Report : Video Interviewing Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Web-Based and Mobile Apps) and Enterprise Size (SMEs and Large Enterprise)
According to our latest market study on “Video Interviewing Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type and Enterprise Size,” the market was valued at US$ 176.1 million in 2019 and is projected to reach US$ 405.7 million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.
To help organizations make better business choices, high-quality analytics systems have been applied to consumer data. Big data care is increasingly generated by applicant details, so recruiters can find the best candidates for the job quickly and easily. Industrialization is increasing in APAC, and it is expected to continue in the coming years. Several large enterprises in APAC are expanding their businesses across the region, leading the industrialization at a prime rate. Additionally, emerging SMEs with higher capital investments boost the adoption of video interviewing software tools. Thus, considering the growth of large enterprises and SMEs in APAC, the video interviewing software market is anticipated to witness significant demand for video interviewing software during the forecast period.
The video interviewing software market is segmented on the basis of type, enterprise size, and geography. Geographically, North America held the largest share of the market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to register the highest growth rate during the forecast period. Based on type, the market is bifurcated into web-based and mobile apps. The web-based segment is expected to represent a larger share of the overall market during the forecast period. Based on enterprise size, the market is bifurcated into SMEs and large enterprises. In 2019, the large enterprises segment accounted for a substantial share in the global video interviewing software market.
Impact of COVID-19 Pandemic on Video Interviewing Software Market
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. As per the WHO figures on August 9, 2020, ~19.46 million COVID-19 cases have been diagnosed and ~722,285 deaths have been reported across the world. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global information and communication technology (ICT) industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of various plants and factories in China is restricting the global supply chains and hindering manufacturing activities, delivery schedules, and various electronic goods sales. The Mobile World Congress scheduled to take place in Barcelona during February, 24–27 was canceled due to the pandemic. Companies such as Apple and Microsoft have already announced possible delays in product deliveries and slump in future sales of their products. In addition, global travel bans imposed by countries in Europe, Asia, and North America are restricting business collaboration and partnership opportunities. All these factors are disrupting the ICT industry, which is acting as a restraining factor for the growth of various markets related to this industry. However, due to the complete lockdown and ‘work from home’ trend in many countries have significantly demanded collaboration through online platforms. The video interviewing software market is gaining high traction during the coronavirus outbreak. In the given crisis, when the economies are falling down, the video interviewing software market is expected to rise. The demand is increasing due to the companies are working from a remote location, companies are taking interviews on online platform.
HIREFLIX, S.L.; Jobsoid Inc.; Jobvite, Inc.; Modern Hire; RecRight; Shine; Skeeled; Spark Hire; TurboHire Technologies Private Limited; and VidCruiter Inc. are among the companies operating in the video interviewing software market.
Video Interviewing Software Market — by Geography, 2019
The report segments the global video interviewing software market as follows:
By Enterprise Size