Video Interviewing Software Market Size, Share, Growth and, Global Industry Analysis By Type (Cloud Based and Web Based) By Application (Large Enterprises and SMEs), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2032

Updated On: 08 July 2024

VIDEO INTERVIEWING SOFTWARE MARKET REPORT OVERVIEW

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The global video interviewing software market size was USD 380.5 million in 2023 and is expected to touch USD 768.68 million in 2032, exhibiting a CAGR of 8.1% during the forecast period. In the market study, our analysts have considered video interviewing software players such as Spark Hire (U.S.), HireVue (U.S.), Shine (U.S.), Yello (U.S.), Skeeled (Luxembourg), RecRight (Finland), Montage (U.S.), VidCruiter (New Brunswick), RIVS (Sri Lanka) and ClearCompany (U.S.). 

Video interviewing platforms are defined as communication platforms that aid the process of interviewing virtually over video calling. High-quality analytics tools have been applied to consumer data to assist firms make better business decisions. Recruiters are increasingly using applicant data to build big data so they can quickly and easily locate the top candidates for the job.

Video Interview software is gaining enormous approval globally among businesses to simplify the outdated job interview process. These video interview software tools give assistance to companies for hire and recruit the best candidates for open positions in an organization. Video interview software is normally combined with applicant tracking systems (ATS) which aims to modernize the recruiting process from sourcing candidates to organizing information of applicants.

COVID-19 Impact: Halt on Manufacturing to Hinder Industry Growth

The COVID-19 pandemic has adversely affected several markets globally. This market is expected to be negatively affected during the COVID-19 pandemic. The spike in CAGR is attributable to the video interviewing software market growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to lockdowns, travel bans, and company closures, the outbreak is wreaking havoc on economies and businesses in a number of countries. The information and communication technology (ICT) industry is one of the most disrupted industries, with supply chain failures, technological event cancellations, and office closures. China, for example, is the world's manufacturing powerhouse and the largest provider of raw materials to numerous industries, and one of the worst-affected countries. The closure of many Chinese plants and companies has hampered global supply chains and hampered manufacturing, delivery timetables, and electronic goods sales.

LATEST TRENDS

"Increasing Adoption of Digital Hiring to Propel Market Development"

Many businesses are now focusing on digital hiring. Resumes will be superseded by continually evolving digital representations of individual experience, skill, and aptitude. The key screening approach will be innovative tools that combine social media, big data, and other technology to provide amazing insight into individual job applicants. Recruiters have discovered that the expectations of Generation Y and, soon, Gen Z employees about the hiring process differ from those of earlier generations as the number of Generation Y and, soon, Gen Z workers continues to rise. Legacy systems must be integrated with Generation Y workers in new and innovative ways.

VIDEO INTERVIEWING SOFTWARE MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into Cloud Based and Web Based.

Cloud based is expected to be the leading segment because the software allows applicants to conduct interviews at any time and from any location by answering a set of questions. These types of interviews are becoming increasingly popular because they allow employers to discover candidates more quickly by offering more relevant information than a screening call. Recruiters can conduct interviews in real-time and online with candidates in any area across the world using live video interview services. Chatbots, artificial intelligence (AI), and interview scheduling software are frequently used in video interviewing software. These factors may propel industry growth. 

• By Application Analysis

Based on application, it is categorized into Large Enterprises and SMEs.

The large enterprises segment may lead the market growth with the expansion in globalization and the presence of multiple large corporations and across various industries, companies are focused heavily on enhancing their productivity. These factors may fuel video interviewing software market growth. 

DRIVING FACTORS

"Increasing Demand for Analytics Tools to Bolster Market Progress"

High-quality analytics tools have been applied to consumer data to assist firms make better business decisions. Recruiters are increasingly using applicant data to build big data so they can quickly and easily locate the top candidates for the job. This trend is projected to continue in the future years. Several prominent companies are growing their operations across the area, propelling the industrialization forward at a rapid pace. In addition, developing SMEs with larger capital investments are more likely to use video interviewing software. Therefore, with the growing number of large corporations and small businesses, the video interviewing software market is expected to increase significantly over the projected period.

"Growing Use of Social Media to Drive the Market Growth "

The use of social media and other digital profiles as candidate search tools has expanded the talent pool available to recruiters, but the time it takes to conduct that research may divert Hiring Managers from their most important task: actually hiring. High-quality analytics programs have already been applied to customer data to assist businesses in making better strategic decisions. Recruiters will increasingly use big data to analyze candidate information so they can find the best candidates for the position fast and conveniently. With the video interviewing platform, the scope of interviewing a broad pool of candidates expands, but the overall hiring cost to the organization decreases significantly. Fewer travel costs, effective screening, and reduced administrative hassles with scheduling interviews are all major advantages of video interviewing, especially when managers from different locations are conducting the interviews. The need for video interviewing platforms is being driven by lower total costs and better scheduling.

RESTRAINING FACTORS

"Cost of Production to Impede Market Progress"

With the video interviewing platform, the scope of interviewing a broad pool of candidates expands, but the overall hiring cost to the organization decreases significantly. Fewer travel costs, effective screening, and reduced administrative hassles with scheduling interviews are all major advantages of video interviewing, especially when managers from different locations are conducting the interviews. The need for video interviewing platforms is being driven by lower total costs and better scheduling.

VIDEO INTERVIEWING SOFTWARE MARKET REGIONAL INSIGHTS

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"Favorable Weather Conditions and Emergence of Several Manufacturers to Fuel Industry Development in Asia-Pacific"

North America is expected to dominate the video interviewing software market share. The key economies contributing to the growth of the video interview software market in the area are the U.S. and Canada. The presence of important players across the region, and the widespread acceptance of live video interviewing in the region, are associated with the market's regional expansion. Compared to other places throughout the world, this region has a robust network and communication infrastructure and the most advanced adopter of remote working, which fueled the region's need for video interviewing systems.

Various companies are expanding their operations in the Asia-Pacific region. In terms of information technology and telecommunications which contributes to the regional expansion of the video interview software market. Furthermore, over the projected period, the growth of video interview software is expected to be moderate in the European area and the rest of the world.

KEY INDUSTRY PLAYERS

"Implementation of Strategies for Increasing Product's Adoption to Help Major Players Grow"

Because of the presence of large vendors who can invest in R&D to improve their offerings, the market is fragmented and moving toward a consolidated market pattern. Artificial Intelligence and machine learning are being used by the companies to improve their services. The report also covers key market strategic developments such as acquisitions and mergers, new product launches, agreements, partnerships, collaborations and joint ventures, research and development, and regional expansion of major players in the video interviewing software market on a global and regional basis.

INDUSTRY DEVELOPMENT

2019, Jobvite, Inc. and TalentQuest announced a partnership that will assist companies increase candidate movement in the recruitment and hiring process by integrating a TalentQuest Assessment into Jobvite's applicant tracking system's candidate workflow.

List of Market Players Profiled

• Spark Hire (U.S.)
• HireVue (U.S.)
• Shine (U.S.)
• Yello (U.S.)
• Skeeled (Luxembourg)
• RecRight (Finland)
• Montage (U.S.)
• VidCruiter (New Brunswick)
• RIVS (Sri Lanka)
• ClearCompany (U.S.)

REPORT COVERAGE

This market report examines the global and regional markets and overall growth prospects. It also provides insight into the market's overall competitive landscape. The research also includes a dashboard overview of prominent organizations' successful marketing tactics, market contribution, and recent changes in both historical and current contexts.