Executive Search (Headhunting) Software Market: Introduction
- Executive search, also known as headhunting or executive recruiter, refers to an individual or company that provides services for recruiting and tracking qualified candidates for various senior positions across public and private sectors. It also includes finding talent and locating candidates who meet the specific job requirement. Recruiters operate within a particular sector for sourcing market talent. Executive search firms and employment agencies are all valuable tools in the job search arsenal.
- The COVID-19 pandemic is quickly changing how every organization is attracting, recruiting, and retaining employees on their virtual teams. Recruiting systems, applicant tracking systems (ATS), and talent management systems are used to recruit the right candidates during the pandemic outbreak as Human Resource Management (HRM) are facing problems of not being able to scale a right candidate.
- Furthermore, executive search (headhunting) software is an important tool as it helps various organizations or industries to select the right candidate for their company during the COVID- 19 crisis.
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Global Executive Search (Headhunting) Software Market: Dynamics
Global Executive Search (Headhunting) Software Market:
- Growing recruiting executives and other senior personnel for client companies in various industries is expected to boost the executive search (headhunting) software market.
- The rising need to meet current market demands such as specific knowledge of the area, and typically operate at the most senior level of executive positions is expected to drive the executive search (headhunting) software market.
- Growing usage of executive search (headhunting) software throughout the hiring process, conducting detailed interviews, and presenting candidates to clients selectively is expected to fuel the market.
- Growing adoption of cloud-based services, such as Artificial Intelligence (AI), and Machine Learning (ML) for executive search (headhunting) software is expected to drive the demand for the software, in order to find the highest quality matches for open positions in real-time. Machine Learning is helpful in pattern matching, which can save recruiters thousands of hours of drudgery by immediately spotting the highest quality matches for open positions.
- Slowdown of the hiring process during the COVID-19 outbreak, especially in service sectors such as BFSI, retail, and logistics, where a lot of frontline hiring takes place, is one of the factors restraining the executive search (headhunting) software market.
North America to Account for Major Share of the Global Executive Search (Headhunting) Software Market
- In terms of region, the global executive search (headhunting) software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global executive search (headhunting) software market, due to rising number of open management positions and current executives continuing to move freely from one company to another. Besides, North America is expected to lead this market due to well established companies such as Korn Ferry and Spencer Stuart. These companies help clients by developing strategies and attracting suitable candidates that fit the cultural and professional characteristics of the business.
- The executive search (headhunting) software market in Asia Pacific is expected to hold significant share due to increasing number of job opportunities anticipated in the coming years. This in turn is expected to fuel the growth of the market across the region.
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Global Executive Search (Headhunting) Software Market: Competitive Landscape
Key Players Operating in the Global Executive Search (Headhunting) Software Market
Local, regional, and international players are active in the executive search (headhunting) software market. The market is highly consolidated, with top manufacturers accounting for approximately 35%–40% of the market share. Key players operating in the global executive search (headhunting) software market are:
- Agency Central Ltd.
- Alhambra International
- Edward Drummond & Co Ltd.
- Egon Zehnder.
- Heidrick & Struggles
- Korn Ferry
- Morgan Philips SA
- Odgers Berndtson
- Phoenix Executive bvba/sprl
- PRIM Software.
- Stanton Chase
- Starhunter GmbH
- Turbohire Technologies Pvt. Ltd