NEW YORK, May 16, 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.
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Technavio has announced its latest market research report titled Global AI Market in Recruitment Market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Component (Services and Solutions), Deployment (Cloud and On-premises), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) |
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Region Covered |
North America, Europe, APAC, Middle East and Africa, and South America |
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Key companies profiled |
Alphabet Inc., Ceridian HCM Holding Inc., International Business Machines Corp., Jobvite Inc., Oracle Corp., SAP SE, SmartRecruiters Inc., UKG Inc., Zoho Corp. Pvt. Ltd., Talent Recruit Software Pvt. Ltd., Leoforce LLC., Beamery Inc., Brilent Inc., CVViZ Softwares Pvt Ltd., Entelo Inc., Gloat Inc., hackajob Ltd., Harver B.V., HireTeamMate Inc., and Jobiak |
Key Market Trends Fueling Growth
The integration of AI technology with analytics tools significantly impacts the global recruitment industry’s growth. By merging recruitment data with advanced analytics capabilities, organizations can derive valuable insights into their hiring processes, candidate behaviors, and workforce trends. This fusion empowers recruiters and hiring managers to make informed decisions, optimize strategies, and enhance overall hiring outcomes. Analytics tools integrated with AI enable tracking essential metrics, such as time-to-fill, cost-per-hire, demographics, and source effectiveness, offering actionable insights into recruitment performance and efficiency. Predictive analytics and machine learning algorithms, enabled by this integration, forecast future hiring requirements, identify potential talent deficits, and anticipate recruitment challenges. AI recruitment solutions and tools, including InCruiter, InCBot, SmartRecruiters, and Ultimate Software, leverage machine learning algorithms to address problem-solving skills, analyze resumes, and automate data processing. Cloud-based services like Weka Data Platform and Hire EZ provide cutting-edge AI solutions for the enterprise segment and SME sector, respectively. AI pattern recognition, video surveillance, security systems, and CV analysis bots are integral components of AI recruitment technology, the latest generation of which is revolutionizing the employment process in the corporate sector.
Market Challenges
The open-source AI revolution in the recruitment sector poses a significant challenge to the global market. Its accessibility and affordability, particularly in developing economies like India and China, make it an attractive alternative for enterprises unable to invest in SaaS- or service-based AI solutions. Open-source AI reduces upfront costs and offers flexibility, making it an essential tool for SMEs seeking cost-effective expansion strategies. Key features include automated application screening, interview scheduling, and candidate communication, streamlining essential hiring tasks and saving time and resources. However, the absence of human interaction may have detrimental effects, necessitating a balance between automation and human intervention.
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Segment Overview
This ai market in recruitment report extensively covers market segmentation by
Component
1.1 Services
1.2 Solutions
Deployment
2.1 Cloud
2.2 On-premises
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Services- In the component-based market segmentation of AI in recruitment, enterprises invest in hiring operations and candidate communication solutions that integrate artificial intelligence. Employers and recruiters leverage AI technology for constant contact with candidates through chatbots and automated responses. However, human interaction remains crucial in the recruitment process, with AI serving a supportive role. Surveys and face-to-face interaction are also essential components, with AI technology providing valuable insights through interview analytics. Technological advancements, such as robots, have the potential to streamline talent acquisition in the enterprise segment, while the corporate sector benefits from cutting-edge AI solutions. Cloud-based services facilitate easy access to AI technology, reducing the need for in-house hardware and high capital investments. Data labeling and AI pattern recognition are integral components of AI recruitment solutions, ensuring security and accuracy. Security systems, including video surveillance, are essential in the recruitment process to mitigate any detrimental effects of AI. The SME sector and various verticals also adopt AI technology, with platforms like Weka Data Platform and Hire EZ offering AI-driven solutions. Generative AI is a developing area in recruitment, offering potential for more personalized and efficient hiring processes. Cloud-based AI technology, such as CV analysis bots, is transforming the recruitment industry, making it more accessible and efficient for all.
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Research Analysis
The AI market in recruitment has experienced significant growth in recent years, revolutionizing the traditional HR process. AI recruitment solutions and tools, such as machine learning algorithms, are automating time-consuming tasks like resume screening and online job application processing. These latest generation software systems use Natural Language Processing (NLP) and predictive analytics to identify eligible candidates based on their CVs and interview analytics. In the SME sector and various verticals, AI recruitment technology is streamlining the recruitment process, making it more efficient and effective. Video surveillance and security systems are also being integrated into AI recruitment tools to ensure a secure hiring process. Bots, like InCBot and InCBot, are being used to interact with candidates, providing them with personalized communication and enhancing the overall candidate experience.
Market Research Overview
The AI market in recruitment is experiencing significant growth as organizations seek to streamline their hiring processes and improve candidate selection. AI technologies such as machine learning and natural language processing are being used to analyze resumes, screen applications, and conduct interviews. These tools can help recruiters identify top candidates more efficiently and objectively, reducing bias and saving time. Additionally, AI chatbots are being used to engage with candidates, answer their questions, and provide information about the hiring process. Overall, AI is transforming the recruitment industry by making it more data-driven, efficient, and effective.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Component
Services
Solutions
Deployment
Cloud
On-premises
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 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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