The “AI Market In Recruitment Industry by Component (Services and Solutions) and Geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the AI market in the recruitment industry between 2021 and 2026 is USD 222.94 million. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a Free PDF Sample Report.
- Market Driver: The increasing need for automated process is one of the major factors driving the growth of the market. The demand for automated processes for screening and shortlisting candidates has grown significantly in the recruitment industry. The adoption of AI has enabled the processing of hundreds of resumes per minute, reducing human errors, and increasing the reliability of the hiring process. The automated procedure improves candidate involvement by making scheduling easier. Furthermore, using automated processes leads to the use of a candidate relationship management (CRM) system to efficiently operate recruitment operations. All these factors are driving the growth of the market in focus.
- Market Challenges: The threat from open-source recruitment software is the key challenge in the market. Open-source recruitment software can be downloaded and run on all platforms, and hence, it is becoming increasingly popular in developing economies, such as India and China. This software is not only free but can also be customized according to the end-users’ requirements. Besides, using open-source recruitment software ensures that such enterprises incur lower upfront costs and gain more flexibility. Thus, many enterprises, especially SMEs that are looking for better plans to expand their businesses at a low cost, opt for open-source recruitment software.
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By component, the services segment will be a significant contributor to market growth during the forecast period. Recruitment software is considered highly secure, as there is no third-party interference. Enterprises also have full control over their service solutions because of monitored and restricted access, while it also allows them to customize the recruitment software according to their requirements. Such benefits are leading to the growth of the segment.
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By geography, Europe will be the leading region with 35% of the market’s growth during the forecast period. The UK and Germany are the key markets in Europe. Market growth in this region will be faster than the growth of the market in South America and North America.
- Alphabet Inc.
- Beamery Inc.
- Brilent Inc.
- CVViZ Softwares Pvt Ltd.
- Entelo Inc.
- Gloat Inc.
- hackajob Ltd.
- Harver B.V.
- HireTeamMate Inc.
- International Business Machines Corp.
- Jobiak
- Jobvite Inc.
- Leoforce LLC.
- O5 Systems Inc.
- Oracle Corp.
- SAP SE
- SmartRecruiters Inc.
- Talent Recruit Software Pvt. Ltd.
- UKG Inc.
- Zoho Corp. Pvt. Ltd.
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