US and Europe Online Recruitment Market to Grow at a CAGR of 7.7% to reach US$ 30.46 billion from 2022 to 2030

The US and Europe online recruitment market is expected to grow from US$ 16.80 billion in 2022 to US$ 30.46 billion by 2030. The US and Europe online recruitment market is estimated to register a CAGR of 7.7% during 2022–2030.

US and Europe Online Recruitment Market Analyst Perspective:

The growing digitization is transforming businesses in Germany. The rising internet penetration with the growing adoption of 5G is increasing the demand for new technologies in different business verticals, including recruitment. Increasing popularity and awareness of applicant tracking systems (ATS) and job boards are rising in the country, which is expected to further drive market growth during the forecast period. ATS are considered to be Germany's most relevant technologies that are frequently used by online job recruitment agencies to hire best candidates. This is expected to contribute to the growth of the market in the country.

US and Europe Online Recruitment Market Overview:

The growing popularity of various virtual recruiting platforms is expected to provide growth opportunities for the online recruitment market. For example, CareerEco is a virtual recruiting platform and talent community for job seekers, academic institutions, prospective graduate students, and employers. One of its iconic events is the Bender Virtual Career Fair, which offers employers and job seekers with disabilities the opportunity to connect online. More than 1,000 registrants from all over the US participated in virtual career fairs. Similarly, Gettinghired is an online service organization focused on creating job opportunities for disabled job seekers. It also hosts virtual career fairs that connect employers with job seekers. Thus, the above-mentioned factors are contributing to the US and Europe online recruitment market growth.

US and Europe Online Recruitment Market Driver:

Advantages of Online Recruitment to Drive Growth of US and Europe Online Recruitment Market

Traditional recruitment methods require excessive paperwork and time, as well as huge capital, beginning from job posting to the employment. In contrast, online job recruitment platforms help in streamlining the entire recruitment process. Most online staffing platforms use automation tools to filter resumes for qualified applicants within minutes. It helps evaluate initial selections according to the criteria specified in the advertisement and alerts the employer when an applicant’s resume meets the criteria, thereby saving significant time when compared with the traditional recruitment methods.

Traditional recruitment process may require job seeking individuals pay significant amount to a third-party recruiter in order to get placed in organizations they intend to work. On the flip side, a recruiter can post job openings on multiple social platforms free of cost through recruiting websites, minimizing the overall requirement cost. In addition, online recruitment posts are easily accessible to individuals, making them more effective for noticing the posts. With recruitment software, recruiters can reach a wider range of candidates both locally and abroad. The different features of the online recruitment software help in sorting candidates according to their experience, education, competencies, and other criteria. Thus, the aforementioned advantages of online recruitment fuel the US and Europe online recruitment market growth.

Report Segmentation and Scope:

The “US and Europe Online Recruitment Market” is segmented based on job type, application, and geography. Based on job type, the online recruitment market is bifurcated into permanent and part-time. The online recruitment market, by application, is segmented into Finance, Sales & Marketing, Engineering, IT, and Others. The online recruitment market, based on geography, is segmented US and Europe (Germany, France, Italy, UK, Russia, and Rest of Europe).

US and Europe Online Recruitment Market Segmental Analysis:

Based on application, the US and Europe online recruitment market is segmented into:

1. Finance
2. Sales and Marketing
3. Engineering
4. IT
5. Others

The IT segment held the largest online recruitment market share in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. IT profiles include hiring for networking and backend operation roles. The main job profiles of IT professionals include cloud infrastructure architect, enterprise architect, IT systems architect, solutions architect, and technical architect. Some businesses employ several IT professionals from across the world to manage the diverse network of computer systems. Thus, the rising demand for IT professionals across organizations is encouraging the adoption of online recruitment.

US and Europe Online Recruitment Market Regional Analysis:

The Europe online recruitment market is segmented into Germany, France, the UK, Russia, the Netherland, and rest of Europe. In 2022, Germany held the largest online recruitment market share in Europe.

As the youth population grows in the region, the demand for jobs also increases. According to the European Centre for the Development of Vocational Training, an agency of the European Union, the employment growth average is estimated to be 5.5% over the period from 2022 to 2035. Out of this, the ICT sector will register a maximum growth of 14.6%. In addition, nearly 114,289,600 old job replacement vacancies are expected, and approximately 6,404,100 new jobs will be generated between 2022 and 2035. Thus, such a growing number of jobs in the region is expected to raise the demand for online job recruitment platforms, as it helps companies save time and money in recruiting the right candidate for the position.

The need for advanced online recruitment solutions is increasing as understanding job requirements is necessary to recruit suitable candidates. Online recruitment platforms are useful in developing or modifying educational and training programs. They also help individuals make educational, training, and career decisions that will help them develop and match their talents as per the labor market demands and quickly changing workplaces. According to the European Union (EU), examining online job portals in real-time is essential for developing the labor market in the region.

The online recruitment websites have evolved as essential recruitment and job-search platforms in recent decades, facilitating skill matching. A thorough examination of this data can reveal job-specific and other abilities required in various occupations in several countries or areas. It also helps develop required skill gaps by methodically examining other qualities of employment, which is far more difficult to achieve with traditional sources. Thus, online recruitment technology helps in evolving both candidates and employers based on market requirements, thereby significantly influencing the adoption of online recruitment across the region.

US and Europe Online Recruitment Market Key Player Analysis:

The US and Europe online recruitment market analysis consists of the players such as SH Inc, LinkedIn Corp, iPlaceUSA Inc, Recruit Holdings Co Ltd, StepStone GmbH, AdoptoTech Ltd, CareerBuilder LLC, ZipRecruiter Inc, Monster Worldwide Inc, and Ceipal Corp. Among the various players in the international wholesale voice carrier Recruit Holdings Co Ltd and Monster Worldwide Inc are one of the top online recruitment market players owing to the diversified product portfolio offered.

US and Europe Online Recruitment Market Recent Developments: 

Inorganic and organic strategies are highly adopted by the US and Europe online recruitment market players. A few recent key market developments are listed below: 

• In 2023, Recruitics announced that they had acquired 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.
• In 2023, Recruit Holdings Co Ltd announced that they have signed a collaboration agreement with Gifu City to promote regional retention and employment. Under this agreement, Recruit will be offering its AirWORK Applicant Tracking System (ATS) platform, a recruitment management service that enables businesses to easily recruit free of charge.
• In 2023, Ceipal Corp announced the launch of the most advanced and comprehensive package of features to automate the entire talent acquisition lifecycle. The new package consists of advanced automation capabilities, including key ATS features, AI for recruiting, text recruiting, business intelligence and reporting, advanced CRM tools, and more.
• In 2023, Indeed, a hiring platform by Recruit Holdings Co Ltd, announced the launch of Skill Connect, a new product that will help job seekers without college degrees better promote their skills and completed training programs to potential employers.
• In 2023, SmartRecruiters announced the launch of a new product update for enhanced recruiting experience. A few key features are multi-country posting and remote work support, expanded search options through phone number or partial email, field recruiting app changes to capture candidate information, and native resume viewer toggles between resume view and parsed view, and many more.

US and Europe Online Recruitment Report Scope