iCrowdNewswire Dec 4, 2020 7:00 AM ET
The video interviewing software market was valued at US$ 176.1 million in 2019, and it is projected to reach US$ 407.5 million by 2027; it is expected to grow at a CAGR of 11.3% from 2020 to 2027.
To help organizations make better business choices, high-quality analytics systems have been applied to consumer data. Big data care is increasingly generated by applicant details, so recruiters can find the best candidates for the job quickly and easily. Industrialization is increasing in APAC, and it is expected to continue in the coming years. Several large enterprises in APAC are expanding their businesses across the region, leading the industrialization at a prime rate. Additionally, emerging SMEs with higher capital investments boost the adoption of video interviewing software tools. Thus, considering the growth of large enterprises and SMEs in APAC, the video interviewing software market is anticipated to witness significant demand for video interviewing software during the forecast period.
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Impact of COVID-19 Pandemic on Video Interviewing Software Market
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. As of October 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms of COVID-19 confirmed cases and reported deaths. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global information and communication technology (ICT) industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of various plants and factories in China is adversely affecting the global supply chains and hindering manufacturing activities, delivery schedules, and various electronic goods sales. The Mobile World Congress scheduled to take place in Barcelona during February, 24–27 was canceled due to the pandemic. Companies such as Apple and Microsoft have already announced possible delays in product deliveries and slump in future sales of their products. In addition, global travel bans imposed by countries in Europe, Asia, and North America are restricting business collaboration and partnership opportunities. All these factors are disrupting the ICT industry; thus, it is acting as a restraining factor for the growth of various markets related to this industry.
Recruiting the best talent is becoming tougher everyday with the growing competitive streak among candidates. Companies need to improve their brand by hiring candidates with good professional skills and video interviewing software helps them achieve the same. They could analyze their recruiting strategies and update their procedures to make the recruitment procedure more effective. Video interviews make the whole recruiting process simpler, smoother, and more comfortable for recruiters and applicants. They make the recruitment processes more flexible as the locations of both companies and applicants do not matter, and as long as the schedules are synchronized. Video interviewing is beneficial for organizations of all sizes. In current conditions, most organizations are using this tool for initial screening processes to save time and money, and the preference for this process is growing amid the COVID-19 pandemic and consequent travel restrictions. In the recruiting process, many organizations are introducing the Video Interviewing Program as video interviews test in which applicants are hired not just on their CV (knowledge and experience) but also on their abilities. This approach decreases the overall time spent on each candidate, thereby allowing employers to review more number of applicants in the same time and decreasing the expense of recruitment. Furthermore, to make better recruiting decisions, strengthening teamwork within the recruiting department is also important. The video interview helps the staff members share their thoughts in the entire process; they could access, rate, and comment on video recordings, at their leisure, and then compare candidates. This makes the decision-making process more transparent and collaborative, makes it easier and smoother, reducing individual accountability.
The players operating in the video interviewing software market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2020, Spark Hire entered into a strategic partnership with TeamWork Online to enhance recruiting efforts and improve talent acquisition. TeamWork’s main goal was to introduce video interviewing into their recruiting efforts to attract qualified candidates to present to their clients effectively.
- In 2019, Jobvite, Inc. and TalentQuest entered into a partnership that allows organizations to optimize their candidate movement in the recruitment and hiring process through the automated launching of a TalentQuest Assessment within the candidate workflow in Jobvite’s ATS.
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