(MENAFN - EIN Presswire) Global AI Recruitment Market expected to reach a value of around USD 388 million by 2027, at a CAGR of around 7.6% between 2019 and 2027.
NEW YORK, UNITED STATES, February 25, 2020 / EINPresswire.com / -- Facts and Factors Market Research has published a new report titled ' AI Recruitment Market By Offerings (Solutions and Services), By End-User (Recruitment Firms and Enterprises), and By Application (Job Campaigning, Process Automation, Candidate Communication & Assistance (Chatbot), and Candidate Screening & Rediscovery): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027'.
According to the report, the global AI Recruitment Market is predicted to be valued at approximately USD 200 million in 2018 and is expected to reach a value of around USD 388 million by 2027, at a CAGR of around 7.6% between 2019 and 2027.
Artificial intelligence is finding lucrative applications across myriad sectors including recruitment. The new machine learning technology can also be employed to improve the efficacy of the recruitment procedure for firms by employing machine-learning and problem-solving methods to locate the best candidates for the post. Furthermore, a plethora of companies are now making use of AI solutions to enhance the speed of the recruitment process and make it more accurate. This new AI technology is devised to simplify or mechanize a component of the recruiting workflow, particularly repetitive tasks, and high-volume jobs.
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The growing use of AI in online application management of firms to drive the market trends
Artificial intelligence is assisting the firms in the recruitment of the candidates applying online. It helps the firm track the subjects from the database of the recruiting firm through sorting, searching, and analyzing of the data. It also assists the companies to prioritize many resumes and thus help in speeding up the selection of the candidates as well as recruit best-fit candidates.
Furthermore, AI helps in addressing the issues like saving the time of recruiters in screening & interviewing the applicants. Moreover, it assists the firms or recruiters in enhancing the quality of employee hires. Nevertheless, the low presence of personnel in the AI recruitment & low level of awareness about AI recruitment tools can pose a threat to the AI recruitment industry over the forecast period. Moreover, lack of proactiveness displayed by the firms in accepting new technologies by the sourcing & recruitment personnel along with low availability of technically skilled recruiters can hinder the market expansion.
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Services segment to dominate the offerings landscape by 2027 in terms of value
The growth of the segment during the forecast timeline is due to the massive usage of the AI services provided by the vendors for recruiting the candidates either to recruiting agencies or the recruiting firms.
Enterprises segment to contribute majorly towards the overall market revenue share by 2027
The large-scale use of AI recruitment solutions by the enterprise's segment will steer the growth of the segment during the forecast period.
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Process automation to lead the application segment in terms of revenue
The growth of the segment during the forecast timeline is attributed to the favorable features of recruitment process automation through AI such as fast service, enhanced scalability & flexibility, improved cost-savings & productivity, and distinctive insights.
North America to contribute majorly towards the overall market revenue share by 2027
The regional market growth is due to the availability of robust technology infrastructure along with a high presence of AI recruitment software providers in the region.
Some of the key players in the market include Beamery, Brilent, Inc., Entelo, Inc., Gloat, Hackajob Ltd., Harver B.V., Hiretual, Ideal, Jobiak, Leoforce, LLC, Mya Systems, Inc., PandoLogic, Inc., Paradox, RampUp, INC, Recruitment Smart Technologies, Restless Bandit, Inc., TextRecruit LLC, Uncommon, Inc., Vanator, Wade & Wendy, Inc., Woo, and XOR.
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This report segments the AI Recruitment market as follows:
AI Recruitment Market: By Offerings Segment Analysis
AI Recruitment Market: By End-User Segment Analysis
AI Recruitment Market: By Application Segment Analysis
Candidate Communication & Assistance (Chatbot)
Candidate Screening & Rediscovery
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