IDC Forecasts the Worldwide eRecruiting Market Will Top $13 Billion in 2005
FRAMINGHAM, MA – JULY 16, 2001 – Revenues in the erecruiting market are on the rise. IDC forecasts the worldwide market will grow from $1.6 billion in 2000 to $13.4 billion by 2005. This means an additional $11.8 billion will be up for grabs in this market in the coming years.
"Recruiting and hiring the right candidates in a more effective and efficient manner has become a strategic imperative in today’s economy. This, combined with the global skills shortage, is driving demand for erecruiting services," said Christopher Boone, senior analyst for IDC’s eRecruiting program.
North America is currently the largest region in terms of erecruiting revenue and is undergoing a transition from simply posting jobs online to enabling the entire recruiting process via the Internet. "eRecruiting will not replace other traditional methods of recruiting, but rather become part of the total mix of methods used to find and hire qualified candidates," Boone said.
Asia/Pacific represents the fastest-growing opportunity with revenue forecast to increase at a compound annual growth rate (CAGR) of 67% between 2000 and 2005. This growth will inevitably lead current recruiting services vendors to globalize their services to take advantage of the emerging Asia/Pacific market.
Western Europe has become a sizable market for erecruiting services as well, second only to North America. The convergence of falling unemployment rates and increasing Internet adoption have made Western Europe a hotbed of erecruiting activity recently.
IDC warns that erecruiting firms will have to customize their strategies in each area of the world where they compete. "Each region of the world has its own customs and regulations in relation to recruiting and hiring candidates," said Ellen Julian, director of IDC’s Workforce Management Services research. “To be successful, global erecruiting providers will need to establish local operations to understand regional trends and offer content, services, and tools that meet each region’s specific needs."
IDC recently published Worldwide eRecruiting Market Forecast and Analysis, 2000-2005 (IDC #B24913). This report forecasts erecruiting revenues in the following regions: United States, Canada, Western Europe, Japan, Latin America, Asia/Pacific, and rest of world. Major trends impacting the market in each region are analyzed. The report ends with recommendations to providers competing in the erecruiting space. To purchase this report, contact Jim Nagle at 1-800-343-4952, extension 4549, or at firstname.lastname@example.org.
IDC is the foremost global market intelligence and advisory firm helping clients gain insight into technology and ebusiness trends to develop sound business strategies. Using a combination of rigorous primary research, in-depth analysis, and client interaction, IDC forecasts worldwide markets and trends to deliver dependable service and client advice. More than 700 analysts in 43 countries provide global research with local content. IDC's customers comprise the world’s leading IT suppliers, IT organizations, ebusiness companies and the financial community. Additional information can be found at www.idc.com.
IDC is a division of IDG, the world's leading IT media, research and exposition company.
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