The video interview software market size is expected to reach $536.85 million in 2028, up from $246.34 million in 2022; video interview software market share is expected to grow at a CAGR of 13.
New York, Aug. 26, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its report “Video Interviewing Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type, Enterprise Size, and Industry” – https : //www.reportlinker.com/p06316344/?utm_source=GNW
9% from 2022 to 2028.
Denmark, the UAE and Sweden are among the countries with the highest internet penetration rates in the world. Until 2020, APAC was the region with the largest number of internet users, at ~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, digitization and internet use are in their early stages in countries such as Oman, Qatar and Kuwait. The continuous growth in the number of internet users is driving industries to convert their processes into digital operations. Cloud technology has positively impacted business performance through improved data storage and transfer facilities, in cost-effective ways by enabling businesses to pay for the service based on their usage. The cloud-based implementation of video interviewing solutions has gained popularity in recent years. Training and development courses are made available to students to prepare them in both academic and professional fields, and the storage capacity issues have been solved with the onset of cloud technology. In addition, companies are adopting SaaS-based video interviewing solutions. The high costs of hardware, software and data center operations are distributed by the supplier among the customers in the SaaS-based model, allowing customers to use state-of-the-art infrastructure at a lower cost. Therefore, cloud-based video interviewing solutions are likely to receive huge demand during the forecast period, contributing to the growth of the video interviewing software market.
SAM includes several developing countries such as Brazil, Chile, Argentina, Peru and Colombia. These countries have experienced considerable industrialization growth in recent years, with the expansion of their presence in their territory by multinational corporations.
Corporate, manufacturing and IT are the main industries that have contributed to the growth of the market in this region. Several private and public sector companies in the region are shifting towards digital transformation and adopting advanced technologies to improve and sustain their operations. competitive in the global economic market.
The growing number of production facilities of both large enterprises and SMEs is driving the growth of the video interview software market in SAM.
The countries in SAM emphasize on attracting FDIs due to the availability of cheap labor, low barriers to entry and reasonable interest rates. In addition, certain countries in the region have relaxed FDI regulations, attracting investment from several established companies headquartered in other countries.
Brazil is the most attractive destination for FDI in SAM as it is a technologically advanced country with simpler government policies compared to other SAM countries. However, Argentina is taking several initiatives to increase the attractiveness of foreign direct investment, such as easing import restrictions, signing international bilateral agreements, and lifting restrictions on foreign investment.
Such initiatives are expected to facilitate the development of various sectors in the region. This is expected to create lucrative opportunities for players in the video interview software market to expand their customer base in this region.
The video interview software market in South America is expected to grow in both volume and revenue in the coming years. Due to the COVID-19 pandemic, higher IT spending has increased investment and demand for artificial intelligence and cloud-based video interviewing solutions to improve efficient hiring processes. Brazil is the most mature market in the South American continent and the country invests significant amounts in various industries. The Brazilian government has been lenient in formulating a comprehensive data privacy law over the years. Several video interview software companies operate in the region. Workday, Inc.; Aon plc; Yellow; Right Management.; Jobvite, Inc.; and CleverConnect are some of the leading market players in the region.
Brazil has reported the highest number of COVID-19 cases in South America, followed by Ecuador, Chile, Peru and Argentina, among others. The pandemic has forced the governments of several countries to impose lockdowns and suspend economic activities to contain the spread of the virus.
According to IBGE, a statistics agency, the unemployment rate rose to 14.6% in the third quarter of 2020, from 14.4% in the second quarter of 2020, while the number of officially unemployed rose from 13.8 million to 14.1 million. . This has given the video interview software provider the opportunity to develop/innovate a more efficient solution that will fill the gaps in the coming future as many companies use digital technology for the recruitment process. With 157,000 net new jobs, the dominant services sector, hardest hit by social distancing initiatives, led the attack. Thus, the increase in recruitment across the country is further positively impacting the growth of the video interview software market.
The video interview software market is segmented based on type, company size, industry, and geography. The video interview software market analysis by type, the video interview software market is segmented into web-based and mobile apps.
The market analysis of video interview software by company size, the video interview software market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The video interview software market analysis by industry, the video interview software market is segmented into IT and telecom, manufacturing, BFSI, healthcare and others.
By geography, the video interview software market is divided into five regions: North America, Europe, Asia-Pacific, Middle East, and Africa and South America.
The overall video interview software market size has been inferred using both primary and secondary sources. Extensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the video interview software market.
The process also serves to get an overview and forecast for the video interview software market with respect to all segments. Multiple primary interviews were also conducted with industry participants to validate the data and gain more analytical insights.
The participants in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers and outside consultants – valuation experts, research analysts and key opinion leaders – who specialize in the video interview software market.
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