Global Video Interviewing Software Market Size By Functionality, By Deployment Mode, By End-Users, By Geographic Scope And Forecast

Video Interviewing Software Market Size And Forecast

Video Interviewing Software Market size was valued at USD 250.05 Million in 2023 and is projected to reach USD 891.85 Million by 2030, growing at a CAGR of 17.1% during the forecast period 2024-2030.

Global Video Interviewing Software Market Drivers

The market drivers for the Video Interviewing Software Market can be influenced by various factors. These may include

• Trend in Remote Work As companies look for more effective ways to conduct remote job interviews, there is an increasing demand for video interviewing software due to the increased use of remote work practices worldwide.
• Cost and Time Efficiency Organisations can save money by using video interviews instead of in-person ones, which eliminates the need for travel, venue, and interview arrangement. It also shortens the time needed to finish the hiring procedure.
• Global Talent Acquisition By using video interviews, companies may connect with a larger pool of applicants, no matter where they live. This is especially crucial for businesses who want to hire talent from around the world.
• Improved Candidate Experience Video interviews provide applicants the freedom to take part in the process from the comfort of their own home, which enhances their happiness with the process overall.
• Technological developments As artificial intelligence (AI) and machine learning (ML) capabilities continue to grow in the field of video technology, more advanced and effective video interviewing technologies are being created.
• Growing Use of Mobile Devices Video interviewing solutions have become more and more popular as a result of candidates being able to participate in video interviews more easily, anytime, and anywhere.
• Data-driven Recruitment Recruiters can make data-driven judgements, evaluate candidates’ performance objectively, and enhance the recruitment process overall by utilising video interviewing software, which frequently includes analytics and data tracking tools.
• Integration with Applicant Tracking Systems (ATS) By managing candidate data, expediting the hiring process, and fostering better teamwork among hiring teams, video interviewing software that works in unison with ATS platforms improves the entire recruitment workflow.
• Impact of the epidemic Video interviews are becoming increasingly popular as a requirement for performing secure and effective distant hiring procedures, thanks to the COVID-19 epidemic.
• Scalability Organisations may efficiently manage a high volume of interviews with video interviewing solutions’ scalability, which makes them appropriate for both small and large businesses.

Global Video Interviewing Software Market Restraints

Several factors can act as restraints or challenges for the Video Interviewing Software Market. These may include

• Limited Personal Interaction The lack of face-to-face encounters could make it more difficult to evaluate candidates’ interpersonal skills and soft skills in their entirety, raising questions about communication and cultural fit.
• Technological Barriers Concerns about internet access, device compatibility, or unfamiliarity with the video interviewing platform are just a few of the technological obstacles that some candidates may encounter when using the equipment needed for video interviews.
• Security and Privacy Issues Since video interviews entail exchanging private applicant information, data security and privacy issues are raised. It is imperative for organisations to guarantee that the video interviewing software adheres to pertinent legislation and protects candidate information.
• Bias and Fairness Using software for video interviews creates questions regarding possible biases in the assessment process because algorithms could unintentionally highlight preexisting prejudices in the data. Adoption of such technology continues to face the difficulty of ensuring evaluation impartiality.
• Over-reliance on Technology Relying too much on video interviews might result in an over-reliance on technology, which could cause one to miss out on areas of the hiring process that would be better served by in-person meetings or a more comprehensive evaluation strategy.
• Opposition to Change Owing to long-standing customs, personal preferences, or doubts about the efficacy of remote hiring procedures, some businesses and individuals may be resistant to the transition from conventional in-person interviews to video interviews.
• Lack of Standardisation The hiring process may be inconsistent due to the lack of industry standards for video interviewing procedures and evaluation standards, which makes it difficult to compare candidates equitably.
• Problems with the Candidate Experience Although video interviews are flexible, some candidates may find them impersonal and lose out on the chance to visit the office, get to know possible coworkers, and get a firsthand look at the corporate culture.
• Technical Problems and Interruptions Unfavourable experiences for recruiters and candidates might result from technical problems like slow internet connections, software bugs, or disruptions during video interviews.
• Cost of installation Organisations implementing video interviewing software may incur early installation expenses, like as training, system integration, and customisation to match unique needs, despite possible long-term cost savings.

Global Video Interviewing Software Market Segmentation Analysis

The Global Video Interviewing Software Market is Segmented on the basis of Functionality, Deployment Mode, End-Users, and Geography.

Video Interviewing Software Market, By Functionality

• Asynchronous Video Interviewing This type allows candidates to record their responses to pre-set interview questions at their convenience. Recruiters can review these recordings later.
• Live Video Interviewing Involves real-time, face-to-face interviews conducted over video conferencing tools, allowing direct interaction between candidates and interviewers.

Video Interviewing Software Market, By Deployment Mode

• Cloud-based Video Interviewing Software is hosted on the cloud, offering scalability, accessibility, and ease of integration with other HR technologies.
• On-premises Video Interviewing Software is installed and maintained locally on the organization’s servers, providing greater control over data but with potentially higher infrastructure costs.

Video Interviewing Software Market, By End-Users

• Large Enterprises Video interviewing solutions tailored for the needs of large organizations, often with advanced features, scalability, and integration capabilities.
• Small and Medium-sized Enterprises (SMEs) Solutions designed to meet the specific requirements and budget constraints of smaller businesses.

Video Interviewing Software Market, By Geography

• North America Market conditions and demand in the United States, Canada, and Mexico.
• Europe Analysis of the Video Interviewing Software Market in European countries.
• Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
• Middle East and Africa Examining market dynamics in the Middle East and African regions.
• Latin America Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Video Interviewing Software Market are

• HireVue
• Spark Hire
• InterviewStream
• Jobvite
• VidCruiter
• MyInterview
• RecRight
• Vervoe
• TribePad
• Shine
• Yello
• Modern Hire
• Alcami Interactive
• OutMatch
• skeeled

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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