Asia Pacific Online Recruitment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Job Type and Application

The online recruitment market in APAC is expected to grow from US$ 6,825.11 million in 2021 to US$ 12,467.50 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028. Digitalization of All Business Processes Including Recruitment is also bolstering the growth of the industry. Digital transformation is changing how businesses work (internal) or communicate with their customers (external). However, in most situations, digital transformation entails purchasing software and data technologies such as recruiting solutions and online recruitment channels, to reduce or remove administrative activities and improve operational performance within and across departments and hiring teams. There are various benefits of digitalization or shifting to the online mode of recruitment such as: Better productivity and time efficiency: In a variety of ways, online recruiting aids in the speeding up of everyday hiring procedures. Companies can automate administrative tasks such as keeping track of applicant paperwork or arranging interviews. Online recruiters use applicant tracking system (ATS) solutions to screen candidates quickly since the ATS stores all of the requisite candidate data in one location. They will not have to read a resume before moving on to the candidate’s cover letter, portfolio, or appraisal because it will be on the same page. Recruiters are not the only ones that profit from online recruitment systems. Candidates can also apply quickly since the processes include auto-filling application forms and one-click apply buttons. Other factors promoting the digitalization are improved candidate analysis and access to vast number of applicants, among others. The above-mentioned factors are promoting the digitalization in recruitment process among companies, thereby fueling the growth of the online recruitment market.

The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated, which leads to the greater risk infection spread.Many global brands and technological companies are headquartered in the region.

According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation.The COVID-19 pandemic, according to the Asia–Pacific Employment and Social Outlook 2020, would have wiped out 81 million workers by 2020.

As per the quarterly data available for 2020, employment levels fell in virtually all economies, compared to those in 2019. Working hours in Asia and the Pacific countries fell by 15.2% in the second quarter and 10.7% in the third quarter of 2020, compared to pre-crisis levels. Working-hour losses are also contributed to the fact that millions of people left the labor force or lost their jobs due to plummeted growth of enterprises. Thus, the online recruitment providers experienced adversely effects in APAC countries during the first three quarters of 2020. However, with the gradual opening of economic activity across the region, the demand for skilled workforce has begun to rise across all industries from the end of 2020, thereby contributing to the rise in demand of online recruitment across the region.

The Permanent segment led the online recruitment market based on job type in 2020.A permanent job, also known as a full-time job, is an employment arrangement in which a person works for an employer and is paid directly by them.

Unlike a temporary or contract employee who is employed to do a job for a certain period, a permanent employee’s employment does not have a fixed end date.Permanent is described as working 35 hours or more per week, according to the Bureau of Labor Statistics (BLS).

The Affordable Care Act describes permanent workers as those who work an average of 30 hours a week for the purposes of determining employer required payments for larger employers.The cost for hiring permanent employees is high as there are number of processes to be followed to ensure the proper selection process.

Companies are increasingly adopting online recruitment process to reach a vast pool of talent across the globe. The online recruitment also enables the companies to automate applicant tracking and other monotonous and mundane tasks in the recruitment process. Thus, the above-mentioned factors are contributing to the growth of the online recruitment market over the years, which is ultimately drives the online recruitment market.
The overall APAC online recruitment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the APAC online recruitment market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC online recruitment market. ABC Consultants; Glassdoor, Inc.; Info Edge (India) Ltd. (naukri.com); iPlaceUSA, Inc.; itForte; LinkedIn Corporation; Multi Recruit; SH Inc; StepStone GmbH; and TalenTECH Solutions Pvt Ltd (Hiring Plug) are among a few players operating in the APAC online recruitment market