Recruitment Automation: A Consolidating Market That's Ripe For Innovation

Recruiting top talent is a corporate necessity recognized by business leaders. Human resources (HR) executives at large enterprises are looking to update or replace their legacy recruiting systems and processes while those at small and medium-size businesses (SMBs) are entering the first wave of automation. Overall, this $522 million software market — based primarily on software-as-a-service (SaaS) subscription revenues — is growing at a rate of 8% with the growth on the enterprise side based on replacements at a higher cost due to increased functionality and global reach. The recruiting market continues to consolidate at a rapid pace at the expense of innovation, and the innovation that is occurring is based on automating additional processes rather than reinventing the core.