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In the recruiting software market, employing the right people on board is considered a key part of long-term business achievement. Employees have always been regarded as the company’s most significant asset, so devising a talent acquisition policy that is sound is critical in establishing the foundation of the company’s growth. Where AI comes is with the ability to identify employees suitable for specific positions, and keeping a lookout for candidates with experiences that pair up with those employees.
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AI can effectively identify specific qualifications, educational background, work familiarity, and other factors that put forward a candidate has the backdrop to mimic the top performers at an organization which is spurring the AI for recruitment market. one key to addressing these challenges such as recruitment challenges, is to employ a combined analytical platform that controls AI. It can suitably provide critical understanding to recruiters, employers, hiring managers, and candidates to make the right acquisition decisions.
Where relationship building is vital in a job role, AI in hiring holds great potential. The restructuring and mechanizing of most of the transactional portions of recruitment, AI opens up time for recruiters to improve continuing relationships with applicants, which sooner than later leads to improved business functioning. The use of AI recruitment can lead to automation of sourcing by scouring the internet or restart databases to classify best-fit applicants for open positions. In addition, AI can also improve the candidate experience by putting forward real-time feedback as the candidate’s movement through the recruiting channel.
Candidates in the process also experience frustrations with the recruiting process comprises of the lack of communication by recruiters about the condition of their application. By the use of conversational interfaces like recruiter chatbots, can allow the nurturing of candidates and offer them with prompt updates on how they are evolving through the recruitment process.
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.
Asia-Pacific region is projected to grow at the fastest CAGR in the global AI recruitment market. China, Japan, and India emphasize talent acquisition in order to source highly qualified candidates whose expertise match the job description. Growing adoption of the cloud-based services and government initiatives supporting digitalization across countries have increased the demand AI and recruitment. Furthermore, growing number of SMEs across the region which demands cloud-based AI hiring solutions is further contributing to the market growth.
The global AI recruitment market has been segmented on the basis of component, organization size, deployment, application, vertical, and region.
By component, the market has been segmented into software and services.
By organization size, the market has been segmented into SMEs and large enterprises.
By deployment, the market has been segmented into on-cloud and on-premise.
By application, the market has been segmented into resume filtering, candidate discovery, candidate relationship management, job market forecasting, ad automation, candidate assessments, and others.
By vertical, the market has been categorized into government, commercial, IT and telecommunication, healthcare, BFSI, education, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
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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