US and Europe Online Recruitment Market: Trends, Challenges, and Opportunities

According to a new 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.

The growing internet penetration and social media users are fueling the growth of the online recruitment market. According to the World Bank Group, in 2021, nearly 92% of the US population were internet users. It was also seen that the country had ~307.2 million internet users in January 2022, an increase of 8.4 million compared to 2021. In January 2022, the country had approximately 270.1 million social media users, an increase of around 30 million compared to 2021. Thus, social media penetration in the US was at 80.9% in January 2022. This rise in internet and social media adoption by Americans encouraged the adoption of online job recruitment across the country to attract more candidates for specific roles posted by companies.

With the growing demand for online recruitment, various online recruitment companies in the country provide virtual recruiting platforms. 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; it offers employers and job seekers with disabilities an opportunity to connect online. More than 1,000 registrants nationwide participate every year in this virtual career fair.

Similarly, Gettinghired is an online service organization that creates job opportunities for disabled job seekers. It also hosts virtual career fairs to connect employers with job seekers. In addition, the market players in the country are continuously working on advancing their platforms by adding more features. In March 2023, Ceipal, an AI-powered talent acquisition platform, launched an advanced and comprehensive package of features to automate the entire talent acquisition lifecycle. Through this package, staffing organizations with 5–10 recruiters will be provided with unlimited access to Ceipal’s advanced automation capabilities, which include key ATS features, text recruiting, business intelligence and reporting, AI for recruiting, and advanced CRM tools.

Likewise, in March 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. Thus, all the above-mentioned factors contribute to the US online recruitment market growth.

Rising Need for Predictive Analytics in Recruitment Provides Lucrative Opportunities for international US and Europe Online Recruitment Market

Predictive analytics tools can uncover stronger prospects more quickly and accurately than traditional methods during the sourcing process. Predictive analytics can predict the performance of a candidate appointed to the role by utilizing historical data, statistical algorithms, and machine learning techniques. Thus, this recruitment technology provide valuable insights that aid in identifying top talent for an organization. In addition, the analysis can help employers detect patterns and anomalies in data, which can be used to understand what kind of profiles are ideal for a given position. Further, global recruitment companies using predictive analytics solutions have seen significant growth. They have witnessed 56% more profitability than other businesses. Also, due to the transformational benefits of predictive analytics, 71% of HR professionals considered it on high priority for recruiting success. According to Ideal, a Ceridian company, predictive recruitment analytics can help save nearly 23 hours, which is ~57% of the total time used to manually screen and shortlist candidates.

Various companies such as LinkedIn Corporation; HireVue, Inc.; and Textio provide predictive analytics through their online job recruitment platform. LinkedIn Corporation helps recruiters and hiring managers improve overall hiring outcomes. When a recruiter makes a candidate search request on the LinkedIn platform through the predictive analytics system, the platform helps in ranking candidates that match the request based on their work experience, skills, job posting time, and location. Along with other intensive machine learning approaches, the company uses gradient boosted decision trees (GBDTs) to calculate non-obvious factors that may align a potential recruit with the interests of an employer. Thus, as predictive analytics help in the search of ideal candidates for particular jobs, its need is increasing in the market, offering lucrative opportunities for the online recruitment market growth in the forecasted period.

US and Europe Online Recruitment Market: Segmental Overview

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

1.???? Permanent

2.???? Part-Time

The permanent segment held the largest online recruitment market share of the market in 2022, whereas the part-time segment is anticipated to register the highest CAGR in the online recruitment market during the forecast period.

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

1.???? Finance

2.???? Sales and Marketing

3.???? Engineering

4.???? IT

5.???? Others

The IT segment held the largest online recruitment market share of the US and Europe Online Recruitment Market in 2022 and is anticipated to register the highest CAGR in the market during the forecast period.

US and Europe Online Recruitment Market Analysis: Competitive Landscape and Key Developments

SH Inc, LinkedIn Corp, iPlaceUSA Inc, Recruit Holdings Co Ltd, StepStone GmbH, AdoptoTech Ltd, CareerBuilder LLC, ZipRecruiter Inc, Monster Worldwide Inc, and Ceipal Corp are a few of the key companies operating in the US and Europe online recruitment market. The market leaders in the US and Europe online recruitment market focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

• In 2022, CareerBuilder LLC announces a technological partnership with UKG. The recently developed application programming interface (API) integration automates job postings from UKG Pro to CareerBuilder.com to provide a seamless application experience for over 80 million unique and diverse U.S. job seekers annually.
• 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.

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