Video Interviewing Software Market Developments and Forecast by 2030

The video interviewing software market size is projected to reach US$ 891.86 million by 2030 from US$ 250.06 million in 2022. The market is expected to register a CAGR of 17.2% during 2022–2030. The adoption of cloud-based video interviewing solutions is likely to remain a key trend in the market.

Video Interviewing Software Market Analysis

Mobile apps-based video interviewing software are witnessing high demand as they are easy to install. The mobile app video interviewing software providers continue to upgrade their products to enhance the power and security of their solutions. Mobile apps-based solutions are majorly procured by large enterprises and end-customers opting for an interview process. The mobile app video interviewing software providers offer their clients the ability to control their usage. This advantage has attracted a significant number of end users. The video interviewing software market consists of various players offering mobile app solutions. Some of the players include Skeeled and Spark Hire, among others.

Video Interviewing Software Market Overview

A video interview is a job interview that is operated by utilizing video innovation as its basic means of communication, and this is a quickly rising field in the scene of hiring. Video interview software is a kind of software that enables interviewers to chat with candidates through video chat. Spark Hire, HireVue, Shine, and Yello are among the leading players providing web-based video interviewing software. These solution providers plan to sell their products to large, small and medium-sized enterprises. Owing to the advantages such as easy implementation and cost-effectiveness, the demand for web-based video interviewing software is increasing.

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Video Interviewing Software Market: Strategic Insights

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Video Interviewing Software Market Drivers and Opportunities

The Rising Number Of Job Applicants And Rising Demand For Time-Efficient Selection Systems to Favor Market

Higher standards of living, greater job opportunities, and access to modern amenities and services are among the major factors that contribute to the migration of rural population to urban areas. According to the World Bank, urban areas had over 50% of the population till 2020, and the world's urban population is likely to upsurge by 1.5 times to reach 6 billion by 2045. With the rise in urban populations, the need to create more jobs in these areas is growing significantly. Furthermore, with a hike in the number of job applicants, selecting the most suitable candidates for particular profiles becomes tedious, and the conventional methods of conducting interviews for job screening prove time-consuming and inefficient in such scenarios. Thus, the demand for efficient and quicker employee screening solutions boosts the adoption of video interviewing solutions among organizations.

Introduction of Big Data

Big Data refers to data collected from huge groups. The Internet has made it easy for recruiters to collect huge volumes of information about employees from social networking sites, search engines, marketers, and other sources. Information gathered from big data can be used to create employee wellness programs, improve their healthcare policies, and enhance internal promotion programs. According to the American Statistical Association (ASA), 53% of HR departments use big data analytics to make strategic decisions about recruitment and selection processes and talent and performance management. Big Data offers combined information that rules out implicit and explicit bias and unfairness from employment judgments, thereby helping employers make better decisions regarding recruitment, appraisal, and performance evaluations. Big Data, when paired with existing solutions such as CRM databases and job application portals, can strengthen the ability to recognize cross-border talent. Thus, the integration of Big Data analytics would bring opportunities for the video interviewing software market as it can be one of the significant techniques to improve employers’ decision-making.

Video Interviewing Software Market Report Segmentation Analysis

Key segments that contributed to the derivation of the video interviewing software market analysis are type, enterprise size, and industry.

• Based on type, the video interviewing software market is segmented into web-based and mobile apps.
• By enterprise size, the market is segmented into small and medium enterprises and large enterprises.
• In terms of industry, the market is segmented into BFSI, IT and telecom, healthcare, manufacturing, and others.

Video Interviewing Software Market Share Analysis by Geography

The geographic scope of the video interviewing software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The US is the largest contributor to the video interviewing software market in the region, with a robust competitive landscape. HireVue, Inc.; Since Spark Hire; interviewstream; iCIMS, Inc.; Bullhorn, Inc.; Modern Hire, Inc.; and Cadient, LLC are a few key players operating in the region. HireVue, a US-based talent experience platform designed to automate workflows and facilitate recruitment growth, allows businesses to reach more students. Candidates can send texts to recruiters for interviews anytime, anywhere, from any device.

Video Interviewing Software Market Regional Insights

The regional trends and factors influencing the Video Interviewing Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Video Interviewing Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Video Interviewing Software Market Report Scope

Video Interviewing Software Market Players Density: Understanding Its Impact on Business Dynamics

The Video Interviewing Software Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Video Interviewing Software Market are:

1. INTERVIEWME (PTY) LTD
2. VidCruiter
3. ClearCompany
4. HireVue
5. Shine
6. Interviewstream

Disclaimer: The companies listed above are not ranked in any particular order.

Video Interviewing Software Market News and Recent Developments

The video interviewing software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the video interviewing software market are listed below:

• Jobvite and ChartHop, a people analytics innovator, have entered into a partnership to improve the overall HR lifecycle by enhancing communication across team members, improving visibility, better utilization of data and much more for both HR and finance leaders. (Source: Jobvite, February 2022)
• Shine's partnership with iCIMS, a prominent talent acquisition software provider, helped streamline the integration of video interviewing solutions. This collaboration aimed to propel the hiring process, elevate team collaboration, and reinforce Shine's position in the recruitment technology landscape. (Source: Shine's, July 2023)

Video Interviewing Software Market Report Coverage and Deliverables

The “Video Interviewing Software Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Video interviewing software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Video interviewing software market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Video interviewing software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the video interviewing software market
• Detailed company profiles