NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global ai market in recruitment size is
estimated to grow by USD 290.07 mn
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 7.87% during the forecast period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download Free sample
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Services and
Solutions), Deployment (Cloud and On-premises), and Geography
(North America, Europe, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Alphabet Inc., Ceridian
HCM Holding Inc., International Business Machines Corp., Jobvite
Inc., Oracle Corp., SAP SE, SmartRecruiters Inc., UKG Inc., Zoho
Corp. Pvt. Ltd., Talent Recruit Software Pvt. Ltd., Leoforce LLC.,
Beamery Inc., Brilent Inc., CVViZ Softwares Pvt Ltd., Entelo Inc.,
Gloat Inc., hackajob Ltd., Harver B.V., HireTeamMate Inc., and
Jobiak
|
Key Market Trends Fueling Growth
The integration of AI technology with analytics tools
significantly impacts the global recruitment industry's growth. By
merging recruitment data with advanced analytics capabilities,
organizations can derive valuable insights into their hiring
processes, candidate behaviors, and workforce trends. This fusion
empowers recruiters and hiring managers to make informed decisions,
optimize strategies, and enhance overall hiring outcomes. Analytics
tools integrated with AI enable tracking essential metrics, such as
time-to-fill, cost-per-hire, demographics, and source
effectiveness, offering actionable insights into recruitment
performance and efficiency. Predictive analytics and machine
learning algorithms, enabled by this integration, forecast future
hiring requirements, identify potential talent deficits, and
anticipate recruitment challenges. AI recruitment solutions and
tools, including InCruiter, InCBot, SmartRecruiters, and Ultimate
Software, leverage machine learning algorithms to address
problem-solving skills, analyze resumes, and automate data
processing. Cloud-based services like Weka Data Platform and Hire
EZ provide cutting-edge AI solutions for the enterprise segment and
SME sector, respectively. AI pattern recognition, video
surveillance, security systems, and CV analysis bots are integral
components of AI recruitment technology, the latest generation of
which is revolutionizing the employment process in the corporate
sector.
Market Challenges
- The open-source AI revolution in the recruitment sector poses a
significant challenge to the global market. Its accessibility and
affordability, particularly in developing economies like
India and China, make it an attractive alternative for
enterprises unable to invest in SaaS- or service-based AI
solutions. Open-source AI reduces upfront costs and offers
flexibility, making it an essential tool for SMEs seeking
cost-effective expansion strategies. Key features include automated
application screening, interview scheduling, and candidate
communication, streamlining essential hiring tasks and saving time
and resources. However, the absence of human interaction may have
detrimental effects, necessitating a balance between automation and
human intervention.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This ai market in recruitment report extensively covers market
segmentation by
- Component
- 1.1 Services
- 1.2 Solutions
- Deployment
- 2.1 Cloud
- 2.2 On-premises
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Services- In the component-based market
segmentation of AI in recruitment, enterprises invest in hiring
operations and candidate communication solutions that integrate
artificial intelligence. Employers and recruiters leverage AI
technology for constant contact with candidates through chatbots
and automated responses. However, human interaction remains crucial
in the recruitment process, with AI serving a supportive role.
Surveys and face-to-face interaction are also essential components,
with AI technology providing valuable insights through interview
analytics. Technological advancements, such as robots, have the
potential to streamline talent acquisition in the enterprise
segment, while the corporate sector benefits from cutting-edge AI
solutions. Cloud-based services facilitate easy access to AI
technology, reducing the need for in-house hardware and high
capital investments. Data labeling and AI pattern recognition are
integral components of AI recruitment solutions, ensuring security
and accuracy. Security systems, including video surveillance, are
essential in the recruitment process to mitigate any detrimental
effects of AI. The SME sector and various verticals also adopt AI
technology, with platforms like Weka Data Platform and Hire EZ
offering AI-driven solutions. Generative AI is a developing area in
recruitment, offering potential for more personalized and efficient
hiring processes. Cloud-based AI technology, such as CV analysis
bots, is transforming the recruitment industry, making it more
accessible and efficient for all.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The AI market in recruitment has experienced significant growth
in recent years, revolutionizing the traditional HR process. AI
recruitment solutions and tools, such as machine learning
algorithms, are automating time-consuming tasks like resume
screening and online job application processing. These latest
generation software systems use Natural Language Processing (NLP)
and predictive analytics to identify eligible candidates based on
their CVs and interview analytics. In the SME sector and various
verticals, AI recruitment technology is streamlining the
recruitment process, making it more efficient and effective. Video
surveillance and security systems are also being integrated into AI
recruitment tools to ensure a secure hiring process. Bots, like
InCBot and InCBot, are being used to interact with candidates,
providing them with personalized communication and enhancing the
overall candidate experience.
Market Research Overview
The AI market in recruitment is experiencing significant growth
as organizations seek to streamline their hiring processes and
improve candidate selection. AI technologies such as machine
learning and natural language processing are being used to analyze
resumes, screen applications, and conduct interviews. These tools
can help recruiters identify top candidates more efficiently and
objectively, reducing bias and saving time. Additionally, AI
chatbots are being used to engage with candidates, answer their
questions, and provide information about the hiring process.
Overall, AI is transforming the recruitment industry by making it
more data-driven, efficient, and effective.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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