Job Description Management Software Market Outlook
The global job description management software market value was evaluated to be USD 536.0 Million in 2019 and is projected to reach USD 974.4 Million by 2027, expanding at a CAGR of 8.1% during the forecast period. Demand for job description management software is driven by the attractive features of the job description management software, growing use of cloud-based platforms, technological advancements which propel the demand for software, and rising integration of artificial intelligence (AI) technologies.
Job description management software constructs, manages, and stores job description information for an organization. The software involves automation process for creating, updating, tracking, and managing job descriptions and for publishing descriptions on online job boards without switching to another program.
Job description management software aids in hiring managers and HR personnel to create job descriptions that include text analyzer, keyword optimization, and regulation compliance. It provides a foundation for employees and managers for understanding expectations and responsibilities and sets a baseline for effective review on performance. Rising recruitments of candidates are expected to fuel the demand for job description management software.
Job Description Management Software Market Dynamics
Job description management software establishes a solid set of expectations for employers to communicate to their employees. This helps an employer to evaluate the performance of employees in an organization. Job description management software is an excellent tool for managers to evaluate an employee’s performance deficiencies, need for skills development, teamwork capabilities, organizational changes, and career progress.
It helps managers and employees understand about the roles and responsibilities of a job. Thus, rising recruitments of candidates are expected to fuel the demand for job description management software. Enterprises are increasingly adopting cloud-based deployment solutions, owing to technological developments. This is prompting vendors to develop job description management software solutions that are deployed through cloud platforms.
Rising use of cloud-based platforms propelled the demand for job description management software solutions and services among small and medium-sized enterprises, owing to advantages such as flexibility, cost-effectiveness, and mobility. Cloud-based services involve data backup, data security, and system upgrade, and others. Hence, increasing adoption of cloud-based solutions is anticipated to boost the market.
Job description management software involves maintaining and tracking of confidential information of employees such as home address, financial accounts, and social security number. These innovations are expected to create opportunities for HR software solutions in the future. Thus, technological advancements are expected to drive the job description management software market during the forecast period.
Integration of artificial intelligence (AI) technologies into job description management software is increasing its adoption across enterprises and recruitment agencies. AI-enabled job description management solutions help organizations to automate the recruitment process, increase the rate of quality hiring, and minimize the execution of repetitive tasks.
Furthermore, AI technologies are responsible for economizing the entire recruitment operation. Hence, rising adoption of AI technologies is anticipated to fuel the job description management software market. High costs of licensing and rising need for timely support are restraining the market. The price of licensing a solution excludes the cost of job description management software development. The maintenance and support cost of a solution is covered in the standard software cost.
Additional integration and customization often increase maintenance and support costs. Enterprises incur additional expenditure related to timely maintenance and periodic updates of job description management software. Strategic hiring practices help HR managers and business leaders in understanding the talent acquisition needs of the organization. The streamline recruitment process acts as a qualifying guideline for recruiting new employees, which in turn, makes the recruitment process smooth.
These processes help HRs to ensure that they are recruiting the right candidates with ideal skills and qualifications that are needed for the job. This process acts as a timeline for the company’s hiring efforts and allows the user to set a budget for hiring and on-boarding activities. A job description software is required to post job ads automatically and monitor the total number of views and applicants, which is anticipated to expand the job description management software market.
Job Description Management Software Market Segmental Outlook
Based on deployment, the global job description management software market analysis is provided across cloud-based and web-based. The cloud segment is anticipated to hold a significant share of the market during the forecast period, owing to low maintenance and updating cost, which are mainly preferred by small and medium-sized enterprises.
The web-based deployment segment is expected to hold a substantial share of the job description management market during the forecast period, due to solutions created by bringing certain structure and efficiencies in the job description information.
In terms of enterprise size, the job description management software market size has been segmented into large enterprises and small & medium-sized enterprises (SMEs). The large enterprises segment is expected to account for a significant share of the market during the forecast period. Factors such as the use of advanced analytical engines, real-time data compilation tools, advanced recruitment process, and process blueprints are driving the adoption of job description management software in large enterprises.
The small & medium-sized enterprise segment is expected to grow at a fast pace during the forecast period, due to increasing number of government initiatives, mainly digital campaigns such as social media marketing, video marketing, and search engine marketing. The job description management software market assessment is done based on application across IT and telecom, BSFI, manufacturing, government offices, constructing and mining, and others.
The BFSI segment accounts for a significant share of the market during the forecast period, due to the increased deployment of job description software to enable enhanced client experience and advantages such as secure transactions and constant access to client databases. The IT and telecom segment is expected to grow during the forecast period, due to rising importance of re-evaluation of strategies and deploying advanced technologies in management processes.
Regional Outlook
On the basis of regions, the global job description management software market is fragmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The North America job description management software market is expected to expand at a high CAGR during the forecast period.
The market in North America relies on web recruitment system to track candidate and client activity, which is a preferred solution for recruiting high-quality candidates in a quick and cost-effective manner. Hence, job description management software in this region is incorporated with talent management, core HR, and recruitment technologies. Brazil held a significant share of the market in Latin America in 2019 and this trend is anticipated to continue during the forecast period.
The growth of the market in the region is expected to increase, owing to rising awareness regarding the benefits of the job description software. Job description management software is required in Asia Pacific on a large scale to manage HR administration, talent management, labor budgeting, workforce tracking, and others.
Key Benefits for Industry Participants & Stakeholders
- In-depth analysis of the global job description management software market
- Historical, current, and projected market size in terms of value (USD million) and volume (tons)
- Potential & niche segments and regions exhibiting promising growth covered
- Industry drivers, restraints, and opportunities covered in the study
- Recent industry trends and developments
- Competitive landscape & strategies of key players
Segments
The global web analytics market has been segmented on the basis of
Types
Applications
- Business & Market Research
- Online Advertising
- Behavioral Targeting
- Global Traffic Management
- Digital Rights Management
- Online Fraud Detection
- Personalization
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Competitive Landscape
- Prominent manufacturers operating in the global job description management software market include Salary.com, Saba Software, Hireology, Insperity, Hrizons LLC, Textio Hire, Human Resource Systems Group, and JDXpert.
- These companies are considered as key vendors of job description management software based on their revenue, research & development (R&D) activities, regional presence, and supply chain management system.
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