Video Interviewing Software Market

Current State and Future Prospects of Video Interviewing Software Market:

The Video Interviewing Software market has witnessed steady growth in recent years, with the market size estimated to be around USD 221.6 million in 2020. The market share is primarily dominated by key players such as HireVue, VidCruiter, Montage, Spark Hire, and InterviewStream. However, the market is highly fragmented, with numerous small players operating in the market. With the ongoing trend of remote work and virtual hiring, the demand for video interviewing software is expected to grow rapidly in the next few years.

The Global Video Interviewing Software Market is expected to reach ~USD 730 million by 2027, registering a CAGR of +17% during the forecast period.

Key Players in the Video Interviewing Software Market:

The Video Interviewing Software market is highly competitive, with numerous global and regional players operating in the market. Some of the key players dominating the market include HireVue, VidCruiter, Montage, Spark Hire, InterviewStream, Wepow, FaceCruit, and myInterview. These companies focus on product innovation, strategic collaborations, and partnerships to gain a competitive edge over their competitors.

• Spark Hire
• HireVue
• Shine
• Yello
• Skeeled
• RecRight
• Montage
• VidCruiter
• RIVS
• ClearCompany
• Jobma
• Jobvite
• BreezyHR
• Sonru
• TribePad
• LaunchPad Recruits
• Vieple
• ConveyIQ

Video Interviewing Software Market Segmentation:

By Type

• Cloud Based
• Web Based

By Application

• Large Enterprises
• SMEs

Trends and Drivers Affecting the Video Interviewing Software Market:

The major trends and drivers affecting the Video Interviewing Software Market include the increasing demand for remote work and virtual hiring, rising adoption of artificial intelligence and machine learning in recruitment processes, and the need for cost and time-efficient hiring processes. Additionally, the COVID-19 pandemic has accelerated the adoption of video interviewing software, as companies have had to shift to virtual hiring processes due to social distancing measures.

Opportunities and Threats in the Video Interviewing Software Market:

The Video Interviewing Software Market presents numerous opportunities for growth, such as the increasing demand for remote work and virtual hiring, the rising adoption of artificial intelligence and machine learning in recruitment processes, and the need for cost and time-efficient hiring processes. However, there are also threats to the market, such as the high cost of implementation and the increasing competition from new market entrants.

Regulatory and Legal Issues Affecting the Video Interviewing Software Market:

There are several regulatory and legal issues affecting the Video Interviewing Software Market, such as data privacy concerns, discrimination in the hiring process, and compliance with equal opportunity employment laws. The General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the US have raised concerns about the collection and storage of personal data during the recruitment process. However, advancements in technology, such as blockchain and encryption, are expected to address these concerns and ensure data privacy and security.

Target Demographics and Pricing Trends in the Video Interviewing Software Market:

The target demographics of the Video Interviewing Software Market include small, medium, and large enterprises across various industries, such as IT and telecom, healthcare, BFSI, retail, and hospitality. The preferences and behaviors of these demographics include a focus on ease of use, customization options, and integration with other HR technologies. Pricing trends in the market vary across different segments, with small and medium enterprises opting for subscription-based pricing models, while larger enterprises prefer enterprise-level pricing with additional customization options.

Conclusion:

The Video Interviewing Software Market is expected to witness significant growth in the coming years, driven by the increasing demand for remote work and virtual hiring, adoption of artificial intelligence and machine learning in recruitment processes, and need for cost and time-efficient hiring processes. However, the market is highly competitive, and companies need to focus on product innovation and strategic partnerships to stay ahead. Data privacy concerns and compliance with equal opportunity employment laws pose significant challenges for companies operating in the market. To overcome these challenges, companies need to adopt advanced technologies, such as blockchain and encryption, to ensure data privacy and security. Overall, the Video Interviewing Software Market presents significant opportunities for growth, and companies that can navigate the challenges and capitalize on the emerging trends are likely to succeed in the market.