The global candidate relationship management (CRM) software market is expected to grow with a CAGR of 18.2% during the forecast period. A candidate relationship management software is a program designed to help recruiters in conducting simplified, open, and sustainable communication with candidates.
In a company’s work process, a candidate relationship management software provides a structured approach to handle potential employees. The software allows recruiters to maintain the data of candidates that can be considered for future employment at a short notice period. The candidate relationship management software builds an unlimited custom workflow, in order to effectively foster the leads through email campaigns that provide candidates the right information at the right time.
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Various businesses are adopting the candidate relationship management software in order to save cost on recruiting candidates. The software helps business organizations in scheduling events such as emails, interviews, phone calls, and others for new candidates. It sets up reminders, and imports and exports the recruiting data for HR personnel, which helps them in simplifying the recruitment process.
In the recruitment process, building a good relationship with candidates helps in making quality recruitment, thereby improving business performance. This is driving the market demand for candidate relationship management software. It is easier for a candidate to project a different image in front of software and thus, the quality of the employee cannot be easily judged by the software. This, in turn, can hinder the future demand for this software. However, the growing requirement for automating the recruiting process to improve the efficiency and productivity of businesses will accelerate the market demand for candidate relationship management software during the forecast period.
The candidate relationship management software market is segmented on the basis of deployment type and organization size. Based on the deployment type, the market is categorized as on-premises and cloud-based. Among these, the cloud-based deployment type is expected to hold a significant market share, owing to the use of cloud-based software solutions by the majority of the companies. Based on regions, North America is dominating the market owing to the adoption of candidate relationship management software by various organizations such as General Electric Co., The Parts Alliance Ltd., and others.
The key players operating in the market are BambooHR, CATS Software Inc., CleverStaff, iCIMS, Oracle, Skeeled, TeamWox, TRAFFIT, Zoho Corporation, and others. Various strategies such as mergers and acquisitions, joint ventures, partnerships, and others are being adopted by companies to improve their product portfolio and generate revenue. For instance, in March 2019, Zoho Corporation, an Indian software development company, acquired Bengaluru-based ePoise Systems, to provide value to its customers, improve its product portfolio, and scale up its operations.