Online Job Advertising Market: 2024 Update

• The worldwide market for online job advertising decreased 5% in 2023 to $34.4 billion, representing its first down year since SIA began sizing the space in 2015. Despite the slowdown, the sector has grown at an impressive 12% compound annual growth rate since 2015. 
• Growth varied by business model in 2023. Of the three primary segments, social media job sites outpaced the market with 5% y/y growth. All other segments declined year-over-year. 
• We have identified 32 companies earning at least $100 million in online job advertising revenue in 2023, down from 34 such companies in 2022. The 10 largest vendors represent 62% of the market and the combined share of the top 25 providers account for 72% of the market, worldwide. 
• Online job advertising vendors are harnessing AI and strong adoption rates of these features suggest they are tangibly improving user experience for candidates and employers alike. We highlight a wide range of use cases in this report.
• A tight labor market and rising inflation have contributed to elevated pricing for performance-based plans. Cost-per-click (CPC) rates reached an apex of $1.14 in December 2022, a 153% increase from the start of 2021. Since then, rates have leveled with an April 2024 average of $0.91 in the US, representing a decrease of 11% year-over-year. Cost-per-application (CPA) rates have largely mirrored the trajectory of CPC rates, albeit with greater variance. CPA rates currently sit at $7.74 as of April 2024, a 13% decrease year-over-year and 42% lower than its peak in January 2022.
• Job advertising cost trends vary considerable by job category. New data shows Healthcare roles have observed an uptick from the beginning of 2022 through 1Q24. The cost for Light Industrial jobs are essentially unchanged, while costs for all other categories have dipped, including Sales roles, which have plummeted, reaching a new low last quarter (1Q24).

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