High Demand for Video Interviewing Software Due to COVID-19 Pandemic Drives Video Interviewing Software Market Growth
According to our latest study on Video Interviewing Software Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– by Type, Enterprise Size, and Industry,” the video interviewing software market size is expected to reach US$ 891.86 million by 2030 from US$ 250.06 million in 2022, at an estimated CAGR of 17.2% from 2022 to 2030.
Lockdowns enacted by governments compelled businesses to speed up the transition into the work-from-home model. Tech companies have been offering their software products at less cost for corporate players, along with striving to ensure that they meet the rising demands for their offerings. Two-way virtual interviews allow candidates and interviewers to go live wherever they are and talk to each other in real time. These interviews are effective in cases wherein physical interviews may not be possible. Many global giants such as Google, LinkedIn, and Amazon canceled on-site job interviews in 2020 and 2021 and interviewed almost all candidates using interviewing software solutions. Talent acquisition teams at Amazon have been completing the necessary paperwork related to the recruitment, along with conducting interviews and evaluations, using Amazon Chime, its meeting software. Google has informed applicants that interviews will take place in Google Hangouts or via the BlueJeans video conferencing platform. LinkedIn has told interested job seekers that they have the option to conduct their interviews virtually through BlueJeans or postpone them until the conditions allow teams to meet in person. Thus, during the COVID-19 pandemic, companies across the world have adopted video interviewing software for the recruitment process, driving the growth of the video interviewing software market growth.
Video Interviewing Software Market – by Region, 2022 and 2030
Video Interviewing Software Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: 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
Video Interviewing Software Market Key Findings, Share by 2030
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Source: The Insight Partners Analysis
Various business and employment-focused social media platforms have launched new services that provide a smooth recruitment process during the COVID-19 pandemic. In April 2020, LinkedIn Corporation added a new video intro and interview assessment tool to improve digital recruitment. LinkedIn Corporation also added an automated interview feedback tool, which enables users to record themselves answering common interview questions. It then provides AI-generated feedback on candidate’s answer delivery—including notes on pacing the candidate's use of “filler words”. Thus, developments by business and employment-focused social media platforms contributed to the video interviewing software market growth.
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. By 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, the Middle East & Africa, and South America.
InterviewME (pty) Ltd.; ClearCompany; Interviewstream; HireVue; Modern Hire; Jobvite, Inc.; Shine; Skeeled; Spark Hire; VidCruiter; and Yello are among the key players operating in the video interviewing software market.
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