|LLC Harver B.V Hackajob Ltd. Jobvite Brilent|
|Inc. SmartRecruiters CVViZ Softwares Pvt Ltd HireVue Talentrecruit Beamery TalentMind Ultimate Software Automatic Data Processing LCC Oracle Corporation|
|Market Driving Forces|
|There will be thousands of job applications that require careful evaluation.|
AI Recruitment Market Overview:The AI Recruitment Market Sizeis projected to grow USD 1.23 billion at a 6.90% during 2030. Recruitment software helps the organisation to track and control recruitment electronically. The AI recruiting technology uses the abilities such as machine learning and problem-solving. It is a new generation program suitable for allotted recruitment related tasks in any enterprise. Artificial intelligence helps the system to think, learn and make decisions. It is a program that replicates the actual screening of a resume. With AI the systems can evaluate resumes like humans.
It can provide a score to a resume according to the details. The AI recruitment program is an asset to any company. The online applications can be easily evaluated through this technology. Large enterprises have plenty of job openings. Also, the amount of recruits for a position is high. Checking this application by human’s hands is time-consuming. However, with AI recruitment technology, quick evaluation and recruitment are possible. It is a technology that regulates the time of enterprises in much more important tasks. The cost, efficiency and reliability of AI recruitment are higher. Sorting, checking, analyzing, evaluating and searching applications is effortless with this technology.
AI Recruitment Market Covid Analysis:There are plenty of changes in Global AI Recruitment Market during covid 19. The AI recruitment market is facing few challenges during this period. AI recruitment is a program that requires deployment. Also, there is both solution and services segment in this market. However, providing services and deploying the solution is difficult during this period. The supply chain disruption is more for this market.
However, the deployment of AI recruitment is increasing in many regions. The adoption of AI recruitment is rapid. Due to social distancing and lockdowns, the recruitment processing of many enterprises is affected. It gives more scope for technologies such as AI recruitment. The deployment of this program helps to carry out the recruitment process without hiring a professional. Also, online applications can be quickly and effortlessly checked through this technology. The awareness for AI recruitment technology is higher during this period. Also, in the upcoming years, the demand will increase due to these factors.
Market Dynamics:Crucial Market Drivers:The recruiting process is highly complex. Especially, recruiting tasks in large scale enterprises can be time-consuming and difficult. There will be thousands of job applications that require careful evaluation. Hiring a recruiting professional for the enterprise is an unnecessary expenditure. As it is a crucial job for the organisation the expenditure to hire is high. However, AI recruitment technology provides ease of work and cost efficiency to any organisation. The need to automate the recruiting process of an organization is a demand driving factor. The adoption will lead to AI Recruitment Market Sales.
The massive amount of job applications can be carefully evaluated through this technology. It is a technology that saves time, cost and energy for the enterprise. The technology is high-end with reading, reviewing, evaluation and decision-making capabilities. Further, there is a high need to enhance the quality of the recruitment process. In many regions, the recruiting process quality is poor. Recruiting qualified candidates is possible through AI technology. More than human experts, the AI recruitment program proves to be more accurate. It increases the adoption of AI recruitment in large scale enterprises. All these factors lead to high AI Recruitment Market Profitin the forecast period.
Also, technological advancement will create more awareness for the product in the forecast period. The adoption of the software in the talent acquisition platform will provide AI Recruitment Market Growthopportunities. The demand for AI software is vast in various verticals. Also, top tech giants such as IBM are adopting the AI recruitment software. The results of this software are instant. Filtering, storing, ranking, evaluating is instant. The automation of recruiting process in these verticals will offer more scope for growth.
AI recruitment is a high need technology. The adoption of AI software is common in large enterprises. However, less adoption in the small-medium enterprise and other verticals can decrease the awareness. The benefits and functions of this software are still unknown in many regions. These factors can bring uncertainty changes in the market.
The proactiveness to adopt new technologies in the recruitment sector can hamper overall growth. In the forecast period, losses and decline in demand are possible through these challenges. Also, there are not many skilled hands available to handle the AI recruitment system. The lack of technical expertise in the enterprise is another challenge in this market. Due to the low availability of experts, the market expansion rate can slow down in the forecast period.
However, lack of awareness is a serious issue in this market. The familiarity of this software is less in many regions. Also, lack of expertise can arise new challenges in the market. However, technological advancements will bring favourable changes in the market. The expansion rate is also expected to increase in the forecast period. The AI Recruitment Market Analysisshows promising growth.
Also, there is plenty of large scale enterprise that requires high efficiency in recruiting process. For large scale recruitment, it is suitable technology in the region. Also, the adoption of new technology is quick in North America. US and Canada are the key players in the region. The market expansion rate is higher due to these major contributors.
AI Recruitment Market Segment Overview:By Product:
AI Recruitment Market Competitive Landscape:The AI recruitment market competition will increase in the forecast period. Market developments, acquisitions and expansions are key strategies of the competitive landscape. There is going to be plenty of technological advancements in this market.
AI Recruitment Market Regional Analysis: The AI Recruitment Business is segmented into Asia Pacific, Europe and North America. North America holds the largest AI recruitment market shares. With leading key players and technological advancements, the region will have high demand. The technology infrastructure in this region is strong. Also, the need for recruiting programs is beneficial for the market.
The Asia Pacific is witnessing the fastest market growth in the forecasts period. The amount of software providers is high in this region. Also, the wide range of employment task drive AI recruitment market growth. It is regions will the second-best profitability rate in the forecast period. Europe will see tremendous growth scope for the AI recruitment market. The high investments in this region will bring favourable changes in the overall AI recruitment market.
The key players of the AI recruitment market are
Recent Developments:The key players of the market are establishing new partnership deals in the forecast period. It will lead to market expansion. The key players of the market are launching AI recruitment for the healthcare industry.
|Market Size||USD 1.23 billion|
|Forecast Units||Significant value|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component , Size|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||PandoLogic, Inc. Leoforce, LLC Harver B.V Hackajob Ltd. Jobvite Brilent, Inc. Entelo, Inc. SmartRecruiters CVViZ Softwares Pvt Ltd HireVue Talentrecruit Beamery TalentMind Ultimate Software Automatic Data Processing LCC Oracle Corporation|
|Key Market Opportunities||There are exceptional growth opportunities in the AI recruitment market.|
|Key Market Drivers||There will be thousands of job applications that require careful evaluation.|
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.
The global AI recruitment market will be valued at USD 1.23 billion by 2030. The global Metaverse market is estimated to witness substantial growth during the forecast period.