recruitment startup, announced in January 2020 that it had become an integration partner with LinkedIn's Talent Hub applicant tracking system. Talview's live interviewing services are now incorporated into the LinkedIn Talent Hub experience, allowing businesses to source, manage, and recruit applicants from a single source. Thus, the above-mentioned factors, coupled with the availability of various recruitment solutions in the global market, are influencing the adoption of online recruitment processes, thereby driving the US and Europe online recruitment market growth.
US and Europe Online Recruitment Market Revenue and Forecast to 2030 (US$ Million)
US and Europe Online Recruitment Market Forecast to 2030 - Regional Analysis by Job Type (Permanent and Part-Time) and Application (Finance, Sales and Marketing, Engineering, IT, and Others) 
US and Europe Online Recruitment Market Size by 2030
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The US and Europe online recruitment market is segmented into job type, application, and geography. In terms of job type, the market is bifurcated into permanent and part-time. Based on application, market is segmented into finance, sales & marketing, engineering, IT, and others.
The high internet penetration rate in the US and a high rate of digitization among businesses are key factors driving the growth of the online recruitment market in the country. In January 2022, the US had ~307.2 million internet users, an increase of 8.4 million compared to 2021. The country had an Internet penetration rate of 92% in January 2022. Several leading online recruitment market players across the country are continuously working on expanding their product portfolio. In May 2023, Recruitics announced the acquisition of Jamyr, an innovative video recruitment platform. Through this acquisition, Recruitics has added a scalable video recruitment product to its platform, which will further help improve the candidate experience and applicant engagement.
Since the onset of the COVID-19 pandemic, the demand for online recruitment in Europe increased tremendously. The pandemic made it critical for firms to modernize their recruitment processes quickly and creatively. The organizations moved to remote operations and transformed the hiring process. Several firms have started virtual hiring by adopting online recruitment technologies. Thus, the increasing trend of virtual hiring is contributing to the expansion of the online recruitment market in Europe.
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