The video interviewing software market size is projected to reach US$ 536. 85 million by 2028 from US$ 246. 34 million in 2022; the video interviewing software market share is expected to grow at a CAGR of 13.
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9% from 2022 to 2028.
Denmark, the UAE, and Sweden are among the countries with the highest internet penetration rate in the world. Till 2020, APAC was the region with the largest number of internet users, i.e., ~2.5 billion, followed by Europe with almost 728 million internet users. China had more than 854 million internet users, and India had ~560 million internet users. However, digitalization and internet usage are in the initial phase in countries such as Oman, Qatar, and Kuwait. Continuous growth in the number of internet users encourages industries to transform their processes into digital operations. Cloud technology has positively impacted business performances through enhanced data storage and transfer facilities, in cost-effective ways by allowing businesses to pay for the service as per their use. The cloud-based deployment of video interviewing solutions has gained popularity in the past few years. Training and development courses are made available to students to prepare them for academics, as well as professional fields, and the issues regarding storage capacities have been resolved with the inception of cloud technology. Additionally, businesses are moving toward adopting SaaS-based video interviewing solutions. The high cost of hardware, software, and data center operations are divided among customers by the vendor in the SaaS-based model, thereby allowing customers to avail state-of-the-art infrastructure at lower costs. Therefore, cloud-based video interviewing solutions are likely to gain a huge demand during the forecast period, contributing to the video interviewing software market growth.
SAM comprises several developing nations, such as Brazil, Chile, Argentina, Peru, and Colombia.These countries have been experiencing decent growth in industrialization in recent years, with the expansion of footprints by multinational companies within their territories.
Corporate, manufacturing and IT have been the major industries contributing to the growth of the market in this region.Several companies, from the private and public sectors, in the region, are shifting toward digital transformation and adopting advanced technologies to enhance their operations and stay competitive in the global economic market.
The growing number of manufacturing facilities of large enterprises as well as SMEs are driving the video interviewing software market growth in SAM.
The countries in SAM are emphasizing heavily attracting FDIs on the back of the availability of cheap labor, low entry barriers, and reasonable interest rates.Moreover, certain countries in the region have relaxed FDI regulations, thus attracting investments from several well-established companies headquartered in other countries.
Brazil is the most appealing destination for FDIs in SAM as it is a technologically advanced country with simpler government policies, compared to other SAM countries.However, Argentina is undertaking several initiatives to drive FDI attraction such as easing import restrictions, signing international bilateral agreements, and lifting restrictions on foreign investment.
Such initiatives are expected to facilitate the development of different sectors across the region.This is expected to create lucrative opportunities for video interviewing software market players to expand their customer base in this region.
The video interviewing software market in South America is anticipated to grow in volume as well as revenue in the coming years. As a result of the COVID-19 pandemic, increased IT spending boosted the investment in and demand for artificial intelligence and cloud-based video interviewing solutions to increase efficient recruitment processes. Brazil is the most mature market in the South American continent, and the country invests substantial amounts in various industries. The Brazilian government has acted leniently in formulating a comprehensive data privacy law over the years. Various video interviewing software companies are operating in the region. Workday, Inc.; Aon plc; Yello; Right Management.; Jobvite, Inc.; and CleverConnect are some of the leading market players present in the region.
Brazil has reported the largest number of COVID-19 cases in South America, followed by Ecuador, Chile, Peru, and Argentina, among others.The pandemic has compelled several country governments to impose lockdowns and suspend economic activities to contain the spread of the virus.
According to IBGE, a statistics agency, the unemployment rate rose to 14.6% in the third quarter of 2020, up from 14.4% in the second quarter of 2020, while the number of officially unemployed increased to 14.1 million from 13.8 million. This has created the opportunity for the video interviewing software provider to develop/innovate a more efficient solution that will fill gaps in the coming future as many companies are adopting digital technology for the hiring process. With a net 157,000 new jobs, the dominant services industry, which had been hardest hit by social distancing initiatives, led the charge. Thus, the rise in recruitment across the country is further positively impacting the video interviewing software market growth.
The video interviewing software market is segmented on the basis of type, enterprise size, industry, and geography.The video interviewing software market analysis by type, the video interviewing software market is segmented into web-based and mobile apps.
The video interviewing software market analysis by enterprise size, the video interviewing software market is segmented into small and medium enterprises (SMEs) and large enterprises.The video interviewing software market analysis by industry, the video interviewing software market is segmented into IT and telecom, manufacturing, BFSI, healthcare, and others.
By geography, the video interviewing software market is divided into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The overall video interviewing software market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the video interviewing software market.
The process also serves the purpose of obtaining an overview and forecast for the video interviewing software market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the video interviewing software market.
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