The AI in HR and Recruitment Market is expected to grow from USD 510.1 million in 2020 to USD 790.41 million by 2026 at a CAGR of 3.3% from 2020 to 2026.
AI in HR and recruitment is the application of machine learning abilities to the recruitment function, which include learning or problem-solving. Artificial intelligence utilized for resume screening imitates how a human would assess a resume and can give a score to each applicant as per the unbiased assessment. Any organization can gain profit from AI in HR and recruiting technology. This technology ensures smooth-running of the analysis of online applications. Manually testing this application consumes time. AI can assist recruiters save time while screening and interviewing candidates. The key job of HRs is recruiting process which is highly complex. Particularly, recruiting tasks in large scale enterprises can be time taking and complex. There will be several job applications which need careful evaluation. Hiring a recruiting professional for the enterprise is an inessential expenditure. Since it is a vital job for the organization the expenditure to hire is huge. However, AI in HR and recruitment technology offer ease of work and cost efficiency to any organization. The requirement to automate the recruiting process of an organization is a demand accelerating factor. The adoption will result in AI in HR and recruitment market. The enormous amount of job applications can be carefully evaluated through this technology. It is a technology which saves time, cost and energy of the HR. This technology is exclusive with reading, reviewing, evaluation and decision-making capabilities. Moreover, there is an increased need to enhance the quality of the recruitment process. In several regions, the process of recruitment quality is poor. Recruiting qualified candidates is feasible with AI technology. Compared to human experts, the AI recruitment program proves to be more precise. It raises the adoption rate of AI recruitment in large enterprises. All these factors result to increased AI in HR and recruitment market profit in the estimated period. On the other hand, the dearth of standard regulatory policies and data regulations may hinder the market growth.
There are outstanding growth opportunities in the AI in HR and recruitment market. The advancement in technology is a vital factor for growth. Software is continuously under development. There is always the inclusion of features and programs in software. AI in HR and recruitment is software which will have various new features in the future years. All the above developments will allure more customers to the market. Further, technological improvement will create more awareness for the product in the estimated period. The deployment of the software in the talent acquisition platform will offer AI in HR and recruitment market growth opportunities.
The global AI in HR and Recruitment Market is segregated on the basis of Product as Solution and Services. Based on Application the global AI in HR and Recruitment Market is segmented in Process automation, Campaigning, Candidate screening and Candidate communication. Based on End-Users the global AI in HR and Recruitment Market is segmented in Retail and e-commerce, Banking, financial and insurance, Healthcare, Hospitality, Energy, Government, Enterprise and Manufacturing.
Data Processing LCC, CVViZ Softwares Pvt Ltd, IndiaFilings.com, careerbuilder, Mya
Systems Inc and others are among the major players in the global AI in HR and
Recruitment Market. The companies studied in terms of product strategy and
various n several growth and expansion strategies to gain a competitive edge in
the market. The major players not only follow value chain integration with
business operations in multiple stages of the value chain.
The global AI in HR and Recruitment Market has
been segmented as below:
AI in HR and Recruitment Market, By Product