The market for virtual hiring tools is expected to grow at a noticeable rate over the forecast period from 2020 to 2027.
Virtual hiring is the process of conducting online interviews and recruiting candidates by using video conferencing. The process is also termed as virtual recruitment or virtual interview. Additionally, the tools which are used by the recruiters or employers for the above-mentioned hiring process of applicants for the desired position are termed as the virtual hiring tools.
For the recent market scenario, virtual hiring tools are experiencing major growth in the market due to work-from-home, social distancing, lockdowns, major restrictions on gatherings, and other respective factors evolved due to the Covid-19 pandemic. Employers and consultancies prefer virtual tools for recruiting candidates for various positions in the organization. The ongoing digitalization across the developing economies is supporting growth. The development of advance and convenient solutions that can ease the hiring process along with the effective maintenance of data is further bolstering the market value. Furthermore, the ongoing R&D activities by the major industry players and expected adoption of technology-based infrastructure across the industry verticals including BFSI, retail, government and public sector, manufacturing, healthcare, education, and energy and utilities among others are anticipated to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, the risk associated with data privacy and cyber attacks are projected to limit the growth to an extent over the forecast period from 2020 to 2027.
The virtual hiring tools market is segmented on the basis of component, deployment mode, industry, and geography. Based on components, the market is segmented on the basis of virtual hiring tools and services including professional services, and managed services. On the basis of the deployment model, the market is bifurcated into cloud-based and on-premises. Additionally, the industry verticals which are using virtual hiring tools include BFSI, retail, government and public sector, manufacturing, healthcare, education, energy and utilities, and others.
North America accounted for the maximum revenue share in the global virtual hiring tools market
In 2019, North America region accounted for the major revenue share in the virtual hiring tools market as the major economies of the region have advanced industrial infrastructure coupled with the early adoption. The presence of major players in the region is also supporting the regional market value. The rapid advancement along with the development of new tools in the virtual hiring process is bolstering the market growth.
Asia Pacific is anticipated to experience fastest growth over the forecast period from 2020 to 2027
The recent COVID-19 pandemic has given traction to the virtual hiring tools in the developing economies of the region. The ongoing digitalization has got a major push and the employers as well as the applicants are getting more convenient to use virtual tools. The emergence of advanced technology solutions in the region is further bolstering the regional market value. The increasing number of users with smart devices and internet connectivity in the region as the people are also getting data packs at affordable prices is boosting the growth in the region.
Key Market Players
The players profiled in the report include AllyO (US), Harver B.V. (New York), Myinterview Solutions Pty Ltd., RecRight (Finland), Spark Hire (US), VidCruiter (Canada), XOR (California), and others.
According to Crunchbase, the Venture Capital (VC) money invested in recruiting software startups in 2018 alone has crossed US$600 million. According to a recent survey of 2020, 63% of HR managers have conducted online interviews and the video interviewing software was on the pivot point.
Spark Hire, popular video interviewing software with a customer base of more than 5000 people touts an affordable solution that scales from sole proprietors to enterprises.
VidCruiter, specialized video interviewing software has its major clients including the United Nations, Samsung, Canon, and the Atlanta Hawks among others.
Market By Component
Virtual Hiring Tools
Market By Deployment Mode
Market By Industry
Government and Public Sector
Energy and Utilities
Market By Geography
Middle East & Africa