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.
COVID-19 Analysis
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.
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.
Market Segmentation
- The AI recruitment industry 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.
Leading Key Players in AI Recruitment Market 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)
- TalentRecruit (India)
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