AI Market In Recruitment size is set to grow by USD 290.07 mn from 2024-2028, increasing need for automated processes in recruitment industry boost the market- Technavio

NEW YORK, March 25, 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. AI technology significantly enhances recruitment processes in the enterprise segment by automating time-consuming tasks, such as resume screening and interview scheduling. This is crucial as the volume of applications continues to increase, while recruiting teams remain the same size or shrink. Effective AI solutions integrate seamlessly with existing recruiting software, enabling IT giants to streamline their employment process using cutting-edge AI solutions and cloud-based services. However, it’s essential to consider the development potential and potential detrimental effects of these technological advancements on the talent acquisition platform in the corporate sector. 

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Segment Overview 

This ai market in recruitment report extensively covers market segmentation by Component (Services, Solutions) Deployment (Cloud, On-premises) Geography (North America, Europe, APAC, Middle East and Africa, South America)

Market segmentation by Component

The global AI market in the recruitment industry is experiencing significant growth, driven by the adoption of cloud computing. This segment is projected to dominate the market due to its cost-efficiency and ease of implementation. However, security concerns associated with public clouds may deter some financially strong organizations from adopting this technology. Nevertheless, the rise of SMEs in countries like the US, India, and China, who are price-sensitive, is expected to drive the adoption of cloud-based AI in recruitment. Despite security concerns, the benefits of cloud computing, such as scalability and flexibility, are compelling, making it an attractive option for businesses of all sizes.

Geography Overview

The AI market in recruitment is experiencing significant growth in North America, driven by enterprise automation and digitalization. Key industries, including IT services, healthcare, banking, and retail, are leading the demand. Cornerstone, a prominent US vendor, provides a recruiting suite that streamlines the talent selection process. Advanced technologies are increasingly accepted, fueling market expansion. 

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• The AI market in recruitment is thriving due to the shift towards web-based applications and digitization. Organizations prioritize remote work and digital transformation, driving demand for AI solutions. Web-based recruitment offers advantages like accessibility, scalability, and system integration. AI technology streamlines processes, enhances collaboration, and improves candidate experiences. IT giants invest in cutting-edge AI solutions for the enterprise segment, optimizing employment processes in the corporate sector through cloud-based services and automation.
• The AI market in recruitment is thriving due to the need for efficient and effective hiring processes. AI technology offers tools for job posting, candidate sourcing, and applicant tracking, automating manual tasks and centralizing data. IT giants in the Enterprise segment use AI for cutting-edge solutions, saving time and resources, and focusing on strategic talent acquisition in the corporate sector. Cloud-based services enable access to advanced AI software, enhancing the employment process. However, there are potential detrimental effects to consider.

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Research Analysis

The AI market in recruitment is experiencing significant growth, with the latest generation of software and tools, such as InCruiter’s InCBot, revolutionizing the HR industry. Machine learning algorithms are now being used to automate data processing and CV ranking/scores in the recruitment process. Automatic Data Processing (ADP) and Ultimate Software are among the leading providers of AI recruitment technology. SmartRecruiters and other AI recruitment solutions are streamlining the time-consuming task of reviewing resumes and online applications, allowing eligible candidates to be identified more efficiently. However, it’s important to note that the use of bots and AI in recruitment also raises concerns regarding security systems and video surveillance. Interview analytics are another area where AI is making a significant impact in the SME sector and various verticals, providing valuable insights to optimize the recruitment process. Overall, AI is transforming the way organizations approach recruitment, making it more efficient, data-driven, and effective.

Market Research Overview

In today’s dynamic recruitment landscape, Artificial Intelligence (AI) is revolutionizing the hiring process. Companies are leveraging AI applications to streamline tasks such as resume screening, candidate selection, and interview scheduling. The use of AI in recruitment offers numerous benefits, including increased efficiency, reduced bias, and improved candidate experience. AI-powered tools can analyze vast amounts of data to identify top candidates based on skills, experience, and cultural fit. Furthermore, AI chatbots can engage with applicants, providing instant responses and personalized communication. The future of recruitment is here, and AI is leading the charge towards a more efficient, fair, and engaging hiring process.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product Type

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 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.

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