In a bid to further penetrate the booming recruitment space, Alphabet 's GOOGL division Google has rolled out its applicant tracking system (ATS), Google Hire, in the U.K. and Canada.
Notably, Google Hire is based on the company's G Suite software.
Hire which was launched in 2017, was available only in United States to date. However, the latest move of Google marks as its first global expansion. Applicant Tracking Market Holds Promise
Per a report from Technavio, the global market
for ATS is anticipated to witness a CAGR of 7% between 2019 and 2023.
This particular market is riding on growing need to automate recruitment processes, rising demand for analytics metrics and global talent acquisition.
Further, ATSs are gaining momentum in today's fast paced world as these are cost effective and consume less time.
Notably, Hire works as a recruitment management platform that integrates with G Suite apps such as Gmail, Google Calendar, Spreadsheets and Google Voice. It aids people to run recruitment processes efficiently which helps them in identifying talent, developing strong relationships with candidate and managing interview process.
We believe these robust features of Hire and expanding global presence will help Google to penetrate this potential market rapidly.
Alphabet Inc. Revenue (TTM)
Alphabet Inc. Revenue (TTM) | Alphabet Inc. Quote
The above-mentioned market growth opportunities are luring enough to attract other tech companies to make advances in the growing ATS market.
Apart from Google, there are other players like Oracle ORCL , IBM IBM , Workday WDAY and SAP, to name a few, which are also leaving no stone unturned to bolster their presence in this particular space.
Notably, there are a number of existing ATSs in the U.K. and Canada, namely Oracle Taleo Cloud Service, IBM Kenexa Talent Acquisition Suite, Workday Recruiting, and SAP SuccessFactors Recruiting and Onboarding.
Consequently, Google being a late entrant in this space is likely to face intense competition from the above-mentioned players. However, the growing popularity of G Suite apps is likely to aid its market share in Canada and the U.K.
Currently, Google carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Business Machines Corporation (IBM): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Workday, Inc. (WDAY): Free Stock Analysis Report Oracle Corporation (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research