The size of the online recruitment market in US is estimated to increase by USD 3.17 billion from 2021 to 2026. The market’s growth momentum will accelerate at a CAGR of 6.93%. Innovations in the hiring process are notably driving the online recruitment market growth in US, although factors such as the decline in profitability due to a high level of competition may impede the market growth.
Online recruitment market in US – Market dynamics
Leading drivers – Recruiters can adopt strategies such as creating a video describing a particular job and information related to the company. They can use tools such as AI to efficiently track the right candidate. AI-based tools can monitor large databases of candidates. Such innovations will propel the growth of the online recruitment market in the US.
Major challenges – The market is becoming fragmented, as new players are entering the market. Large vendors such as LinkedIn, Monster, CareerBuilder, and College Recruiter face intense competition from small vendors, which affects their pricing strategy. It is difficult for a recruiter to offer a single, customized solution. Thus, the high-level competition in the market will reduce the profitability of vendors, which may hamper the growth of the online recruitment market in the US.
Online recruitment market in US – Vendor analysis
The global online recruitment market in US is fragmented, with the presence of several vendors. A few prominent vendors that offer online recruitment services in the US are CareerBuilder LLC, College Recruiter Inc., DHI Group Inc., Future US LLC, Hired, JobHat.com, Jobing.com LLC, Ladders Inc., Microsoft Corp., NationJob Inc., OPTnation, Randstad Holding NV, Recruit Holdings Co. Ltd., Robert Half International Inc., Self Management Group, Snagajob.com Inc., The Select Group LLC, TopUSAJobs.com, and ZipRecruiter Inc. and others.
There is intense competition among vendors to provide improved services. Vendors are focusing on innovation and technological advances to remain competitive in the market in terms of brand, quality, and reliability. Global vendors have a strong foothold in the market due to the extensive range of their flagship products. They are strengthening their customer base by enhancing their product offerings.
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- CareerBuilder LLC – The company provides online recruitment for various jobs for top international firms and universities.
- College Recruiter Inc. – The company provides online recruitment for overseas jobs, job consulting, professional writing services, and prep guide for interviews.
- DHI Group Inc. – The company offers online recruitment for various jobs and provides consulting for global locations.
Online recruitment market in US – Segmentation assessment
- Technavio has segmented the market based on end-user (employers and job seekers) and application (hospitality, manufacturing, healthcare, BFSI, and others).
The employers segment will account for a significant share of the market growth during the forecast period. Online recruitment service providers can be classified into two types, namely job boards and job search engines. They provide recruiters with a platform to post job vacancies and access a large pool of candidates.
Online recruitment market in US – Key trends
The increase in the use of AI-powered searches is a key trend in the market. Search engines provide recruiters with an extensive list of candidates that match their requirements. These search engines can send automated e-mails and notify applicants about the subsequent processes with the help of AI. This can make recruiters more proactive in hiring, determining the cultural fit of candidates, and using data to improve hiring decisions. Thus, the adoption of AI in the recruitment process will augment the growth of the online recruitment market in the US.