$4550
[Research Report] The video interviewing software market size is expected to reach US$ 891.86 million by 2030 from US$ 250.06 million in 2022, at an estimated CAGR of 17.2% from 2022 to 2030.
Analyst Perspective:
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. The employer defines a set of questions in the web recruiting software and invites a list of candidates to answer those questions. Questions are designed to elicit answers from candidates that help employers gain a holistic view of candidates, their skills, experience, soft skills, and cultural suitability. After the COVID-19 pandemic, various companies have started to recruit candidates online. According to the My First Virtual Job report, in March 2021, two-thirds of HR leaders plan to continue virtual onboarding even after the pandemic. The report also found that 64% of recruiters wish to continue using virtual interviews. Thus, the rising adoption of online recruitment drives the video interviewing software market growth.
Video Interviewing Software Market Overview:
Video interview software allows interviewers to video chat with candidates. Employers may be able to use pre-recorded video interviews using video interview software. In this format, the employer provides candidates with instructions on attending 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 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 among the major factors driving the video interviewing software market growth. Moreover, advancements in the 5G communication technology and commercialization efforts are also considerably aiding the video interview software market growth.
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Video Interviewing Software Market: Strategic Insights
Market Size Value in US$ 250.06 million in 2022 Market Size Value by US$ 891.86 million by 2030 Growth rate CAGR of 17.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Video Interviewing Software Market: Strategic Insights
| Market Size Value in | US$ 250.06 million in 2022 |
| Market Size Value by | US$ 891.86 million by 2030 |
| Growth rate | CAGR of 17.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Video Interviewing Software Market Driver:
Growing Preference for Video Interviews in Recruitment Process Drives Video Interviewing Software Market Growth
Recruiting the best talent is becoming tougher with the growing competitive streak among candidates. Companies focus on building and maintaining their brand image by hiring candidates with good professional skills, and video interviewing software helps them achieve this target. Companies need to analyze their recruiting strategies and update procedures to make recruitment effective. Video interviews make the whole recruiting process simple, smooth, comfortable, and flexible for recruiters and applicants. Many organizations are using video interviewing tools for the initial screening of candidates to save time and money, and the preference for this process has increased during the COVID-19 pandemic amid subsequent travel restrictions. In the recruiting process, many organizations are introducing video interviewing programs to evaluate applicants based on their CV (knowledge and experience) and abilities. This approach decreases the overall time spent on each candidate, thereby allowing employers to review more applicants during the same time window and decreasing the expense of the recruitment process. Furthermore, to make better recruiting decisions, strengthening teamwork within the recruiting department is also important. Video interview software help staff members share their thoughts throughout the process; they could access, rate, and comment on video recordings at their leisure and then compare candidates. This makes the decision-making process transparent, collaborative, easier, and smoother, further reducing individual accountability.
While video interviewing is not meant to replace interviews conducted in person, it can be a good tool to use when office visits are not possible. Video interviewing software simplifies the process of scheduling interviews by eliminating excess screening stages. Virtual interviews aid in supplementing quantitative data obtained from other assessments. Video interviews can significantly reduce recruitment costs as they save efforts taken on manual screening. According to RecRight, companies are 2.7 times more likely to improve their cost-per-hire using video interviewing software. Thus, the monetary and operational benefits of video interviewing tools drive the video interviewing software market growth.
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Video Interviewing Software Market Segmental Analysis:
Based on enterprise size, the video interviewing software market is segmented into small and medium enterprises and large enterprises. The large enterprises segment held a larger share of the video interviewing software market in 2022. Large enterprises utilize video interviewing software heavily to interact with teams and clients located at different geographical locations. Several large enterprises have been using this technology over a period of time. However, they exercise up-gradation of video interviewing software to adopt newer and robust technologies. This factor is critically driving the video interviewing software market growth for the large enterprise segment. In March 2020, large companies such as Cognizant, Wipro, and NTT announced that they are using video conferencing software to hire prospective candidates in the technology sector. An increase in use of video interviewing software for hiring candidates propels the video interviewing software market growth for the segment.
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Video Interviewing Software Market Regional Analysis:
The North America video interviewing software market size was valued at US$ 107.40 million in 2022 and is projected to reach US$ 351.78 million by 2030; it is expected to register a CAGR of 16.0% during 2023–2030. The North America video interviewing software market is segmented into the US, Canada, and Mexico. The US held the largest share of the North American video interviewing software market in 2022. The US is a technologically developed country; therefore, there has been a high level of adoption of automation in various sectors in the country. Furthermore, being technologically advanced, the country attracts a large number of companies from different sectors to set up their regional headquarters or manufacturing facilities. Further, the ever-increasing digitalization has upsurged the implementation of video interviewing software in the US. In addition, it has a strong networking infrastructure that favors the growth of the video interviewing software market. With the development of 5G, several companies are struggling to commercialize the technology as soon as possible. The commercialization of 5G would generate a higher demand for video interviewing software from diverse industries.
Video Interviewing Software Market Key Player Analysis:
InterviewME (pty) Ltd.; ClearCompany; Interviewstream; HireVue; Modern Hire; Jobvite, Inc.; Shine; Skeeled; Spark Hire; VidCruiter; and Yello
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the video interviewing software market. A few recent key video interviewing software market developments are listed below:
- In June 2022, VidCruiter formed integration with SAP Store, an online marketplace for SAP and partner offerings. Under this integration, the "video interviewing integration" of VidCruiter has been made available on SAP Store.
- In May 2021, Spark Hire formed a strategic partnership with BambooHR, an HR platform provider. The integration of both companies will allow the users to configure video interview packages in Spark Hire, send candidate invitations via status updates in Bamboo HR, and access the interviews once done in just a single click.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Enterprise Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
The video interviewing software market are expected to reach US$ 891.86 Million in the year 2030.
The key players holding majority shares in the video interviewing software market include Micro - Mercer LLC, Jobma, Employ Inc., Spark Hire, Inc., and HireVue, Inc.
video interviewing software market accounted for US$ 250.06 Million in the year 2022 and is expected to grow at a CAGR of 17.2% during the forecast period, to account for US$ 891.86 Million in the year 2030.
Changing roles of recruiters is emerging as a future trend in the video interviewing software market
Growing preference for video interviews in recruitment process, high demand for video interviewing software due to covid-19 pandemic and rising number of job applicants raising demand for time-efficient selection systems are some of the factors driving the video interviewing software market.
The List of Companies - Video Interviewing Software Market
- INTERVIEWME (PTY) LTD
- VidCruiter
- ClearCompany
- HireVue
- Shine
- Interviewstream
- Spark Hire
- Jobvite
- Skeeled
- Wimly
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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