The growth of artificial intelligence (AI) technology has taken all industries by storm. The ability of the AI algorithm to correct itself based on the end-results is extremely beneficial in reducing the burden on humans in the workplace. Organizations spend considerable amount of resources for the replacement of existing employees. Furthermore, there is a dearth of skilled employees for filling of positions in various companies. In the U.S., for instance, studies show that 69% of the employers are finding it difficult to fill a position, in spite of the use of technology. Globally, it is estimated that there will be a talent shortage of around 85 million individuals by 2030, which will account to around US$ 8.5 trillion in terms of revenue loss. Furthermore, the top tier of employees are increasingly difficult to reach, and it takes significant effort to churn out these employees from the talent pool. An average corporate opening receives over 250 applications, and among these the companies need to shortlist around 4 to 6 candidates for the final interview. Around 52% of the talent acquisition heads reported that the identification of top candidates from a massive pool of applicants was the greatest hindrance faced in HR recruiting. With the use of AI, the process of sorting resumes and reaching potential hires is being considerably simplified, thus driving the demand for AI recruitment market. Ideal, for instance, provides AI-based recruiting software that helps in faster screening and matching. The product also comes with a chatbot based on natural language processing that helps in eliminating the need of initial screening calls. The companies can save up to 23 hours per hire, and reduces screening time by over 75% with the use of Ideal's Talent Acquisition product. Conversation AI is being increasingly used for candidate engagement in large companies for optimizing the hiring process. Mya Systems' conversation AI platform called AI, for instance, is being used by 40 of the Fortune 500 companies. The platform has the ability to automate candidate engagement for over 12 industries. Automated scheduling of interviews can be performed with the help of conversational AI. Resume screening, which used to be performed through traditional applicant tracking systems (ATS), is being made easier by AI. CVViZ Softwares Pvt Ltd's resume screening software is integrated with AI technology. Once the resumes are screened, the CVViZ software ranks the candidates based on their skills, experience, and other parameters which helps the recruiters to take informed decisions. Hence, the ease of screening of candidates with the help of AI which helps in reducing manual effort in the hiring process is helping in the growth of the global AI recruitment market.
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The COVID-19 pandemic has affected businesses around the globe. There has been an increase in the number of applications for various roles, as numerous companies have been forced to layoff candidates as a result of the drying up of revenue. AI-based recruiting solutions can help in identifying the right candidates based on their skill-set. Remote hiring is facilitated through AI, as the candidate's body language can be analyzed with the help of emotion recognition systems which are based on AI. Therefore, the COVD-19 pandemic is expected to have a positive impact on the global AI recruitment market in the coming years.
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The detailed research study provides qualitative and quantitative analysis of the global AI recruitment market. The AI recruitment market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global AI Recruitment Market
- By Offerings
- Solutions
- Services
- By Application
- Job Campaigning
- Candidate Communication and Assistance (Chatbot)
- Candidate Screening and Rediscovery
- Process Automation
- Others
- By End Users
- Recruitment Firms
- Enterprises
- Banking, Financial Services and Insurance (BFSI)
- Government
- Healthcare
- Hospitality
- Manufacturing
- Retail and E-commerce
- Others
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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