14-Sep-2022 | Facts and Factors
According to Facts and Factors, the global AI recruitment market size was worth USD 610.3 million in 2021 and is estimated to grow to USD 890.51 million by 2028, with a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period. The report analyzes the AI recruitment market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the AI recruitment market.
AI for talent acquisition is the application of machine learning capabilities to the recruitment function, such as learning or problem-solving. Artificial intelligence (AI) used for resume screening imitates how a human would assess a resume and can give each applicant a score based on this unbiased evaluation. With the assistance of artificial intelligence, the system can learn, think, and make decisions. It is a computer program that simulates the resume evaluation process. AI allows systems to analyze resumes in the same way that humans do. As technology learns what the ideal candidate looks like at each organization, it becomes increasingly valuable for recruiting. AI recruitment technology can benefit any organization. This technology simplifies the analysis of online applications. There are numerous open positions in large corporations. In addition, there are a large number of individuals applying for each position. Manually checking this application takes time. AI addresses issues such as saving recruiters' time when screening and interviewing applicants. Moreover, it helps businesses or recruiters improve the quality of their employee hires.
Browse the full “AI Recruitment Market Size, Share, Growth Analysis Report By End-users (Retail & E-Commerce, Banking, Financial Services & Insurance, Healthcare, Hospitality, Energy, Government, Enterprise, and Manufacturing), By Product (Solution, and Services), By Application (Process Automation, Campaigning, Candidate Screening, and Candidate Communication), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/ai-recruitment-market
The growing demand for predictive analytics as a critical component of the recruitment process is accelerating the adoption of AI technology. The increasing adoption of AI-based platforms like chatbots, machine learning, and process automation is propelling the use of AI in the recruitment industry. Moreover, the need to screen large amounts of data, such as a candidate's resume, without human intervention drives the global AI recruitment market growth during the forecast period. The most common barrier to using AI in recruitment is the absence of human interaction or touch. Furthermore, the lack of proactiveness displayed by firms in accepting new technologies by sourcing & recruiting personnel and the scarcity of technically skilled recruiters can impede market expansion.
The global AI recruitment market is segregated based on end-users, products, applications, and region. Based on end-users, the market is divided into retail & e-commerce, banking, financial services & insurance, healthcare, hospitality, energy, government, enterprise, and manufacturing. Among these, the banking, financial services & insurance (BFSI) segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on products, the market is classified into solutions and services. In 2021, the services category dominated the global market. Based on applications, the market is classified into process automation, campaigning, candidate screening, and candidate communication. The process automation segment dominated the market in 2021.
The global AI recruitment market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The North American region dominated the AI recruitment market in 2021 and is expected to continue its dominance over the forecast period. North American companies rapidly implement AI-based machine learning platforms to ensure the most effective hiring process. Moreover, the growing number of IT companies in the United States is boosting the market growth in this region. The United States was the first to use cutting-edge technology like artificial intelligence and machine learning. It presently leads the market owing to its developed economy, well-established network infrastructure, and easy access to qualified professionals, followed by Canada. In addition, the European market is expected to grow at the fastest CAGR between 2022 and 2028. The region's demand has increased significantly due to the region's growing adoption of cloud-based AI recruitment methods. Organizations in the U.K., Germany, Spain, and other countries are progressively implementing AI in talent acquisition to streamline the lengthy hiring process and improve overall efficiency. The substantial investments in this region will positively impact the overall market growth.
Market Size in 2021
USD 610.3 Million
Projected Market Size in 2028
USD 890.51 Million
CAGR Growth Rate
Key Market Players
SAP SE, TalentRecruit, Zoho Corporation, TalentMind, Google LLC, Mya Systems Inc, IBM Corporation, Textio, Oracle Corporation, HireVue, Automatic Data Processing LCC, CVViZ Softwares Pvt Ltd, Ultimate Software, Jobvite, SmartRecruiters, and Others
By End-users, Product, Application, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Key players in the global AI recruitment market include SAP SE, TalentRecruit, Zoho Corporation, TalentMind, Google LLC, Mya Systems Inc, IBM Corporation, Textio, Oracle Corporation, HireVue, Automatic Data Processing LCC, CVViZ Softwares Pvt Ltd, Ultimate Software, Jobvite, and SmartRecruiters.
- May 2020: iCIMS Inc., a leading cloud recruiting platform provider, announced the acquisition of Opening.io, which provides artificial intelligence for talent acquisition, and the launch of iCIMS Talent logic. This acquisition and new product launches will provide an advanced AI solution for scaling transformative and diverse workforces. This latest iCIMS talent logic provides clients with completely new AI that will transform the future of the recruitment process.
- April 2020: Totaljobs Group Ltd, a recruiting firm, has launched Totaljobs AI-based video interviewing and video calling software to allow businesses to host live interviews during the COVID-19 outbreak. The software also includes pre-recording and sharing capabilities.
Global AI Recruitment Market is segmented as follows:
- Retail and eCommerce
- Banking, Financial Services and Insurance
- Process Automation
- Candidate Screening
- Candidate Communication
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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