Global Video Interview Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Video Interview Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Video Interview Software is a tool that enables companies from all walks of life to simplify the traditional job interview process. It helps HR personnel, hiring managers, and recruiters determine the best candidates for open positions.

Market Overview:

The latest research study on the global Video Interview Software market finds that the global Video Interview Software market reached a value of USD 281.76 million in 2022. It’s expected that the market will achieve USD 541.56 million by 2028, exhibiting a CAGR of 11.51% during the forecast period.

Risk Assessment on COVID-19

As of now, the total number of Covid-19 cases worldwide has exceeded 260 million, and the death toll has exceeded 5.27 million. The number of cases in most countries and regions has not yet reached its peak. The current epidemic center is Europe. The number of new cases and deaths has been on the rise recently. North America also needs attention. The cases in the United States and Canada are unlikely to peak next week, but case data shows sign of gradual stabilization. The epidemic in Southeast Asia and Latin America will continue to accelerate at different stages in different regions, and some countries may generally underreport. Almost all countries in Africa have reported cases, and fragile medical and economic conditions have made the local epidemic more difficult to control.

Recently, South Africa and other countries reported a mutant strain of the new coronavirus, Omi Keron. Infections or suspected cases have been discovered in many places around the world, causing great concern. 99.9% of the current increase in cases in the United States are infected with the Delta strain. Since the Omi Kiron strain may be more transmissible than the Delta strain, the Omi Kiron strain is likely to become the dominant strain in the United States. But this is not clear, the United States is still doing sequencing work.

In most countries, restrictions have been tightened because imported cases pose a new threat or community transmission continues. Some countries where the epidemic has slowed have begun to relax restrictions on social and economic activities and resume production, work and schools. However, out of concerns about imported diseases and asymptomatic infections, any downgrading of the state of emergency is preliminary, and the possibility of reversal is not ruled out. Governments around the world are stepping up to formulate emergency economic measures to help businesses and low-income people; the African Union is working hard to mobilize the international community to support economic stimulus plans on the African continent.

The global Covid-19 pandemic is still spreading. With the inoculation of the new crown vaccine, the epidemic situation has improved to a certain extent, but it is still necessary to continue to monitor countries of global concern, improve the communication mechanism of epidemic prevention entities, and take effective prevention and control measures in a timely manner.

Assessment of the Overall Impact of COVID-19 on the Industry

Since the outbreak of the epidemic, more than 5.27 million people have died of COVID-19, and the death toll continues to rise. Many more people are seriously ill. Although governments of various countries have made tremendous efforts to cope with the economic downturn with the support of fiscal and monetary policies, this is the worst global recession in decades. But in the long run, the severe recession triggered by the epidemic is expected to lead to a long-term economic downturn by reducing investment. If the COVID-19 epidemic persists, if restrictions on movement are extended or reintroduced, or if economic activity is interrupted for a long time, the recession may become more severe. Companies may find it difficult to repay debts, increased risk aversion may lead to higher borrowing costs, and bankruptcies and defaults may lead to financial crises in many countries. Under such unfavorable circumstances, there is still a possibility of a global decline in 2021.

Covid-19 has forced many unprepared companies and processes to digitize at a tortuous speed, but there are some good examples: the daily active users of remote office and conferencing software increased from 10 million to 200 million. In the first quarter of 2020, net sales of some major retail portals increased year-on-year. The Internet has become the foundation of a successful economic transformation in the COVID-19 era. The one-stop service provides a powerful impetus for the Internet and a large number of services to continue to play their economic and social roles. During the epidemic, people's travel was restricted and corporate offices could not be carried out normally. The trend of total blockade and working from home in many countries urgently requires collaboration through online platforms. Offline interviews, offline job fairs, campus recruitment seminars, etc. could not be held due to the epidemic, and video interviews ushered in rapid growth. Traditional recruitment methods are changing due to the blessing of Internet technology, and new recruitment modes are gradually emerging. During the coronavirus outbreak, the video interview software market gained high traction. Before the end of the epidemic, video interview software interviews were very efficient and safe, and were welcomed by companies from all walks of life. The increase in demand for video interview software by enterprises has played a certain role in promoting the development of the industry.

