Diversity Recruiting Software Market Growth Report by 2031
The global diversity recruiting software market size is expected to grow from US$ 11.21 billion in 2023 to US$ 35.50 billion by 2031; it is anticipated to expand at a CAGR of 15.5% from 2024 to 2031. The increasing use of big data and analytics is likely to remain a key diversity recruiting software market trends.
Diversity Recruiting Software Market Analysis
The growing demand for improved communication and productivity is the primary driver of the diversity recruiting software industry. Recruiting software solutions, including as application tracking systems, promote communication by keeping both candidates and recruiters informed.
Diversity Recruiting Software Market Overview
Diversity recruiting software is a cutting-edge technological solution that improves and streamlines the recruitment process while encouraging diversity and inclusion inside an business. This program uses complex algorithms and data analytics to find and recruit a wide pool of competent individuals for job opportunities. One of the most important benefits of diversity recruitment software is its capacity to eliminate unconscious bias throughout the hiring process. The program uses artificial intelligence and machine learning to scan job descriptions and identify potential biases, such as gender-specific language or age-related preferences, ensuring that job advertisements are inclusive and appealing to a diverse range of candidates. Furthermore, the program allows recruiters to reach a larger audience by automatically advertising job postings on numerous diversity-focused job sites.
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Diversity Recruiting Software Market: Strategic Insights
Market Size Value in US$ 357.1 Million in 2019 Market Size Value by US$ 709.5 Million by 2027 Growth rate CAGR of 9.4% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Diversity Recruiting Software Market: Strategic Insights
| Market Size Value in | US$ 357.1 Million in 2019 |
| Market Size Value by | US$ 709.5 Million by 2027 |
| Growth rate | CAGR of 9.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Diversity Recruiting Software Market Drivers and Opportunities
Increasing need for enhanced communication capabilities and productivity to Favor Market
One of the primary aspects driving the diversity recruitment software industry is the growing demand for improved communication and productivity. Recruiting software solutions, like as application tracking systems, help to improve communication channels between candidates and recruiters, keeping them informed throughout the recruiting process. Effective communication is required for successful diversity recruitment. It enables recruiters to access a bigger pool of candidates and assures that all applicants, regardless of background, have an equal chance of being evaluated for a post. Using technology like as messaging apps, chatbots, and social media, recruiters may more effectively discover top talent, identify possible contacts, and communicate with candidates and workers.
Advancements in Automation and artificial intelligence (AI)
Organizations are increasingly using automated resume screening systems that rely on artificial intelligence (Al) to evaluate candidates' abilities and expertise. This trend is likely to accelerate and simplify the diversity recruiting process. Al-based technologies, like as Resume Scorer and Optical Character Recognition (OCR), are used to match candidates' resumes to the abilities and competencies required for a certain job. These technologies may recognize hard capabilities, job-related soft skills, and even applicant personality traits. Al eliminates mistakes associated with manually reviewing thousands of resumes by automating the screening procedure.
Diversity Recruiting Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the diversity recruiting software market analysis deployment and enterprise size.
- Based on deployment, the market is bifurcated into on-premises and cloud. The cloud segment held a larger market share in 2023.
- Based on enterprise size, the market is bifurcated into small and medium enterprises (SMEs) and large enterprises. The large enterprises segment held a larger market share in 2023.
Diversity Recruiting Software Market Share Analysis by Geography
The geographic scope of the diversity recruiting software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the diversity recruiting software market in 2023. The growing need for software solutions that support diverse workforce recruitment and retention is driven by the recognition of the vital role diversity plays in the workplace. Organizations are investing in software solutions to facilitate their diversity and inclusion goals. In North America, this trend is further fuelled by the rising number of companies embracing diversity and inclusion initiatives. These organizations are seeking software solutions to effectively identify and attract diverse talent, as well as monitor and evaluate the success of their diversity programs.
Diversity Recruiting Software Market Report Scope
Diversity Recruiting Software Market News and Recent Developments
The diversity recruiting software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In January 2021, SmartRecruiters introduced an important initiative called the Diversity Hiring Toolkit. This toolkit comprises a maturity model and success pillars, each consisting of three key standards. SmartRecruiters have carefully crafted these standards to create a top-notch framework for diversity recruitment efforts. As part of this toolkit, SmartRecruiters is encouraging companies to participate in the Diversity Hiring Assessment. This assessment offers a comprehensive and unbiased evaluation of a company's overall Diversity Hiring Maturity Level. It is suitable for companies of all sizes and industries and is recommended for individuals with a deep understanding of their company's Talent Acquisition, Marketing, and Diversity & Inclusion (D&I) initiatives.
(Source: SmartRecruiters, Press Release, 2021)
Diversity Recruiting Software Market Report Coverage and Deliverables
The "Diversity Recruiting Software Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global diversity recruiting software market is expected to reach US$ 35.50 billion by 2031.
The key players holding the majority of shares in global diversity recruiting software are Entelo, Inc., GR8 People, Inc., Greenhouse Software, Inc., hireEZ, and SmartRecruiters.
The increasing use of big data and analytics is likely to remain a key diversity recruiting software market trends.
The major factor driving the diversity recruiting software market is the increasing need for enhanced communication capabilities and productivity.
The diversity recruiting software market size is expected to grow from US$ 11.21 billion in 2023 to US$ 35.50 billion by 2031; it is anticipated to expand at a CAGR of 15.5% from 2024 to 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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