AI Recruitment Market Scope
AI for recruiting is the application of machine learning abilities, such as learning or problem-solving, to the recruitment function. AI for resume screening replicates the way a human evaluates a resume and can assign a score to each candidate based on this objective analysis. AI for recruiting becomes increasingly valuable as the technology learns what top candidates look like at each individual organization. AI for recruiting also offers the ability to “rediscover” candidates. Large retailers are sitting on top of a goldmine of interested candidates. According to a survey of talent acquisition leaders, 56% say their hiring volume will increase this year, but 66% of recruiting teams will either stay the same size or contract. Their success will depend on intelligently automating some parts of their workflow. According to an estimate by CB Insights, approximately, more than USD 6bn has been invested into more than 1,000 AI start-ups globally in the past 3 years. AI tools are expected to create value to the tune of USD 3tn by 2021.
The market study is segmented by Type (Candidate Discovery, Candidate Relationship Management, Job Market Forecasting, Ad Automation, Candidate Assessments and Others) and major geographies with country level break-up.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global AI Recruitment market throughout the predicted period.
Google LLC (United States), IBM Corporation (United States), Oracle Corporation (United States), Automatic Data Processing LCC (United States), Ultimate Software (United States), SmartRecruiters (United States), Jobvite (United States), CVViZ Softwares Pvt Ltd (India), SAP SE (Germany) and Zoho Corporation (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are HireVue (United States), Textio (United States), Mya Systems Inc. (United States), Talentrecruit (India) and TalentMind (Singapore).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global AI Recruitment market by Type, Application and Region.
On the basis of geography, the market of AI Recruitment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
On 25th September 2019, McDonald’s has announced a new initiative the fast-food chain is calling the “Apply Thru,” in which owners of Amazon Alexa or Google Assistant devices can begin job applications using standard “Alexa” and “Ok Google” voice commands.
On 17th September 2019, Oracle has announced the availability of its AI-trained voice with Oracle Digital Assistant. Now, enterprise customers can use voice commands to communicate with their enterprise applications to drive desired actions and outcomes, enriching the user experience with conversational AI, simplifying interactions and improving productivity.
- Increased Use of Automation to Offload Administrative Tasks
- Chatbots in the Pre-application Process
- Rising Demand due to Time Saving Services
- High Demand due to Improving the Quality of Hire Through Standardized Job Matching
- Leveraging Predictive Algorithms and Machine Learning to Assess Candidates’
- Personality Traits
- Growing Demand for Automated Social Media Scraping Tools
- A Lot of Data is Required
- Difficulty in Dealing with Human Beings
Analyst ViewAccording to the analysis, implementing Artificial Intelligence, recruiters and hiring managers can gauge problem-solving skills and teamwork capabilities in real-time. The intent is to learn more about candidates by developing their learning and critical thinking skills. It can be said that AI is definitely going to be the next big thing in recruitment and it is all set to redefine the overall process of recruitment in the coming future.
Key Target AudienceAI Recruitment Providers, Government Regulatory Bodies, Government Research Organizations, Private Reaserch Orgnizations and Others
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