The global artificial intelligence (AI) recruitment market is growing exponentially with the increasing usage of predictive analytics as a part of the recruitment process. Integration of predictive analysis with AI technology is expected to further drive the AI recruitment market. Predictive analysis along with AI converts the raw data into useful information that will help organizations to find the best-fit candidates. Moreover, there are large volumes of data that are retrieved from various networking platforms. Predictive analysis consolidates this data into valuable information that can be used to extract information about potential employees. It is an essential tool for employers looking for potential employees from the talent pool. Amalgamation of predictive analysis and AI is transforming the talent acquisition process. For instance, the AI recruitment platform of Harver B.V. integrates interactive assessments, predictive analytics and workflow automation to offer automated candidate sourcing and rediscovery. Furthermore, predictive analytics offers data to make job applications more effective and accurate in terms of the candidate’s suitability for the job role. For instance, Pandalogic has launched a predictive analysis portal for job advertising that features dashboards of real-time performance data. This offers the employers with full transparency regarding their return on investments (ROI) from job advertising spending, which is all managed programmatically by the job advertising platform, ‘pandoIQ’. Thus, the AI recruitment market is expected to grow at a CAGR of 7.6% in the forecast years, owing to rise in number of companies automating their recruiting process using new AI solutions.
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Furthermore, new systems are being developed for enhancing the features of AI recruitment, such as computer programs or methods acquiring valuable database of candidates and providing assistance to the recruiters to make data-backed decisions using predictive analytics. These systems are complementary to the existing HR software and are powered by AI. The product growth strategies of recruitment technology providers have influenced the global AI recruitment market and also pose future opportunities for growth. For instance, Ideal, a recruiting technology company, recently announced the issuance of their patent US10255585 (B2). They have claimed a system, method and computer program to determine the suitability of the candidate in a company on the basis of several data sets. The system is an addition to the company’s ability to identify correct candidates for a particular job role in an organization. Implementation of such programs in integration with AI is expected to bring lucrative benefits to the global AI recruitment market.
Some of the players operating in the global AI recruitment market are Beamery, Brilent, Inc., Entelo, Gloat, hackajob, Harver B.V., Hiretual, Ideal, Jobiak, Leoforce, LLC.,among others.
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The detailed research study provides a qualitative and quantitative analysis of the global AI recruitment market. The market has been analyzed from demand as well as the supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Key Findings of the Report:
- In terms of revenue, global AI recruitment market is expected to reach US$ 388.09 Million by 2027 owing to better allocation of funds to recruitment.
- On the basis of application, process automation is expected to grow exponentially owing to the integration of AI with new technologies.
- Based on offerings, services are projected to hold substantial market share over the forecast period, owing to growing requirement of technology infrastructure and resources development.
- North America accounted for the highest market share in the global AI recruitment market of 42.25% in 2018. While Europe accounted for a significant market share of 30.85% of the global business.
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Global AI Recruitment Market
- By Offerings:
- By Application:
- Job Campaigning
- Candidate Communication and Assistance (Chatbot)
- Candidate Screening and Rediscovery
- Process Automation
- By End Users:
- Recruitment Firms
- Banking, Financial Services and Insurance (BFSI)
- Retail and E-commerce
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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