Video interviewing software allows users to conduct calls from any place. It simplifies meeting processes and allows companies to effectively select candidates. With rapid digitalization and the adoption of work-from-home cultures, the demand for effective software solutions is expected to grow considerably. Further, the software utilizes Applicant Tracking Systems (ATS) and allows companies to modernize their recruiting process. Moreover, as manufacturers shift to digital hiring, innovative software tools that incorporate Big Data, social media, and other technologies are expected to increase exponentially. Also, the emergence of several startups is expected to foster the software adoption.
As per Business Research Insights estimates, the video interviewing software market size was valued at USD 21 million in 2020 and will reach USD 116.7 million by 2027, exhibiting a CAGR of 26.8% during the forecast period.
COVID-19 Impact: Rapid Digitization Fostered the Industry’s Growth Prospects
The COVID-19 pandemic enhanced the industry’s growth prospects due to the rising adoption of work from home and virtual trends. Further, increasing software adoption from several industries and organizations enhanced its demand. The adoption of the software allowed companies to function and continue to work efficiently. The hiring process becomes a breeze due to the support of high resolution, audio, and various other monitoring solutions. These factors helped manufacturers to enhance their work. In addition, the increasing adoption of efficient software allowed manufacturers to elevate their industry’s growth.
Rising Social Media Adoption Enhanced Video Interviewing Software Adoption
Organizations focus on social media platforms, such as LinkedIn, to find employees looking for jobs. Therefore, the rising adoption of social media platforms enhanced the software adoption. This helps HRs and managers select the right candidates and avoid extra costs or in-person visits. Efficient software tools and the software’s reliability allow companies to enhance the hiring process. Thus, these factors enhance the software’s sales.
Business Research Insights highlights the top 8 players operating in this industry.
1. Spark Hire (U.S.)
Spark Hire is an American company that offers excellent flexibility. It offers the ability to remotely connect with clients. The software also allows multiple people to connect together and enhance the interviewing process.
2. HireVue (U.S.)
HireVue is an American company that was founded in 2004. The company provides efficient video interviewing software that enhances convenience and allows companies to improve the interviewing process.
3. Shine Foundation (U.S.)
Shine is an American company that was founded in 2008. It is a non-profit organization that offers effective software tools that enhance convenience. The company provides excellent video interviewing software that boosts the hiring process.
4. Yello (U.S.)
Yello is headquartered in the U.S. and was founded in 2008. The company’s software provides effective services that enhance the hiring process. The software also provides tools that enhance the interviewing process.
5. Skeeled (Luxembourg)
Skeeled is headquartered in Luxembourg and was founded in 2014. Skeeled provides excellent software that allows companies to efficiently evaluate employees based on their skillset.
6. RecRight (Finland)
RecRight is headquartered in Finland and was founded in 2011. The company is a provider of efficient software that fastens the hiring process. It allows companies to reduce their interviewing time and increase productivity.
7. Montage International (U.S.)
Montage International is headquartered in the U.S. and was founded in 2022. The company offers an extensive range of video interviewing software solutions. The company’s software solutions enhance the interviewing process and offer technologically advanced features.
8. VidCruiter (New Brunswick)
VidCruiter is headquartered in New Brunswick and was founded in 2012. The company offers HRs and companies a reliable platform that allows them to enhance their recruitment procedures.
Emergence of Efficient Software and Rapid Digitalization to Foster the Industry’s Growth
Through the points mentioned above, it can be observed that the industry is expected to witness strong growth. Rapid digitization and adoption of work from home may allow companies to utilize effective video interviewing software to enhance their hiring process and reduce the costs required for offline hiring. Further, the increasing demand for software with innovative tools is likely to light the path for this industry’s growth.