Video Interviewing Software Market to reach 13.9% of CAGR by 2028 - The Insight Partners

Video Interviewing Software market is expected to grow at a CAGR of 13.9% from 2022 to 2028, it is projected to reach US$ 536.85 million by 2028 from US$ 246.34 million in 2022.

Video Interviewing Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Web-Based and Mobile Apps), Enterprise Size (Small and Medium Enterprises (SMEs) and Large Enterprise), Industry (BFSI, IT and Telecom, Healthcare, Manufacturing, and Others)

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Denmark, the UAE, and Sweden are among the countries with the highest internet penetration rate in the world. Till 2020, APAC was the region with the largest number of internet users, i.e., ~2.5 billion, followed by Europe with almost 728 million internet users. China had more than 854 million internet users, and India had ~560 million internet users. However, digitalization and internet usage are in the initial phase in countries such as Oman, Qatar, and Kuwait. Continuous growth in the number of internet users encourages industries to transform their processes into digital operations. Cloud technology has positively impacted business performances through enhanced data storage and transfer facilities, in cost-effective ways by allowing businesses to pay for the service as per their use. The cloud-based deployment of video interviewing solutions has gained popularity in the past few years. Training and development courses are made available to students to prepare them for academics, as well as professional fields, and the issues regarding storage capacities have been resolved with the inception of cloud technology. Additionally, businesses are moving toward adopting SaaS-based video interviewing solutions. The high cost of hardware, software, and data center operations are divided among customers by the vendor in the SaaS-based model, thereby allowing customers to avail state-of-the-art infrastructure at lower costs. Therefore, cloud-based video interviewing solutions are likely to gain a huge demand during the forecast period, contributing to the video interviewing software market growth.

Rising Number of Job Applicants Fueling Demand for Time-Efficient Selection Systems Boosts Video Interviewing Software Market:

Higher standards of living, greater job opportunities, and access to modern amenities and services are among the major factors contributing to the rural population's migration to urban areas. According to the World Bank, over 50% of the population lived in urban areas till 2020, and by 2045, the world's urban population is likely to surge by 1.5-times to reach 6 billion. With the rise in urban populations, the need for creating more jobs in these areas is growing significantly. Furthermore, with the hike in the number of job applicants, selecting the most suitable candidates for particular profiles becomes tedious, and the conventional methods of conducting interviews for job screening prove time-consuming and inefficient in such scenarios. Thus, the demand for efficient and quicker employee screening solutions boosts organizations' adoption of video interviewing solutions.

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Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are among the countries in the Middle East & Africa that experienced a notable impact of the COVID-19 pandemic. Before the beginning of this crisis, the Gulf countries have been on the verge of adopting transformative technologies such as Artificial intelligence (AI), machine learning, and cloud-based platforms in various industries to enhance business growth. Countries in the Middle East & Africa have significantly invested in implementing modern technologies in various industries. Investments in incorporating cloud-based platforms will likely provide significant opportunities for video interviewing solution providers in the Middle East during the projected period.
The video interviewing software market report provides detailed market insights to help key players strategize growth in the coming years. It also forecasts the upcoming trends and developments in the video interviewing software market.

Based on type, the video interviewing software market is segmented into web-based and mobile apps. Based on enterprise size, the market is segmented into small and medium enterprises and large enterprises. Based on industry vertical, the market is segmented into IT and telecom, manufacturing, BFSI, healthcare, and others. Based on region, the global video interviewing software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Hireflix S.L., MODERN HIRE, SPARK HIRE, JOBVITE, INC., and VIDCRUITER are some of the key market players operating in the global video interviewing software market. The listing of key players is derived by considering multiple factors such as overall revenue, current bag filter portfolio, geographical reach, new product launches, market initiatives, and investment in technology up gradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the video interviewing software market which were analyzed during the course of this market research study, such as, INTERVIEWME (PTY) LTD, CLEARCOMPANY, HIREVUE, INTERVIEWSTREAM, SHINE, SKEELED, and YELLO, among others.

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