The valuation of video interviewing software is projected to reach $407.5 in 2027 from $176.1 in 2019. The expected compound annual growth rate is 11.3%. As per the market insights, the biggest contributors to the video interview software market are the US, Mexico, and Canada.

The United States of America is the top technologically advanced country in the world, and the competitive job market pushes every company to improve its recruitment strategies. Many large enterprises make significant investments to get quick access to the latest technologies.

A greater pool of applicants can be accessed by the recruiters using the video interview software. Using the latest technologies in the recruitments provides advanced analysis of candidates’ data to help make better hiring decisions.

How Covid-19 pandemic affect the video interview software market?

The Covid-19 pandemic disrupts the functions of every business in the world. As the companies started to switch to work from home, video interviews became more popular. Every company began to depend on video interviews to complete its vacant spots.

Recruiting the best talent becomes faster and efficient to help the companies hire top-level candidates. A survey revealed that 63% of the recruiters use video interview software to hire employees for the company.
Post-pandemic, most companies are still using video interviews for the earlier hiring stages. The companies can conduct multiple interviews and keep everyone safe. It lets them quickly screen hundreds of applicants to find top talents for the company.

Insights to Web-based Video Interview Software Market

The video interview software is available as web-based and mobile apps. Most companies have slowly started using modern interviewing solutions for their recruitment. By integrating the ATS system with video interview software boosts the recruiting ability of the company.

The reason why large enterprises prefer a web-based program is that it significantly reduces operational costs. There is no need for installation and maintenance, which proves advantageous for businesses.

How is the market for businesses of different sizes divided?

The video interview software market is divided into two parts. While most companies are integrating the latest technologies in their hiring department, some are still somewhat hesitant.

• Big Enterprises –
The big organizations always face the trouble of going through a large pool of applicants. Using the video interview software, the recruiters can easily find qualified candidates and screen them efficiently. The big enterprises have shown a positive response towards fully adopting the video interview in their recruitment.
A recruitment team has to handle work like screening, shortlisting, engaging, and recruiting candidates. Screening alone can take plenty of time as it consists of repetitive tasks. Using the video interview software will automate the hiring process and make it easier for recruiters to form better strategies.

• Small and Medium Enterprises –
In the case of small & medium enterprises, they also become heavily dependent on the video interview software. While most companies prefer virtual interviews, some smaller businesses have started switching back to traditional hiring methods. The smaller and medium-sized companies are hesitant to depend on video interviews entirely.

Even though there is a slight difference, but most companies across the globe have grasped the benefits of using video interviews. It helps in providing a cost-effective recruitment solution that provides more profit to the business.

What are the main concerns with video interview software in the market?

The biggest concern of most organizations is that not every candidate has access to a good internet connection. If a talented candidate misses their chance due to a poor internet connection, it will impact the company’s hiring quality.

Video interviews are also not suitable for high-level positions as they need more data to make a decision. Sometimes, outside influences like background, noise, and lighting can affect a candidate’s interview. Most companies address these concerns, and most of them will be resolved soon.

Conclusion:
Jobma(www.jobma.com), iMocha, EasyHire, HireBeat, and ZipRecruiter are the top video interviewing software in the global market. Once you compare a few of them, you will find software that can fulfill all your requirements. The market insights show that dependence on video interviews has increased, and it will continue to do so in the future. Use the video interview software to gain a competitive edge in the global market.