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Global AI Recruitment Market Overview
The Global AI Recruitment Market size is estimated to reach $695 million by 2026, growing at a CAGR of 5.1% over the forecast period of 2021-2026. AI for recruitment is a critical component of the HR technology ecosystem. AI-powered solutions, which are tightly connected with the applicant tracking system (ATS), add a layer of talent intelligence to the recruitment process, automating the screening of thousands of applications and reducing time-consuming manual activities. However, the most challenging task in talent acquisition is still screening resumes swiftly and fairly: According to 52% of talent acquisition leaders, recruiting the most challenging element is discovering the right people from a big application pool.
Impact of COVID-19 on AI Recruitment Market:
Recruitment Companies were planning to invest significantly more in HR technology in 2019. Despite this, much has changed in the previous year, thanks mainly to Covid-19. Traditional hiring techniques, such as face-to-face interviews, are no longer practical or appropriate due to the need to remove ourselves from one another. As a result, all hiring is now done online. Working from home and conducting virtual interviews are the new norms. One of the most significant distinctions in the post-pandemic environment is that organizations that have been accustomed to working remotely are now able to cast a worldwide net to employ remote workers. As a result, recruiters, who were already searching for ways to automate the most time-consuming portions of the recruiting process, will have more work to do with a larger talent pool.
Key Takeaways from Global AI Recruitment Market Report:
By End Users, the market for Enterprises to grow at the highest CAGR during the forecast period
By End Users, AI Recruitment Market is segmented into Recruitment Firms and Enterprises. Enterprises dominated the AI Recruitment Market in 2020. It is also the fastest-growing, with a CAGR of 5.7% over the forecast period 2021-2026. BFSI, which heavily adopts AI for the recruiting process, is included in the enterprise section. The financial business is highly dynamic, and rules and policies change regularly, making it difficult for banks to keep their workers up to date. Furthermore, most banks have begun to use chatbots to improve customer experience and cut expenses. These reasons boost the enterprise segment's growth, which is driving up demand for AI in the recruiting industry.
The Asia Pacific to account for the largest market share during the forecast period
North America held the largest share of the AI Recruitment Market in 2020, with a global market share of 45.9%. North America is rapidly embracing AI-based machine learning platforms to have a more effective hiring process. Furthermore, the growing number of IT enterprises in the United States boasts growth in this area.
Asia Pacific is set to be the fastest-growing AI Recruitment Market owing to the increasing amount of software providers in this region.
Market Dynamics
Driver: Increasing need to automate the recruiting process is driving the AI Recruitment Market.
AI aids in automating repetitive insurance activities, and insurers use this technology to collect data from consumers to understand their insurance needs and expectations. Furthermore, insurance firms employ chatbot technology to communicate with clients and provide tailored services, moving the industry forward. As a result, rising technology breakthroughs and improved user experiences will drive the worldwide AI Recruitment Market forward throughout the forecast period.
Challenge: Lack of Human Interface is restraining the market growth.
The hiring process is complex. Large-scale recruiting activities, in particular, may be time-consuming and difficult. Thousands of job applications will need to be properly scrutinized. Investing in a firm recruitment specialist is a waste of money. Because this is a vital role for the organization, recruiting is costly.
On the other hand, AI recruitment technology may assist any company since it makes work easier and saves money. The need to automate an organization's recruiting process is a demand-driving aspect. Adoption will lead to sales in the AI Recruitment Market.
Key Market Players
Key Players in the Global AI Recruitment Market consist of Beamery, Brilent, Inc., Entelo, Gloat, hackajob, Harver B.V., Hiretual, Ideal, Jobiak, and Leoforce, LLC., among Others.
Developments
In May 2020, The purchase of Opening.io, a leading supplier of cloud recruiting platforms, and the introduction of iCIMS Talent logic were announced by iCIMS inc., a leading provider of cloud recruitment platforms. These acquisitions and new launches will pave the way for delivering a cutting-edge AI-based solution for transforming and diversifying workforces at scale. In addition, customers will receive wholly new AI from the new iCIMS talent logic, which will change the future of hiring.
Report Coverage and Scope
The report "Global AI Recruitment Market" by Research Informatic covers an in-depth detailed analysis for the following segment covered under the scope.
