FMI Predicts Talent Acquisition & Staffing Technology & Services Market to Reach US$ 154 Bn by 2027 End

Impetus on recruitment marketing, culture, employee engagement and brand building to boost the marketing and advertising segment by category type

Brand building plays an important role in attracting the top talent in any organisation. The employer’s brand, values and the career progression they offer to their employees determine the quality of the employees joining the organisation. Moreover, employer branding is very important in the recruitment process as it ensures an effective cultural fit, greater productivity, higher rate of retention, higher employee engagement levels and greater bottom lines. Therefore, shaping the employer brand of the company provides it with an edge against competition.

Recruitment marketing or the pre-application phase of talent acquisition is the strategy an organisation needs to adopt to attract, engage, and nurture talent before they apply for the job. The most experienced hiring teams today leverage CRMs and other reporting and analytics tools to engage prospective candidates in the hiring process. Recruitment marketing and talent analytics are important components of high-performance talent acquisition that help ensure better segmentation of the candidate’s lists and nurturing the top talent in the organisation.

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People analytics and social and mobile platforms fuel the development of the standalone ATS segment

Technology plays a crucial role in ensuring the effectiveness of the talent acquisition process. The use of mobile and social platforms and people analytics has exploded in the talent acquisition and staffing process in recent times with recruiters extensively using these platforms with cloud based technology for hiring and recruiting top talent across the board. HR departments across different organisations realise the potential of harnessing and analysing employees’ data and building predictive analytics models. Increasing adoption of technology such as mobile and video recruitment tools has led to an enhanced and developed talent acquisition process. Predictive analytics helps in finding the right candidates who are open to new opportunities while engagement analytics helps in engaging with the right candidate at the right time. Social media plays a key role in the talent acquisition process as it helps in identifying the prospective candidates’ interests, work proof, and networks.

Increasing implementation of modern sourcing technologies is the new trend that is creating a positive impact on the global talent acquisition and staffing technology and services market

Companies are committed to using modern and advanced technologies in attracting the right candidates. There are many modern tools such as career site branding technology and services, candidate relationship management tools and recruitment marketing platforms. Talent acquisition software helps organisations in leveraging video, social, and mobile technologies for managing the talent lifecycle. This lifecycle includes the development of talent pools, integrating marketing automation tools, screening of applicants, and on-boarding of applicants. Moreover, the growth of online staffing and job advertising via crowd sourced recruitment and job board aggregators respectively is driving the sourcing of top talent in the talent acquisition and staffing technology and services market.

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Services segment is expected to record a significantly high market attractiveness index during the forecast period

Among the different category types, the services segment is estimated to account for more than 65% value share in the global talent acquisition and staffing technology and services market by 2027 end, followed by the marketing and advertising segment at close to 25% value share. The marketing and advertising segment is projected to increase at Y-o-Y growth rates ranging from 5.1% to 6.1% over 2017–2027 and expand at a CAGR of 5.8% over the forecast period. This segment is expected to create absolute $ opportunity of US$ 15.0 Bn between 2017 and 2027. The technologies segment is expected to account for very little value share in the global talent acquisition and staffing technology and services market by 2027.

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