The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on AI Recruitment Market. The growth sectors of the AI Recruitment Market are identified with precision for a better growth perspective.
AI recruitment is an artificial intelligence-driven recruitment software which streamlines and automates the recruitment processes in order to improve the talent acquisition process and enhance the employee experience.
The AI recruitment software uses technologies such as machine learning and sentiment analysis to optimize various recruitment processes such as auto-screening candidates and identifying potential candidates based on their job description. The AI recruitment tools are built on algorithms which compare the candidate attributes such as work experience, skills and qualifications, and compares it to the qualitative recruiting factors such as duration of service, employer noteworthiness, geographical location, and others. These factors are analyzed by the proprietary machine learning (ML) or AI technology which allows the recruitment system to weigh and score each factor of the candidate appropriately.
The geographic analysis of AI recruitment market has been done for North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Spain, Norway, Benelux, and Italy), Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines), Middle East and Africa (Saudi Arabia, Israel, Turkey, and South Africa) and South America (Brazil, Peru, Chile, and Argentina).
North America is currently dominating the global AI recruitment market. The US, followed by Canada is currently leading the market as the country has been the earliest adopter of advanced technologies such as AI and machine learning. Additionally, well-established network infrastructure, developed economy, and availability of skilled experts are driving the growth of AI recruitment market in the US. Furthermore, the region houses majority of the key players who are focused on developing AI-based recruitment solutions to meet various applications of recruitment process is contributing to the growth of AI recruitment market in the region.
Europe is having a significant share in the global AI recruitment market. Enterprises across the UK, Germany, Spain, and Norway among others, are witnessing significant adoption of AI in talent acquisition owing to the need to automate the tedious hiring process and enhance the overall efficiency. Furthermore, growing adoption of cloud-based recruiting tools has significantly increased the demand in the region.
Market Research Future (MRFR) has segmented the AI recruitment market on the basis of component, organization size, deployment, application, vertical, and region.
By component, the AI recruitment market has been segmented into solution and services. Among these, currently, the solutions segment is dominating the market and is projected to be the fastest-growing segment during the forecast period owing to increasing adoption of AI sourcing tools adopted by the recruitment enterprises. Integration of machine learning with recruitment software help in automating manual HR tasks, thereby increasing the efficiency and quality of talent acquisition.
By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises. Among these, the large enterprises segment is currently dominating the market due to the high investments made by the enterprises to source highly qualified candidate matching the job requirement. Whereas, the SMEs is projected to grow with the fastest CAGR owing to rising adoption of cloud-based recruiting platforms which is accelerating the demand for AI recruiting software.
By application, the AI recruitment market has been segmented into resume filtering, candidate discovery, candidate relationship management, job market forecasting, ad automation, candidate assessments, and others. Among these, currently, the resume filtering segment is expected to dominate the market due to the high demand among talent acquisition professionals to reduce the time required for screening candidate resumes from a huge pool of applicants by automating the screening process.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Spain, Norway, Benelux, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines. The Middle East and Africa have been further segmented into Saudi Arabia, Israel, Turkey, and South Africa and South America has been classified into Brazil, Peru, Chile, and Argentina.
The AI Recruitment Market is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. SAP SE (Germany), Zoho Corporation (India), Google LLC (US), IBM Corporation (US), Oracle Corporation (US), Automatic Data Processing, LCC (US), Ultimate Software (US), SmartRecruiters (US), Jobvite (US), CVViZ Softwares Pvt Ltd (India), HireVue (US), Textio (US), Mya Systems, Inc. (US),TalentMind (Singapore), and TalentRecruit (India) are the companies leading the AI Recruitment Market globally.
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