By Components
By Organization Size
By Deployment
By Applications
By End Users
By Geography
Global AI Recruitment Market Growth, Trend and Forecast 2020-2028
Chapter 1 AI Recruitment Market Overview
1.1 Product Overview and Scope of AI Recruitment
1.2 AI Recruitment Market Segmentation by Type
1.2.1 Global Production Market Share of AI Recruitment by Type in 2019
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 AI Recruitment Market Segmentation by Application
1.3.1 AI Recruitment Consumption Market Share by Application in 2019
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 AI Recruitment Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of AI Recruitment (2014-2028)
Chapter 2 Global Economic Impact on AI Recruitment Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions
Chapter 3 Global AI Recruitment Market Competition by Manufacturers
3.1 Global AI Recruitment Production and Share by Manufacturers (2019 and 2019)
3.2 Global AI Recruitment Revenue and Share by Manufacturers (2019 and 2019)
3.3 Global AI Recruitment Average Price by Manufacturers (2019 and 2019)
3.4 Manufacturers AI Recruitment Manufacturing Base Distribution, Production Area and Product Type
3.5 AI Recruitment Market Competitive Situation and Trends
3.5.1 AI Recruitment Market Concentration Rate
3.5.2 AI Recruitment Market Share of Top 3 and Top 5 Manufacturers
3.5.3 Mergers & Acquisitions, Expansion
Chapter 4 Global AI Recruitment Production, Revenue (Value) by Region (2014-2020)
4.1 Global AI Recruitment Production by Region (2014-2020)
4.2 Global AI Recruitment Production Market Share by Region (2014-2020)
4.3 Global AI Recruitment Revenue (Value) and Market Share by Region (2014-2020)
4.4 Global AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
4.5 North America AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
4.6 Europe AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
4.7 China AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
4.8 Japan AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
4.9 Southeast Asia AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
4.10 India AI Recruitment Production, Revenue, Price and Gross Margin (2014-2020)
Chapter 5 Global AI Recruitment Supply (Production), Consumption, Export, Import by Regions (2014-2020)
5.1 Global AI Recruitment Consumption by Regions (2014-2020)
5.2 North America AI Recruitment Production, Consumption, Export, Import by Regions (2014-2020)
5.3 Europe AI Recruitment Production, Consumption, Export, Import by Regions (2014-2020)
5.4 China AI Recruitment Production, Consumption, Export, Import by Regions (2014-2020)
5.5 Japan AI Recruitment Production, Consumption, Export, Import by Regions (2014-2020)
5.6 Southeast Asia AI Recruitment Production, Consumption, Export, Import by Regions (2014-2020)
5.7 India AI Recruitment Production, Consumption, Export, Import by Regions (2014-2020)
Chapter 6 Global AI Recruitment Production, Revenue (Value), Price Trend by Type
6.1 Global AI Recruitment Production and Market Share by Type (2014-2020)
6.2 Global AI Recruitment Revenue and Market Share by Type (2014-2020)
6.3 Global AI Recruitment Price by Type (2014-2020)
6.4 Global AI Recruitment Production Growth by Type (2014-2020)
Chapter 7 Global AI Recruitment Market Analysis by Application
7.1 Global AI Recruitment Consumption and Market Share by Application (2014-2020)
7.2 Global AI Recruitment Consumption Growth Rate by Application (2014-2020)
7.3 Market Drivers and Opportunities
7.3.1 Potential Applications
7.3.2 Emerging Markets/Countries
Chapter 8 AI Recruitment Manufacturing Cost Analysis
8.1 AI Recruitment Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Price Trend of Key Raw Materials
8.1.3 Key Suppliers of Raw Materials
8.1.4 Market Concentration Rate of Raw Materials
8.2 Proportion of Manufacturing Cost Structure
8.2.1 Raw Materials
8.2.2 Labor Cost
8.2.3 Manufacturing Expenses
8.3 Manufacturing Process Analysis of AI Recruitment
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1 AI Recruitment Industrial Chain Analysis
9.2 Upstream Raw Materials Sourcing
9.3 Raw Materials Sources of AI Recruitment Major Manufacturers in 2019
9.4 Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
10.1 Marketing Channel
10.1.1 Direct Marketing
10.1.2 Indirect Marketing
10.1.3 Marketing Channel Development Trend
10.2 Market Positioning
10.2.1 Pricing Strategy
10.2.2 Brand Strategy
10.2.3 Target Client
10.3 Distributors/Traders List
Chapter 11 Market Effect Factors Analysis
11.1 Technology Progress/Risk
11.1.1 Substitutes Threat
11.1.2 Technology Progress in Related Industry
11.2 Consumer Needs/Customer Preference Change
11.3 Economic/Political Environmental Change
Chapter 12 Global AI Recruitment Market Forecast (2020-2028)
12.1 Global AI Recruitment Production, Revenue Forecast (2020-2028)
12.2 Global AI Recruitment Production, Consumption Forecast by Regions (2020-2028)
12.3 Global AI Recruitment Production Forecast by Type (2020-2028)
12.4 Global AI Recruitment Consumption Forecast by Application (2020-2028)
12.5 AI Recruitment Price Forecast (2020-2028)
Chapter 13 Appendix
Published On:May 2022
Base Year:2021
Historical Data:2018 - 2020
No of Pages:250
AI Recruitment Market Size, Share & Trends Analysi...
RD Code : IT22