Industry Background:
AI for recruiting is the application of machine learning abilities, such as learning or problem-solving, to the recruitment function. AI for resume screening replicates the way a human evaluates a resume and can assign a score to each candidate based on this objective analysis. AI for recruiting becomes increasingly valuable as the technology learns what top candidates look like at each individual organization. AI for recruiting also offers the ability to “rediscover” candidates. Large retailers are sitting on top of a goldmine of interested candidates. According to a survey of talent acquisition leaders, 56% say their hiring volume will increase this year, but 66% of recruiting teams will either stay the same size or contract. Their success will depend on intelligently automating some parts of their workflow. According to an estimate by CB Insights, approximately, more than USD 6bn has been invested into more than 1,000 AI start-ups globally in the past 3 years. AI tools are expected to create value to the tune of USD 3tn by 2021.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Google LLC (United States), IBM Corporation (United States), Oracle Corporation (United States), Automatic Data Processing LCC (United States), Ultimate Software (United States), SmartRecruiters (United States), Jobvite (United States), CVViZ Softwares Pvt Ltd (India), SAP SE (Germany) and Zoho Corporation (India) |
This growth is primarily driven by Rising Demand due to Time Saving Services and High Demand due to Improving the Quality of Hire Through Standardized Job Matching.
Globally, a noticeable market trend is evident Increased Use of Automation to Offload Administrative Tasks
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Google LLC (United States), IBM Corporation (United States), Oracle Corporation (United States), Automatic Data Processing LCC (United States), Ultimate Software (United States), SmartRecruiters (United States), Jobvite (United States), CVViZ Softwares Pvt Ltd (India), SAP SE (Germany) and Zoho Corporation (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. AI Recruitment market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
On 25th September 2019, McDonald’s has announced a new initiative the fast-food chain is calling the “Apply Thru,” in which owners of Amazon Alexa or Google Assistant devices can begin job applications using standard “Alexa” and “Ok Google” voice commands.
On 17th September 2019, Oracle has announced the availability of its AI-trained voice with Oracle Digital Assistant. Now, enterprise customers can use voice commands to communicate with their enterprise applications to drive desired actions and outcomes, enriching the user experience with conversational AI, simplifying interactions and improving productivity.
Influencing Trend:
Increased Use of Automation to Offload Administrative Tasks and Chatbots in the Pre-application Process
Market Growth Drivers:
Rising Demand due to Time Saving Services and High Demand due to Improving the Quality of Hire Through Standardized Job Matching
Challenges:
Lack of Human Touch
Restraints:
A Lot of Data is Required and Difficulty in Dealing with Human Beings
Opportunities:
Leveraging Predictive Algorithms and Machine Learning to Assess Candidates’, Personality Traits and Growing Demand for Automated Social Media Scraping Tools
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in AI Recruitment Market
- Analysis about New Entrants in AI Recruitment Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, AI Recruitment Study Sheds Light on
The AI Recruitment Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the AI Recruitment industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where AI Recruitment industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.