Online Recruitment Market to Exhibit a Stellar CAGR of 7.1% by 2027; Increasing Technological Advances in AI to Foster Growth: Fortune Business Insights™

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Pune, India, May 05, 2021 (GLOBE NEWSWIRE) — The global online recruitment market size is anticipated to reach USD 43.39 billion till 2027. This information is provided by Fortune Business Insights™, in its report, titled, Online Recruitment Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Online Recruitment, Part Time Online Recruitment), By Application (Secretarial/ Clerical, Accounting/ Financial, Computing, Technical/ Engineering, Professional/ Managerial, Nursing/ Medical/ Care, Hotel/ Catering, Sales/ Marketing, Other Industrial/ Blue Collar) and Regional Forecast, 2020 – 2027.” The report states that the market size stood at USD 28.68 billion in the year 2019, and further is expected to exhibit a stellar CAGR of 7.1% during the forecast period of 2020-2027. As per data by Bureau of Labor Statistics, by the end of June 2019, nearly 7.3 million jobs vacancies were registered. This availability created amplified demand for online recruitment portals and other services such as resume management, employee verification, and assessment process, among others. This is expected to fuel demand for online recruitment in the foreseeable future.


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COVID-19 Impact

The online recruitment market growth was affected by the COVID-19 crisis due to the unrivalled demand-supply chain disruption and turbulent production process caused by the pandemic. The ultimate aim of the government is to minimize physical contact of maximum people to curb the spread. This is estimated to fuel demand for online services such as e-commerce platforms for groceries and essentials, similarly, online recruitment portals for job hunting. However, due to the giant companies facing massive losses during the pandemic, they are laying off employees to manage cost cutting. For instance, as per a report by the World Bank, the world economy has observed severe contraction leading to an economic decline of 5.2%.

Report Coverage

The report provides a holistic evaluation of the current market trends, investment opportunities, restraints, and a general insulated jacket market overview. An in-depth analysis of the competitors and their prominent strategies to hoist their position in the market. Furthermore, regional dynamics shaping the market's structure are explained. Tangible insights on the driving factors of the market and how they bolster the market growth are explained. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better.

To get to know more about the short-term and long-term impact of COVID-19 on this market,


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Segmentation

Based on type, the global online recruitment market is divided into permanent online recruitment and part-time online recruitment. On the basis of region, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By application, the market is further segmented into secretarial or clerical, accounting or financial, computing, technical and engineering, professional and managerial, nursing/medical and care, hotel or catering, sales or marketing, and another industrial and blue-collar. Among them, the hotel and catering industry is expected to make remarkable progress due to adopting web-based recruiting platforms. It held a total market share of 20.5% in the year 2019. The U.S Bureau of Labor Statistics …

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