Political Factors

Political factors affecting the industry include specific policies and regulations related to taxation, environmental supervision, tariffs, trade policies, labor laws, business convenience, and overall political stability. For example, the government may impose new taxes or duties, so the entire income-generating structure of the organization may change. The current global employment situation shows that there is still a large gap in decent jobs, and various regions are facing various challenges. An inclusive and well-functioning labor market is essential to the ILO’s mission to provide decent work and support social justice. This is because paid work is the main source of income for most families in the world, and because work arrangements can strengthen core principles such as equality, democracy, sustainability and social cohesion. Regarding employment issues, various countries around the world have issued various policies to promote employment. At the same time, with the development of the software industry, the supervision of the software industry has gradually improved, including network security and privacy information security. These will have an impact on the development of Video Interview Software.

Economic Factors

Economic factors include inflation rate, interest rate, exchange rate, economic growth model, etc. These factors are the determinants of economic performance, which directly affect the company and produce long-term resonance. The world is in a period of major development, major changes and major adjustments. The overall economic operation has remained stable, the pace of global structural adjustment has accelerated, and a new round of industrial revolution is gaining momentum. With the continuous development of the global economy, more and more companies are accepting digital transformation. Under the wave of enterprise digital transformation, the current human resource management trend is to use more resources, integrate resources, and achieve integrated management. For companies, corporate HRs use Video Interview Software to send interview invitations to candidates by SMS or email, and then corporate HR can easily and efficiently complete candidates by watching, evaluating, sharing and comparing the video resumes uploaded by candidate’s filter. Video Interview Software can save corporate recruitment costs and improve corporate recruitment efficiency.

Social Factors

The social impact on the industry refers to people's trends, including population growth, demographics (age, gender, etc.), and behavioral trends such as health, fashion, and social movements. An example for this can be buying trends for Western countries like the US where there is high demand during the Holiday season.

In recent decades, the global social and cultural environment has undergone earth-shaking changes. People's lifestyle has also changed, and people pay more attention to production efficiency and convenience of operation. The emergence of Video Interview Software conforms to the development trend of the market and is conducive to improving the efficiency and quality of enterprise services. Video Interview Software helps to save time and improve efficiency for both parties. For applicants, this interview method can greatly save applicants' time and expenses, and increase the speed of finding jobs. Candidates go to a company for an interview, which may be very troublesome because of the distance. Video interviews can only be conducted at home, which solves the trouble of long distances, saves travel expenses, and more importantly, saves valuable time. According to a survey by reporters, 85% of college students tend to accept this more convenient and efficient interview method. For recruiters, video interviews can improve the efficiency of HR recruitment and reduce the workload of recruiting HR. HR's work is no longer so mechanized. I used to make appointments for interviews when I looked at my resume, but it was actually very risky. The people company meet may not match. People who do not come to the interview because of distance, time conflict, etc. may become the missed talent of the company. Video Interview Software can also help companies select talents on a larger scale.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

HireVue is one of the major players operating in the Video Interview Software market, holding a share of 18.39% in 2021.

Segmentation Overview:

By type, Cloud-based segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Financial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Video Interview Software market covered in Chapter 3:

VidCruiter
Vervoe
Modern Hire
InterviewStream
Alcami Interactive
HireVue
MyInterview
Spark Hire
Shine
OutMatch
Jobvite, Inc.
RecRight

In Chapter 4 and Chapter 14.2, on the basis of types, the Video Interview Software market from 2018 to 2029 is primarily split into:

Cloud-based
On-premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Video Interview Software market from 2018 to 2029 covers:

Education
Hospitality
Healthcare
Government
Financial
Industry
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)