Press release
Global AI in Talent Acquisition Market to Reach $2.7 Billion by 2029, Growing at 18.6% CAGR
AI In Talent Acquisition
The growth of the AI in talent acquisition market is anticipated to be driven by the increasing trend towards remote work. Defined as telecommuting or working from home, remote work allows employees to carry out their responsibilities from a place other than the corporate office. Factors such as enhanced flexibility, technological advancements and a desire for a superior work-life balance are facilitating its growth. The incorporation of AI in the recruitment process for remote work positions increases efficiency, as it automates candidate screening, enhances job matching, and streamlines recruitment processes across varied and worldwide talent pools. For example, as per the United States Department of Labor's Bureau of Labor Statistics, nearly 19.5% of the workforce were teleworking or paid to work from home in August 2023, maintaining a telework rate of between 17.9% and 20.0% from October 2022 to August 2023. This move towards remote work underscores the increasing relevance and growth of the AI in talent acquisition market.
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How will the growth rate of the ai in talent acquisition market shape industry trends by 2034?
The market size for AI in talent acquisition has seen a significant surge in the past few years. It is projected to expand from $1.13 billion in 2024 to $1.35 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 18.9%. The previous growth can be associated with factors such as routine task automation, better candidate matching, insights derived from data, an elevated candidate experience, and lower costs.
The market for AI in talent acquisition is anticipated to experience swift expansion in the approaching years, with its size projected to reach $2.67 billion by 2029, growing at a CAGR of 18.6%. This growth during the predicted period is likely due to progress in AI technology, the increase in remote employment and worldwide talent reserves, improved applicant experiences, advanced recruitment metrics and reporting, and superior screening and pairing. Forthcoming trends for this period entail progress in natural language processing (NLP), amalgamation with other HR technologies, tailored candidate engagement, improved predictive analytics, and the broadening of AI abilities.
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What trends are poised to drive the future success of the ai in talent acquisition market?
Sustaining their market position is a primary focus for major corporations in the AI talent acquisition sector, achieved through the development of innovative solutions like AI-powered recruitment tools. These tools use artificial intelligence to optimize and improve hiring activities such as sourcing candidates, screening resumes, scheduling interviews, and engaging candidates. In April 2023, Indeed, a US-based employment firm, introduced their new AI-powered tool named Smart Sourcing, designed to streamline recruitment for employers. Smart Sourcing offers employers access to an extensive talent pool of around 300 million potential candidates from all over the world, using the profiles and resumes on their platform. Through an advanced AI matching system, the tool effectively identifies the most suitable candidates for specific vacancies considering their skills, experiences, and qualifications. This allows employers to promptly review these matched candidates, directly interact with them and hasten their hiring decisions.
Which primary segments of the ai in talent acquisition market are driving growth and industry transformations?
The AI in talent acquisitionmarket covered in this report is segmented -
1) By Component: Solution, Services
2) By Application: Candidate Sourcing, Resume Screening, Interview Scheduling, Candidate Engagement, Other Applications
3) By Industry Vertical: Information Technology (IT) And Telecommunication, Banking Financial Services and Insurance (BFSI), Healthcare, Retail And E-Commerce, Manufacturing, Other Industry Verticals
Subsegments:
1) By Solution: AI-Powered Recruiting Software, Applicant Tracking Systems (ATS) With AI Integration, Candidate Screening And Matching Solutions, Predictive Analytics For Talent Acquisition, AI-Based Interviewing Platforms, Chatbots For Recruitment, AI-Powered Talent Sourcing Tools, Candidate Experience Enhancement Solutions
2) By Services: AI Integration And Implementation Services, Consulting Services For Talent Acquisition Strategy, AI-Driven Recruitment Process Outsourcing (RPO), Talent Analytics And Reporting Services, Employee Onboarding Services, Custom AI Model Training Services, Post-Implementation Support And Maintenance
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Which geographical regions are pioneering growth in the ai in talent acquisition market?
North America was the largest region in the AI in talent acquisition market in 2024. The regions covered in the AI in talent acquisition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the ai in talent acquisition market landscape?
Major companies operating in the AI in talent acquisition market are International Business Machines Corporation, Oracle Corporation, SAP SE, Cornerstone OnDemand Inc., Cielo Talent, HackerRank, Phenom People, Bullhorn Inc., iCIMS Inc., Greenhouse Software, SmartRecruiters Inc., Eightfold.ai, Visier Inc., CEIPAL Corp., Jobvite Inc., HireVue, Beamery, Talview, Hiretual, Yello Co, Textio, XOR, Ideal, Ascendify, Pymetrics, Recruiterbox, Clinch
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What Is Covered In The AI in Talent Acquisition Global Market Report?
•Market Size Forecast: Examine the ai in talent acquisition market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ai in talent acquisition market for a structured understanding.
•Key Players Overview: Analyze major players in the ai in talent acquisition market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in talent acquisition market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ai in talent acquisition market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in talent acquisition market.
•Industry Challenges: Identify potential risks and obstacles affecting the ai in talent acquisition market.
•Competitive Landscape: Review strategic developments in the ai in talent acquisition market, including expansions, agreements, and new product launches.
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