According to the new research report titled “Video Interviewing Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 405.7 million by 2027, registering a CAGR of 11.3% from 2020 to 2027.
Video interviewing software hastens and simplifies recruiting by eradicating the need for multiple in-person interviews. Video interviews enable 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. Preventing issues regarding schedule, building a better and standardized screening of candidates, and providing a positive candidate experience are a few of the major factors driving the growth of the video interviewing software market. Moreover, advancements in the 5G communication technology and efforts toward its commercialization also fuel the growth of the market.
Growing preference for video interviews in the recruitment process drives the growth of the global video interviewing software market. However, the internet connection issues and potential frauds hinder market growth. Despite limitations, social analytics for data screening and increasing end-use demand from Asia Pacific are anticipated to bolster the growth of the market during the forecast period.
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. As per the WHO figures on August 9, 2020, ~19.46 million COVID-19 cases have been diagnosed and ~722,285 deaths have been reported across the world. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global information and communication technology (ICT) industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of various plants and factories in China is adversely affecting the global supply chains and hindering manufacturing activities, delivery schedules, and various electronic goods sales. The Mobile World Congress scheduled to take place in Barcelona during February, 24–27 was canceled due to the pandemic. Companies such as Apple and Microsoft have already announced possible delays in product deliveries and slump in future sales of their products. In addition, global travel bans imposed by countries in Europe, Asia, and North America are restricting business collaboration and partnership opportunities. All these factors are disrupting the ICT industry; thus, it is acting as a restraining factor for the growth of various markets related to this industry. The trend of ‘work from home’ is significantly demanding collaboration through online platforms due to the complete lockdown in many countries. The demand for video interviewing software is increasing as companies are working from a remote location and conducting interviews on online platforms. Therefore, the video interviewing software market is gaining high traction amid the COVID-19 outbreak.
Key Findings of Study:
The global video interviewing software market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). North America held the largest share of the market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to register the highest growth rate during the forecast period.
Nevertheless, significant strategic initiatives by several industry players are observed in the market. For instance, in October, 2020, Spark Hire announced that it has entered into a strategic partnership with TeamWork Online to enhance recruiting efforts and improve talent acquisition. TeamWork's main goal was to introduce video interviewing into their recruiting efforts to attract qualified candidates to present to their clients effectively. Moreover, in July 2019, Jobvite, Inc. and TalentQuest entered into a partnership that allows organizations to optimize their candidate movement in the recruitment and hiring process through the automated launching of a TalentQuest Assessment within the candidate workflow in Jobvite’s ATS.