Best Applicant Tracking System in 2023

It can be hard to keep track of and manage the recruitment process, but the right technology makes it easier.

Since its introduction, applicant tracking systems have advanced considerably. It has developed into a more sophisticated tool that aids employers in keeping track of and managing job seekers more successfully. Employers can automate many of the duties involved in monitoring job candidates thanks to the latest applicant tracking systems' sophisticated features. This includes tools like resume parsing, applicant screening, scheduling of interviews, and online job listings.

In a recent analysis, Grand View Research, Inc. predicted that the size of the worldwide applicant tracking system market would reach USD 2.85 billion by 2025. Over the projection period, the market is expected to grow at a 7.8% CAGR. The growing need for hiring process automation and the increased use of cloud-based solutions are the main drivers propelling the market's expansion.

Over the projected period, the sector of small and medium-sized businesses (SMEs) is anticipated to increase at the most significant CAGR. The two main causes propelling the segment's growth are the increasing demand to manage a high number of applications and the requirement to automate the hiring process. During the projection period, the cloud-based segment is anticipated to develop at the most significant CAGR. The demand for real-time data access as well as the flexibility and scalability provided by cloud-based solutions are the main drivers propelling the growth of this market sector.

Benefits of Applicant Tracking System

Automatism: The hiring process is mechanized with an applicant tracking system. By allowing applicants to submit their resumes and applications online, the method does away with the necessity for paper applications.

Successful Screening: A candidate monitoring system aids organizations in quickly screening applicants. Based on the job requirements and the employer's preferences, the algorithm can determine which candidates are the most qualified.

Saving time: By automating the hiring process, an applicant tracking system can save the employer time. The technology can assist the employer in scheduling interviews and notifying candidates of those appointments.

Affordable: Employers can save money by using an applicant tracking system instead of printing and mailing paper applications. Additionally, the technology might aid the employer in lowering the price of employing temporary personnel to interview candidates.

Enhanced Efficiency: Employers can enhance productivity by using an applicant tracking system to automate the hiring process. The technology can also assist the employer in monitoring the performance of the applicants and the development of the hiring process.

Refer: Best Applicant Tracking System in 2023