Video Interviewing Software Market Growth Report 2022-2028

The video interviewing software market is projected to reach US$ 536.85 million by 2028 from US$ 246.34 million in 2022. It is expected to grow at a CAGR of 13.9% from 2022 to 2028.

Video interviewing software speeds up and simplifies the recruiting process by eradicating the need for multiple in-person interviews. Video interviews enable the candidates to move through the hiring funnel when their busy schedules do not permit them to meet in person. Video interview software can normalize the interview process and increase collaboration between hiring managers and recruiters. Decreased costs and prevention of schedule issues, a better and standardized screening of candidates, and a positive candidate experience are some of the major factors driving the video interviewing software market  growth.

Moreover, advancements in the 5G  communication technology and commercialization efforts are also considerably aiding this market. Video interviews use video innovation as the basic means of communication and are a fast-growing part of the hiring scene today. Video interview software is a type of software that allows interviewers to video chat with candidates. Employers may be able to use pre-recorded video interviews using video interview software. During this format, the employer provides candidates with instructions on how to attend the interview. Instead of connecting with people, candidates are asked to answer pre-recorded or written interview questions. Candidates record the answers to each question so the employer can review the records later. Answers often have a time limit, and candidates usually have the opportunity to write down each answer.

Video interview software is becoming increasingly popular among companies wanting to streamline the traditional interview process. This creative method is used at various stages of employment, from the beginning of the screening phase to the final interview. This is an easy way to screen a large number of candidates.

Strategic Insights

Impact of COVID-19 Pandemic on Asia-Pacific Video Interviewing Software Market 

The COVID-19 crisis drastically affected 2 massive markets in Asia Pacific (APAC)—India and China. As a result, the slowdown of industrial activities and lockdown enactments led to the disruption of supply chains of various raw materials and goods, hampered the region's economic stability. Thus, the video interviewing software providers experienced limited growth in APAC countries during the first three quarters of 2020. However, with the gradual reopening of economic activities across the region, the demand for a skilled workforce has risen in all industries since the last quarter of 2020.

Lucrative Regions for Video Interviewing Software Market

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Market Insights – Video Interviewing Software Market

Use of Social Analytics for Data Screening Boost the Video Interviewing Software Market Growth

Introducing social networks and other digital profiles have exposed a much greater pool of candidates to recruiters. The time required to evaluate such a vast number of candidates compels organizations to adopt high-quality analytics systems for making better business choices. The rate of industrialization is stupendous in APAC countries. Along with large enterprises expanding their businesses in the region, SMEs with higher capital investments are increasingly adopting video interviewing software tools. Countries, such as China, Japan, South Korea, India, Taiwan, and Singapore, which are home to numerous large enterprises and SMEs, are open to implementing advanced technologies.

Traditionally, the enterprises in these countries use virtual private networks (vpn)  to interact among teams or clients. Many are switching to advanced solutions with the evolution of video interviewing software tools. For example, Interviewer.AI is video recruiting software that uses interpretable AI to screen and select candidates, bringing out the best talent for the vacant job profiles. Smart online video interviewing software cuts unnecessary pre-interview time, giving employers more time to focus on what is pivotal to their businesses. This software is powered by modern AI recruitment technology, which assists in analyzing the key attributes and achievements of potential candidates, including psychological and technical aspects. Thus, the implementation of social analytics tools and the elevating adoption of interviewing software in APAC countries are creating significant opportunities for the proliferation of companies in the video interviewing software market.

Type-Based Video Interviewing Software Market Insights

By type, the video interviewing software market is segmented into web-based and mobile apps. The web-based segment accounted for a larger market share in 2021. The contact pattern across the office and with clients and employees is evolving rapidly. The advent of web-based technology has greatly reduced the operating costs of companies. Web-based video interviewing software systems are easy to install and run. Web-based technology offers immense potential for video interviewing software market players as companies move their priorities from traditional technology to advanced solutions. The availability of ample Web-based video interviewing software is catalyzing the demand for video interviewing software. Several video interviewing software marketers provide web-based video interviewing solutions. Some leading players providing web-based video interviewing software include Spark Hire, HireVue, Shine, and Yello. These solutions providers plan to sell their products to large and small and medium-sized enterprises. As regards the advantages of easy implementation and cost-effectiveness, the demand for web-based video interviewing software is increasing, boosting the market for video interviewing software.

Enterprise Size-Based Video Interviewing Software Market Insights

By enterprise size, the video interviewing software market is segmented into small and medium enterprises (SMEs) and large enterprises. The SMEs segment accounted for the largest video interviewing software market share in 2021. SMEs in recent years are showcasing significant demand for video interviewing software to interact with clients and customers. The enterprise size of video interviewing software facilitates organizations to reduce travel time and costs. The number of SMEs in developing and developed countries is tremendously growing with substantial capital investment. Thus, the rising number of SMEs worldwide is anticipated to surge the video interviewing software market growth during the forecast period.

The video interviewing software market is foreseen to expand significantly over the years. SMEs in the current scenario are experiencing substantial growth in respective businesses and annual profit. The annual revenue increase allows SMEs to capitalize on new and robust technologies, including video interviewing software. This technology enables SMEs to interact with clients for various purposes. Thus, the rising number of SMEs in the manufacturing industry is expected to drive the video interviewing software market growth over the next few years.

Players operating in the video interviewing software market are mainly focused on developing advanced and efficient products.

• In March 2022, Jobvite launched its Evolve Talent Acquisition Suite to facilitate a smoother recruiting cycle by offering unified solutions to organizations. This suite enables recruitment marketing, applicant tracking, employee referrals, internal mobility, and more.
• In December 2021, Modern Hire and Page Up, two talent management platforms, entered a partnership to improve the user experience and customer base of Modern Hire by providing access to the hiring platform of Modern Hire to the customers of Page Up.

Company Profile:

• Jobvite, Inc.
• Modern Hire
• Shine
• Skeeled
• Spark Hire
• VidCruiter Inc.
• INTERVIEWME (PTY) LTD
• ClearCompany
• HireVue, Inc.
• Interviewstream
• Yello
• Breezy HR, Inc.
• Wamly