The video interviewing software market size is projected to reach US$ 891.86 million by 2030 from US$ 250.06 million in 2022. The market is expected to register a CAGR of 17.2% during 2022–2030. The adoption of cloud-based video interviewing solutions is likely to remain a key trend in the market.
Mobile apps-based video interviewing software are witnessing high demand as they are easy to install. The mobile app video interviewing software providers continue to upgrade their products to enhance the power and security of their solutions. Mobile apps-based solutions are majorly procured by large enterprises and end-customers opting for an interview process. The mobile app video interviewing software providers offer their clients the ability to control their usage. This advantage has attracted a significant number of end users. The video interviewing software market consists of various players offering mobile app solutions. Some of the players include Skeeled and Spark Hire, among others.
A video interview is a job interview that is operated by utilizing video innovation as its basic means of communication, and this is a quickly rising field in the scene of hiring. Video interview software is a kind of software that enables interviewers to chat with candidates through video chat. Spark Hire, HireVue, Shine, and Yello are among the leading players providing web-based video interviewing software. These solution providers plan to sell their products to large, small and medium-sized enterprises. Owing to the advantages such as easy implementation and cost-effectiveness, the demand for web-based video interviewing software is increasing.
Higher standards of living, greater job opportunities, and access to modern amenities and services are among the major factors that contribute to the migration of rural population to urban areas. According to the World Bank, urban areas had over 50% of the population till 2020, and the world's urban population is likely to upsurge by 1.5 times to reach 6 billion by 2045. With the rise in urban populations, the need to create more jobs in these areas is growing significantly. Furthermore, with a hike in the number of job applicants, selecting the most suitable candidates for particular profiles becomes tedious, and the conventional methods of conducting interviews for job screening prove time-consuming and inefficient in such scenarios. Thus, the demand for efficient and quicker employee screening solutions boosts the adoption of video interviewing solutions among organizations.
Big Data refers to data collected from huge groups. The Internet has made it easy for recruiters to collect huge volumes of information about employees from social networking sites, search engines, marketers, and other sources. Information gathered from big data can be used to create employee wellness programs, improve their healthcare policies, and enhance internal promotion programs. According to the American Statistical Association (ASA), 53% of HR departments use big data analytics to make strategic decisions about recruitment and selection processes and talent and performance management. Big Data offers combined information that rules out implicit and explicit bias and unfairness from employment judgments, thereby helping employers make better decisions regarding recruitment, appraisal, and performance evaluations. Big Data, when paired with existing solutions such as CRM databases and job application portals, can strengthen the ability to recognize cross-border talent. Thus, the integration of Big Data analytics would bring opportunities for the video interviewing software market as it can be one of the significant techniques to improve employers’ decision-making.
Key segments that contributed to the derivation of the video interviewing software market analysis are type, enterprise size, and industry.
The geographic scope of the video interviewing software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The US is the largest contributor to the video interviewing software market in the region, with a robust competitive landscape. HireVue, Inc.; Since Spark Hire; interviewstream; iCIMS, Inc.; Bullhorn, Inc.; Modern Hire, Inc.; and Cadient, LLC are a few key players operating in the region. HireVue, a US-based talent experience platform designed to automate workflows and facilitate recruitment growth, allows businesses to reach more students. Candidates can send texts to recruiters for interviews anytime, anywhere, from any device.
The regional trends and factors influencing the Video Interviewing Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Video Interviewing Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 250.06 Million |
| Market Size by 2030 | US$ 891.86 Million |
| Global CAGR (2022 - 2030) | 17.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Video Interviewing Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Video Interviewing Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The video interviewing software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the video interviewing software market are listed below:
The “Video Interviewing Software Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Video Interviewing Software Market
The global video interviewing software market is expected to reach US$ 891.86 million by 2030.
The market is expected to register a CAGR of 17.2% during 2022–2030.
North America region dominated the video interviewing software market in 2022.
The leading players operating in the global video interviewing software market are INTERVIEWME (PTY) LTD, VidCruiter, ClearCompany, HireVue, Shine, Interviewstream, Spark Hire, Jobvite, Skeeled, and Wimly.
The adoption of cloud-based video interviewing solutions to play a significant role in the global video interviewing software market in the coming years.
The rising number of job applicants and rising demand for time-efficient selection systems are the major factors that propel the global video interviewing software market.