Video Interview software is gaining immense popularity globally among businesses in order to simplify the traditional job interview process. These video interview software tools aid companies hire and recruit the best candidates for open positions in an organization. Video interview software is normally combined with applicant tracking systems (ATS) which aims to modernize the recruiting process from sourcing candidates to organizing information of applicants. The global video interview software market is projected to grow at a CAGR of 10.8% during the forecast period (2021-2027). The major aspect that drives the growth of the market is the various benefits it offers in hiring any personnel. The need for the expansion of the enterprises and the adoption of digital hiring are some of the major aspects that tend to drive the growth of the market during the forecast period. 

Further the outbreak of COVID-19 is also likely to positively influence the growth of the market during the forecast period. Major organizations are also focusing on hiring their employees through video calls and interviewing software, and avoid in-person contact and maintain social distancing. For instance, in the US, Walmart is a major retailer that is highly focusing on implementing video interview software due to the COVID-19 crisis. This, in turn, is contributing to the driving adoption of video interview software in the region.

Segmental Outlook

The global video interview software market is segmented on the basis of type and application. Based on the type, the market is segmented as pre-recorded interviewing software and live video interviewing software. Based on the application, the market is segmented as BFSI, retail and e-commerce, healthcare, government, aerospace & defense, and others

Pre-Recorded Video Interviewing Software Segment to Hold a Significant Market Share 

Amongst the type segment of the global video interview software, the pre-recorded video interviewing software segment is projected to hold the most lucrative share in the market. The pre-recorded interview software allows applicants to carry out interviews at any time, from any location, by answering a list of pre-determined questions. Pre-recorded video interviews are being significantly preferred as it enables to identify the candidate in an early stage by providing more relevant information compared to a screening call. While live video interview platforms enable recruiters to carry out interviews in real-time and online with candidates at any location across the globe. Video interviewing software often leverages chatbots, artificial intelligence (AI), and interview scheduling software options. 

Global Video Interview Software Market, by Type 2020 (%)

Regional Outlook

The global video interview software market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The North American region is projected to hold a significant market share. The US and Canada are the major economies primarily contributing to the growth of the video interview software market in the region. The regional growth of the market is accredited to the presence of key players across the region along with the wide acceptance of live video interviewing in the region. Whereas, in the Asia-Pacific region, various companies are extending their businesses in the region. Asia-Pacific is also a major region in terms of information technology and telecommunication which further drives the regional growth of the video interview software market. Further, the European region and the Rest of the World are likely to moderately register in the growth of the video interview software over the forecast period. 

Global Video Interview Software Market, by Region 2020 (%)

Market Players Outlook

The prominent players functioning in the global video interview software market include Modern Hire, EasyHire.me, Recrumatic Ltd., Spark Hire, Inc., and Jobvite, Inc. among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others in order to thrive in a competitive environment. For instance, In July 2020, Modern Hire acquired Sonru, an Ireland-based provider of automated video interviewing technology. The addition of Sonru will enable Modern Hire to offer the most comprehensive enterprise hiring technology product portfolio in the global marketplace. This will further increase Modern Hire’s expertise, team, and reach while offering augmented value to Sonru’s clients.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global video interview software market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.