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.
ìRecruiting and hiring the right candidates in a more effective and efficient manner has become a strategic imperative in todayís economy. This, combined with the global skills shortage, is driving demand for erecruiting services,î said Christopher Boone, senior analyst for IDCís 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. ìerecruiting 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.î Boone said.
Asia/Pacific represents the fastest-growing opportunity with revenue forecasted 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. ìEach region of the world has its own customs and regulations in relation to recruiting and hiring candidates,î said Ellen Julian, director of IDCís Workforce Management Services research. ìTo be successful, global erecruiting providers will need to establish local operations to understand regional trends and offer content, services, and tools that meet each regionís specific needs.î
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 the 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 jnagle@idc.com.
www.idc.com
IDC forecasts the worldwide erecruiting market will top $13 billion in 2005 - 09/2001
Industryís first worldwide erecruiting forecast and analysis