AI Recruitment Market Research Report - Global Forecast till 2026 - Size, Trends, Growth, Market Analysis, Share and Forecast to 2027 | Impact of COVID-19

Market Highlights

HR is one of the most human-centric processes in the corporate world. With technology percolating in almost every stratum of society, HR functions are expected to follow suit in the coming years, inevitably modifying the AI recruitment market 2020. The inflow of smart technologies in recruiting is expected to hold great promise for HR professionals across industries and organizations. It is evident that AI in the recruitment process is still in the descriptive segment with a bit of predictive bent. The three types of analytics and AI that are currently present are predictive, descriptive, and prescriptive. The descriptive gives us data about what’s occurring, predictive shows us the predictions of the future, and prescriptive technology tells us what action plans can be defined on the basis of such data. The candidate procurement and sourcing processes are the uppermost concerns in the staffing industry as companies are influenced by the high churn rates owing to low unemployment.

In the recruiting software market, employing the right people on board is considered a key part of long-term business achievement. Employees have always been regarded as the company’s most significant asset, so devising a talent acquisition policy that is sound is critical in establishing the foundation of the company’s growth. Where AI comes is with the ability to identify employees suitable for specific positions, and keeping a lookout for candidates with experiences that pair up with those employees. AI can effectively identify specific qualifications, educational background, work familiarity, and other factors that put forward a candidate has the backdrop to mimic the top performers at an organization which is spurring the AI for recruitment market. One key to addressing these challenges such as recruitment challenges, is to employ a combined analytical platform that controls AI. It can suitably provide critical understanding to recruiters, employers, hiring managers, and candidates to make the right acquisition decisions.

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Where relationship building is vital in a job role, AI in hiring holds great potential. The restructuring and mechanizing of most of the transactional portions of recruitment, AI opens up time for recruiters to improve continuing relationships with applicants, which sooner than later leads to improved business functioning. The use of AI recruitment can lead to automation of sourcing by scouring the internet or restart databases to classify best-fit applicants for open positions. In addition, AI can also improve the candidate experience by putting forward real-time feedback as the candidate’s movement through the recruiting channel. Candidates in the process also experience frustrations with the recruiting process comprises of the lack of communication by recruiters about the condition of their application. By the use of conversational interfaces like recruiter chatbots, can allow the nurturing of candidates and offer them with prompt updates on how they are evolving through the recruitment process.

One of the key concerns in traditional recruitment practices has been the part of bias that slinks into the candidate assessment process. AI can be positioned to weed out human bias by offering objective, data-driven understandings. Companies have already begun positioning AI-powered recruiting tools to power interview scheduling and candidate engagement. Nowadays, contenders who’re already moved past the screening stage can contribute to a video interview from their smartphones or computers, with pre-set questions, the AI program operating in the background analyses the candidates’ facial expressions and voice to evaluate personality traits. The presence of tech giants like Facebook, Apple, and Microsoft are by now employing videos as part of their recruiting policy. For example, Kenoby, an HR startup, is ramping up its recruitment technology into high gear as it freshly secured an investment for USD 4.9 million approximately through Astella Investimentos. These funds shall are expected to be used to improve its products through artificial intelligence (AI) as well as the growth of its present team of 100 people to 300 in the subsequent two years.

Enticing the most appropriate candidate is a significant goal for any organization. While there are several ways to appeal to candidates and new methods are being constantly introduced, job ads still have their standing. The use of chatbots can substantially grow automated sourcing, candidate engagement, algorithms that display jobs to selected audiences, and other tools that are progressing towards AI in recruitment. AI chatbot can create opportunities to offer hidden positions to applicants that meet the criteria. Thus, it allows a company to appoint candidates for confidential projects without disclosing the positions open. In conclusion, AI is not short of faults; all intelligent systems are created in a manner to learn from data; therefore, it is vital to guarantee that the AI solution is taught on the correct data.

Segmentation:

The global AI recruitment market has been segmented on the basis of component, organization size, deployment, application, vertical, and region.

By component, the market has been segmented into software and services.

By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

By organization size, the market has been segmented into SMEs and large enterprises.

By deployment, the market has been segmented into on-cloud and on-premise.

By application, the market has been segmented into resume filtering, candidate discovery, candidate relationship management, job market forecasting, ad automation, candidate assessments, and others.

By vertical, the market has been categorized into government, commercial, IT and telecommunication, healthcare, BFSI, education, and others.

Regional Analysis

The geographic analysis of AI recruitment market has been done for North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, Norway, Benelux, and Italy), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines), Middle East and Africa (Saudi Arabia, Israel, Turkey, and South Africa) and South America (Brazil, Peru, Chile, and Argentina).

North America is currently dominating the global AI recruitment market. The US, followed by Canada is currently leading the market as the country has been the earliest adopter of advanced technologies such as AI and machine learning. Additionally, well-established network infrastructure, developed economy, and availability of skilled experts are driving the growth of AI recruitment market in the US. Furthermore, the region houses majority of the key players who are focused on developing AI-based recruitment solutions to meet various applications of recruitment process is contributing to the growth of AI recruitment market in the region.

Europe is having a significant share in the global AI recruitment market. Enterprises across the UK, Germany, Spain, and Norway among others, are witnessing significant adoption of AI in talent acquisition owing to the need to automate the tedious hiring process and enhance the overall efficiency. Furthermore, growing adoption of cloud-based recruiting tools has significantly increased the demand in the region.

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Global AI Recruitment Market Research Report: by Component (Software, Service), by Organization Size (SMEs, Large Enterprises), by Deployment (On-Cloud, On-Premise), by Application (Resume Filtering, Candidate Discovery, Candidate Relationship Management, Job Market Forecasting, Ad Automation, Candidate Assessments, Others), by Vertical (Government, IT and Telecommunication, Healthcare, BFSI, Education, Others), by Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America) - Forecast till 2025

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