Pune, India., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Asia Pacific is anticipated to grow with the highest CAGR from 2022 to 2030. The growth of the video interviewing software market is driven by growing preference for video interviews in recruitment process, high demand for video interviewing software due to covid-19 pandemic and rising number of job applicants raising demand for time-efficient selection systems. Changing roles of recruiters is emerging as a future trend in the industry.
Video Interviewing Software Market in terms of revenue was estimated to be worth $250.06 million in 2022 and is poised to reach $891.86 million by 2030, growing at a CAGR of 17.2% from 2022 to 2030 according to a new report published by The Insight Partners.
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Browse Comprehensive TOC on "Video Interviewing Software Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Web-Based and Mobile Apps), Enterprise Size (Small and Medium Enterprises and Large Enterprises), Industry (BFSI, IT and Telecom, Healthcare, Manufacturing, and Others), and Geography"
Global Video Interviewing Software Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 250.06 Million in 2022 |
| Market Size Value by | USD 891.86 Million by 2030 |
| Growth rate | CAGR of 17.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Enterprise Size, Industry, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Adoption of Cloud-Based Video Interviewing Solutions to Fuel Global Video Interviewing Software Market Growth During Forecast Period:
Denmark, the UAE, and Sweden are among the countries with the highest internet penetration rates across the world. Until 2020, APAC had the largest number of internet users, i.e., ~2.5 billion, followed by Europe with almost 728 million internet users. China had more than 854 million internet users, and India had ~560 million users. However, digitalization and internet penetration are in the initial phase in countries such as Oman, Qatar, and Kuwait. Continuous growth in the number of internet users encourages industries to transform their processes into digital operations. Cloud technology has positively impacted business performances through enhanced data storage and transfer facilities in cost-effective ways by allowing businesses to pay for the service as per their use.
The deployment of cloud-based video interviewing solutions has gained popularity in the past few years. Training and development courses are made available to students to prepare them for academics and professional fields, and the issues regarding storage capacities have been resolved with the inception of cloud technology. Additionally, businesses are moving toward adopting SaaS-based video interviewing solutions. The high costs of hardware, software, and data center operations are divided among customers by the vendor in the SaaS-based model, thereby allowing customers to avail state-of-the-art infrastructure at lower costs. Therefore, cloud-based video interviewing solutions are likely to gain a huge demand during the forecast period, thus leading to new trends in the video interviewing software market growth.
Global Video Interviewing Software Market: Segmental Overview
The video interviewing software market is segmented on the basis of type, enterprise size, industry and geography. Based on type, the video interviewing software market is segmented into web-based and mobile apps. Based on enterprise size, the video interviewing software market is bifurcated into small and medium enterprises and large enterprises. Based on industry, the video interviewing software market is segmented into IT & telecom, manufacturing, BFSI, healthcare, and others. By geography, the video interviewing software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The global video interviewing software market is segmented into five major regions—North America, Europe, APAC, the Middle East & Africa, and South America. In 2022, North America led the global video interviewing software market with a substantial revenue share, followed by Europe and APAC. The video interviewing software market in North America is segmented into the US, Canada, and Mexico. The region is home to several technological giants that invest heavily in developing robust technologies. A large number of successful video interviewing software providers and emerging video interviews are key drivers of the video interviewing software market in the region. The demand for video interviews software is increasing rapidly among large companies and SMEs. The US, Canadian, and Mexican governments are adopting policies to promote the setting up of new production facilities. This has led to increased production facilities and forced them to opt for software for video interviews to ensure effective communication between an interviewer and a candidate. Key factors driving the North America video interviewing software market growth are the increasing use of cloud-based solutions, low implementation and maintenance costs, and a growing desire to simplify the hiring process. Additionally, with the increased usage of mobile phones in the office, the acceptance of mobile phone-based solutions has also gained traction. However, rising data security and privacy concerns restrict the video interviewing software market growth.
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Global Video Interviewing Software Market: Competitive Landscape
InterviewME (pty) Ltd.; ClearCompany; Interviewstream; HireVue; Modern Hire; Jobvite, Inc.; Shine; Skeeled; Spark Hire; VidCruiter; and Yello are among the leading players profiled in the video interviewing software market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth.
Global Video Interviewing Software Market - Key Industry Dynamics:
Drivers:
- Growing Preference for Video Interviews in Recruitment Process
- High Demand for Video Interviewing Software Due to COVID-19 Pandemic
- Rising Number of Job Applicants Raising Demand for Time-Efficient Selection Systems
Restraints:
- Issues with Internet Connectivity and Potential Frauds
- Availability of Open-Source Video Interviewing Solutions
Opportunities:
- Use of Social Analytics for Data Screening and Increasing Demand in Asia Pacific
- Introduction of Big Data
Future Trends:
- Changing Roles of Recruiters
Recent Developments:
In June 2022: VidCruiter formed integration with SAP Store, an online marketplace for SAP and partner offerings. Under this integration, the "video interviewing integration" of VidCruiter has been made available on SAP Store.
In May 2021: Spark Hire formed a strategic partnership with BambooHR, an HR platform provider. The integration of both the companies will allow the users to configure video interview packages in Spark Hire, send candidate invitation via status update in Bamboo HR, and access the interviews once done in just a single click.
Go through further research published by The Insight Partners:
Audio and Video Editing Software Market - Global Analysis and Forecast to 2028
Video Conferencing Software Market - Global Analysis and Forecast to 2030
Video Editing Software Market - Global Analysis and Forecast to 2027
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