According to the Market Statsville Group (MSG), the global video interviewing software market size is expected to grow from USD 236.34 million in 2022 to USD 838.41 million by 2033, at a CAGR of 12.2% from 2023 to 2033. The adoption of video interviewing in the hiring process has shift the organizations and candidate’s dependency towards the ease of technologies in the market. With six in 10 companies adopting video interviews, via the internet results a positive impact on the modern hiring process. Video interview has a wide scope for both small and large companies as it saves time and can make candidates feel more comfortable as interviewing in their familiar setting. This option also helps employers to recruit suitable candidate for the responsible task regardless of location. The video interviewing further helps the environment by reducing employers’ carbon footprint through eliminating the need for travel, and a paperless recruitment process which can deliver an experience that’s more in tune with the preferences of digital-savvy talent.
Industrialization and investments from established markets are tremendously having their traction in emerging economies which leads to high job opportunities and huge candidate lists to the organizations which may be a hectic recruitment process and takes a lot of time. In additional, companies need to strengthen their brand by hiring candidates with exceptional professional skills, and so, video interviewing software is becoming increasingly popular in the recruitment process. This will boost the market growth over the forecast period. On the other hand, Availability of substitutes coupled with issues regarding internet connectivity is likely to inhibit the market growth of the video interviewing software globally. Moreover, advancements in the 5G communication technology and commercialization efforts are also a huge opportunities for the market over the period.
Video interviewing software has a well-defined role in the development of the service sector. This software is playing a key role in interviewing the applicants by working from home and such software often helped the individuals to connect with each other for several interviews as well as for work-related meetings. The goal is to deliver the individuals with initiatives to improve recruiting or interviewing process. Thus, the surge in demand for video interviewing software is witnessed in the developed and emerging markets coupled with a rise in expenditure on digitalization by enterprises, which, in turn, is increasing the growth outlook for video interviewing software, to modernize and simplify the hiring process, and grow exponentially.
The video interviewing software can even benefit large companies and SMEs. From the perspective of the manufacturing sector, the governments of the Canada, United States, and Mexico are making policies to enhance the growth of production facilities in each country.
The rise in unemployment has been muted in many countries and millions of workers lost part or all of their incomes. Moreover, the social distancing and severe lockdown rules affected the recruitment process of various organizations and businesses, but the availability of the internet and mobile applications can take on a larger share to resolve such issues. This digital solution makes a robust connection between various businesses and candidates, even in this harsh time of the pandemic. As a result, online recruitment or hiring process via video interviewing software is gaining high traction during the coronavirus outbreak. This video interviewing software will allow various small and large companies to better communicate with candidates and get more detailed analytics, despite of remote location. This is often helping human resource management to personalize content more precisely and, as a result, implement better systems and software that helps them connect with their candidates.
In addition, the installation of these digital solutions often helps business owners to offer online appointments, post the COVID-19 pandemic, following social distancing, and other essential precautions to keep the employers and candidates safe from the infection. Besides, it will allow organizing the hiring process in a safer way for both employers and candidates. Therefore, the organizations and businesses will experience profound changes in their working environments, following the COVID-19 protocols, in turn, changing the way employees perform tasks and activities. In response to the pandemic, market players are now investing more in cloud-based technologies.
Recruiting the superlative talent is becoming tougher ordinary with the growing competitive streak among candidates. Companies need to strengthen their brand by hiring candidates with exceptional professional skills, and so, video interviewing software is becoming increasingly popular in the recruitment process. It is helping recruiters to find better candidates faster and with more ease and effectiveness by modernizing and simplifying the hiring process. Thus, many companies are now embracing this technology to modernize or automate their interview process, recognizing that it can reduce their time to hire by up to 50% if they effectively utilize video interviewing for hiring the best talent. In fact, an OfficeTeam survey revealed that roughly 63% use (or have used) video interviewing in their hiring process recently. Further, they could analyse their recruiting strategies and keep informed of their procedures to make the recruitment procedure more effective. Hence, video interviewing is becoming the standard practice and making effective the first-round interviewing application by delivering interviewers fair, efficient, and structured method for directing interviews, which, in turn, strengthening the trend for video interviewing software in developed and emerging markets.
Availability of substitutes coupled with issues regarding internet connectivity is likely to inhibit the market growth of the video interviewing software globally. Among them, the extensive availability of video chatting software, such as Skype, Google, and Others, is becoming a direct substitute for video interviewing software, which is limiting the adoption and growth outlook for the video interviewing software market. Video chatting software is often considered as the cost-effective and user-friendly substitute that can alternatively use for video interviewing software, as it has created a more collaborative meeting culture and prioritize enterprise-class service reliability and support reliability in the organization. In addition, choosing these cost-friendly capital items raise the pressure on the adoption of video interviewing software among end-users, thereby limiting the market growth over the forecast years.
Furthermore, the major downside to implement video interviews is that they are extensively dependent on a stable and quick internet connection. If the candidate’s local ISP is not capable to provide an adequate quality of service, common disconnects and poor video or audio quality may simply affect the recruiter to move on to another candidate, even though the first applicant might have been a better option in terms of skills, knowledge, and experience. Hence, the poor internet connectivity is further acting as a major obstacle in the market growth around the world.
The world is going digital and paperless at a significant pace, and the service industry is not being left behind to opt for such technology. These days, many enterprises are designing digital solutions and integrating such technology that can be a significant boon to their business operations. Besides, the way an organization is engaging to execute the hiring process to recruit top talent is critical to securing and maintaining a positive brand reputation. Thus, digitalization has played a prominent role in the transformation of the talent recruitment process in the last few years and interpreting this transformation will equip businesses operating in the modern business environment to ensure they are ensuing best practices in terms of recruitment processing. In addition, the digitalized solution has entirely revolutionized the conventional recruitment process, helping hiring managers to better understand job applicants around the world while saving time and money. At the same time, digital transformation eliminates or simplifies the admin tasks while increasing operational productivity through the acquisition of data and tech solutions across company departments, including hiring teams. The all-in-one tactic has increased the demand for video interviewing software from enterprises, thereby encouraging the growth outlook for the market during the forecast period.
The study categorizes the video interviewing software market based on type and application area at the regional and global levels.
Based on the type, the market is split into web based and cloud based. The web based segment is expected to dominate the market share in 2022 in the global video interviewing software market. The emergence of web-based technology significantly reduces the operating costs of companies. Further, web-based video interviewing software systems are often easy to install and run, which provide lucrative opportunities for market players operating in the video interviewing software market. Also, the availability of ample web-based video interviewing software providers is significantly contributing the higher demand for video interviewing software market. In addition, there is also a growing trend to opt for digital solutions other than conventional systems, allowing enterprises to improve their business operations to offer new revenue channels for video interviewing software providers and their clients.
Based on the regions, the global freight procurement technology solutions market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific and South America. North America is projected to account the highest market share in 2022. North America is estimated to be followed by Europe and Asia Pacific. Besides, the Asia Pacific is expected to be the fastest-growing region, followed by Latin America in terms of growth. There are lots of companies based in North America region and this is creating a huge number of job opportunities in this region. Due to these reasons market will accounts the largest share over the forecast period.
The video interviewing software market is significant competitors and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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