ID: MRFR/ICT/6817-HCR | February 2021 | Region: Global | 111 pages
AI recruitment is an artificial intelligence-driven recruitment software which streamlines and automates the recruitment processes in order to improve the talent acquisition process and enhance the employee experience. The AI recruitment software uses technologies such as machine learning and sentiment analysis to optimize various recruitment processes such as auto-screening candidates and identifying potential candidates based on their job description. The AI recruitment tools are built on algorithms which compare the candidate attributes such as work experience, skills and qualifications, and compares it to the qualitative recruiting factors such as duration of service, employer noteworthiness, geographical location, and others. These factors are analyzed by the proprietary machine learning (ML) or AI technology which allows the recruitment system to weigh and score each factor of the candidate appropriately.
AI has a significant impact across all the domains and recruiting is no exception. AI recruitment software has the potential to scale, analyze, and manage huge volumes of data generated across enterprises which helps in improving the quality of hiring process, discover candidates, automate the advertisement process, filter out resumes, and carry out candidate assessment. Increasing need among recruiters to automate the complex recruitment process and growing need to improve the quality of hiring process are the major factors driving the growth of AI recruitment market. According to a study by Ideal, an AI recruiting software provider, 52% of the talent acquisition leaders find screening candidates from a huge applicant pool the most challenging part of recruitment. AI recruitment tools help in automating repetitive tasks such as resume screening and pre-qualifying candidates, increasing the quality and efficiency of recruitment processes.
The market seeks opportunities from advancements in AI technology. However, reluctance in adopting new technologies by sourcing and recruitment professionals and lack of technical expertise is the major challenge faced by the market.
Recruiter chatbots, intelligent screening software, and digitized interviews are some of the recent trends prevailing in the AI recruitment market.
The prominent players active in the global market of AI recruitment are SAP SE (Germany), Zoho Corporation (India), Google LLC (US), IBM Corporation (US), Oracle Corporation (US), Automatic Data Processing, LCC (US), Ultimate Software (US), SmartRecruiters (US), Jobvite (US), CVViZ Softwares Pvt Ltd (India), HireVue (US), Textio (US), Mya Systems, Inc. (US),TalentMind (Singapore), and TalentRecruit (India).
The global AI recruitment market has been segmented on the basis of component, organization size, deployment, application, vertical, and region.
By component, the market has been segmented into software and services.
By organization size, the market has been segmented into SMEs and large enterprises.
By deployment, the market has been segmented into on-cloud and on-premise.
By application, the market has been segmented into resume filtering, candidate discovery, candidate relationship management, job market forecasting, ad automation, candidate assessments, and others.
By vertical, the market has been categorized into government, commercial, IT and telecommunication, healthcare, BFSI, education, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Market Research Future (MRFR) study has covered the following countries in the regional analysis of AI recruitment market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Benelux, and Italy in Europe. China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines in Asia-Pacific. Saudi Arabia, Israel, Turkey, and South Africa in the Middle East & Africa; and Brazil, Peru, Chile, and Argentina in South America.
North America currently dominates the global AI recruitment market. The region has well-established network infrastructure, is an early adopter of new technology, and holds the presence of a majority of AI recruiting software providers. The US, among all the countries in the region, accounts for the largest market share owing to highly skilled expertise and research and development capabilities, aiming at developing AI sourcing tools for enhancing the quality of hiring process, which has propelled the market growth of AI recruitment in the country. Europe has a considerable market share in the global AI recruitment market. Increasing adoption of AI in talent acquisition process among recruitment enterprises of various industry verticals to automate the complex recruitment process is driving the market growth in the region.
Asia-Pacific is projected to be the fastest-growing region during the forecast period. Countries in the region such as India, Japan, and China consider talent acquisition as the most important trend in the HR processes. Furthermore, integration of advanced technologies such as machine learning in recruitment for improving the quality of hiring process has accelerated the demand for AI recruitment in the region. The global AI Recruitment market in the Middle East & Africa and South America is also expected to grow at a considerable rate during the forecast period due to the rising adoption of AI and recruitment tools by SMEs as well as large enterprises to enhance the recruiting process.
Frequently Asked Questions (FAQ) :
Increasing need among recruiters to automate the complex recruitment process and growing need to improve the quality of hiring process are the major factors driving the growth of AI recruitment market.
Reluctance in adopting new technologies by sourcing and recruitment professionals and lack of technical expertise are major growth impeders for the global AI recruitment market.
North America holds the largest share in the global AI recruitment market, followed by Europe and the Asia Pacific, respectively.
Zoho Corporation (India), SAP SE (Germany), Google LLC (US), Oracle Corporation (US), IBM Corporation (US), Automatic Data Processing, LCC (US), SmartRecruiters (US), Ultimate Software (US), Jobvite (US), HireVue (US), CVViZ Softwares Pvt Ltd (India), Textio (US), TalentMind (Singapore), Mya Systems, Inc. (US),and TalentRecruit (India), are some of the top players operating in the global AI recruitment market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global AI recruitment market adopt to gain a larger competitive advantage.