Need for Streamlined Hiring Processes Benefits AI Recruitment Market Post COVID-19
Digitized Interviews Gains Impetus as Top Trend in AI Recruitment Market
The AI (artificial intelligence) recruitment market 2020 can gain grounds at a significant rate between 2019 and 2025 (review period), says Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
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The AI recruitment Market can be considered for component, organization size, deployment, application and vertical.
The component-based market categories can be services and software.
The ranges based on the organization size include SMEs as well as large enterprises.
The deployment-dependent segments are on-cloud along with on-premise.
The key market applications are candidate discovery, candidate assessments, job market forecasting, ad automation, candidate relationship management, resume filtering, and more.
The segments depending on the vertical include education, IT and telecommunication, government, BFSI, healthcare, commercial, and others.
The trend of deploying AI in recruitment processes has become even more prevalent after the COVID-19 outbreak and the lockdown imposed due to the pandemic. Whether offices are currently working as teleworking, planning for the future or are normal, SARS-CoV-2 has steered their focus more towards artificial intelligence tools to streamline hiring as well as recruiting, while continuing the practice of social distancing.
The novel coronavirus has boosted the use of video interview tools along with various online candidate review tools that largely use AI and its decision-making capabilities. COVID-19 seems to have boosted the number of live interviews that use platforms like Zoom, Skype, and more. In the current crisis, companies are now even more focused on drawing in candidates that are ideal for the organization. Higher deployment of AI chatbots post the SARS-CoV-2 has led to the emergence of opportunities in the AI recruitment market.
To illustrate, in June 2020, CareerBuilder upgraded its Talent Acquisition Suite by adding innovative tools that help deal with the issues faced during recruitment, while helping HR managers reach out to the top-tier candidates. The additional tools include a Talent Discovery Platform that now boasts of artificial intelligence/AI as well as machine-learning abilities that enable firms quickly discover an ideal talent.
APAC/Asia Pacific, MEA/the Middle East and Africa, North America, South America and Europe are considered to be the key regions where the AI recruitment market is presumed to progress during the review period.
At present, the lead in the global market belongs to North America, thanks to the mounting number of migrants moving to the region for job or education. The United States/US accounts for the biggest market in the region, as a result of the massive pool of skilled expertise as well as research and development abilities that help build advanced AI sourcing tools for better recruitment process.
Europe’s considerable share in the worldwide market is the result of the high adoption of the AI technology in talent acquisition and hiring processes by recruitment firms of diverse industries. The market also stands to profit from the presence of a highly IT infrastructure and the high number of AI recruitment software providers across France, Italy and the United Kingdom/U.K.
The fastest gainer in the worldwide market can be APAC, since the talent acquisition trend along with AI has gained immense traction in countries like India, China and Japan. Also, the rising deployment of the latest technologies like machine learning during recruitment processes for better hiring has resulted in an accelerated growth of the AI recruitment market in the region.
Lastly, the AI recruitment market in MEA as well as South America can perform decently in the years ahead because of the escalating consumption of recruitment tools integrated with AI by large and small enterprises to boost the recruiting process quality.
Renowned Industry Players
Some of the renowned industry players listed in the MRFR study include Oracle Corporation (US), HireVue (US), Mya Systems Inc. (US), SAP SE (Germany), TalentMind (Singapore), SmartRecruiters (US), Jobvite (US), Zoho Corporation (India), Textio (US), IBM Corporation (US), Google LLC (US), TalentRecruit (India), Ultimate Software (US), CVViZ Softwares Pvt Ltd (India), Automatic Data Processing, LCC (US), to list a few.
Top Drivers and Key Deterrents
The growth of the artificial intelligence recruitment market has been quite commendable in recent years, given the exponential surge in the use of predictive analytics in hiring and recruitment processes. The rising deployment of predictive analysis along with the AI technology can be highly favorable for the worldwide market in the years to come.
Several new systems and tools are being built to boost the efficiency of AI recruitment, like computer programs or techniques to procure useful information about the candidates and help recruiters reach data-driven decisions with the use of predictive analytics. The addition of these innovative systems to the existing HR software, which is powered by AI can be a notable growth inducer in the global market.
Some of the AI recruitment market trends that are increasingly gaining prominence include intelligent screening software, digitized interviews and recruiter chatbots that help organizations select an ideal fit in a very short period. In a nutshell, the mounting need for automation of complex hiring processes along with the surging need for improvement of the recruitment process’ quality could help the AI recruitment market achieve high revenues in the following years.
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