The global video interview software market is estimated to grow at a phenomenal CAGR over the forecast period (2018 to 2025); according to a report available on Radiant Insights, Inc. growing necessity for software solutions to support hiring managers and recruitment teams in finding quality candidates to save time and money can impel demand for video interview software. Advanced recruitment programs allow hiring managers to eliminate phone screening from their entire interview process allowing them to save time.
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High demand for distance interview process from employers and candidates is likely to propel growth of the market. Effective properties of video interview software to manage variations and complexity within hiring process can impel market growth. Rising adoption of electronic gadgets such as laptops and mobile phones offering high definition cameras to execute video calling is expected to further spur the market in the next few years. Moreover, continuous improvement in internet services offering high speed at affordable cost can fuel market growth during the forecast period (2018 to 2025).
For instance, HireVue recently celebrated five millionth video interviews through its software based on artificial intelligence named HireVue Assessments. This software is expected to accelerate and improve the recruitment process for employers seeking potential candidates for their organizations. The advanced platform is likely to support candidates offering them fair, modern and convenient interview experience from leading employers. The software uses science behind organizational psychology and artificial intelligence to analyze video inputs from candidates.
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However, unavailability of appropriate internet services and electronic devices required to execute video interviews in rural areas can hinder growth of the video interview software market.
Continuous R&D to upgrade software with advanced features to produce better results in recruitment process is likely to create lucrative opportunities for hiring companies. Increasing adoption of video interview platforms by leading global employers to make their recruitment teams highly productive can build paths for market expansion.
The worldwide video interview software market can be classified on the basis of type, application, and region. Based on type, the market can be bifurcated into cloud-based and on-premises video interview software. Based on application, the market can be segmented into small and medium enterprises and large enterprises.
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Regional segmentation includes Japan, China, United States, India, EU, and Southeast Asia. In United States, the video interview software market is expected to grow substantially in the coming years owing to increasing number of online software providers to execute video interviews. In addition, high adoption of advanced software by local employers to improve their procurement process to hire quality candidates can influence market growth in the region.
In Japan and China, the video interview software market is anticipated to witness strong growth owing to availability of advanced internet services to support video interviews between local employers and candidates. In addition, increasing number of employers conducting video interviews to screen applicants quickly and in better manner is likely to fuel market growth.
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In India, the video interview software market is estimated to depict significant growth in the next few years owing to adoption of cloud-based interviewing platform to screen and shortlist right candidates for particular job vacancy. In Europe, the market can do well in the next few years owing to growing inclination of young candidates towards video interviews.
Some of the prominent companies operating in the market for video interview software are EasyHire, Montage, Recrumatic, GreenJobInterview, and Hiya.
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