The Video Interviewing Software Market is projected to grow significantly, reaching an estimated US$ 891.86 million by 2030, up from US$ 250.06 million in 2022, reflecting a compound annual growth rate (CAGR) of 17.2% during the period from 2022 to 2030.
In Europe, the Video Interviewing Software Market is divided into several regions, including Germany, the UK, France, Italy, Russia, and other parts of Europe. Among these, Germany is anticipated to capture the largest share of the market throughout the forecast period. Known as a manufacturing powerhouse in Europe, Germany hosts numerous major automotive companies. However, the COVID-19 pandemic led to a temporary halt in manufacturing operations, adversely affecting the recruitment landscape in the country. In 2020, unemployment rates in Germany surged by 25% compared to 2021. Despite this rise, the job market did not experience a corresponding downturn, largely due to a significant increase in short-time work arrangements. As economic activities, including manufacturing, began to recover post-Q3 2020, the demand for recruitment surged, thereby fostering growth in the video interviewing software sector.
The Video Interviewing Software Market is categorized by end users into commercial, industrial, and residential sectors. Additionally, it is segmented by industry, which includes automotive & transportation, banking, financial services, and insurance (BFSI), retail, IT & telecommunications, media & entertainment, among others. In 2022, the IT & telecom sector dominated the market share for video interviewing software. This software facilitates various management tasks through APIs (Application Programming Interfaces), enabling functions such as candidate management, job interviews, resume searches, and job postings. It is particularly beneficial for startups and small enterprises, as it is accessible via web applications and Android devices. ApplicantStack, for instance, is a contemporary HR solution tailored for small businesses, offering an affordable and intuitive platform for applicant tracking and onboarding, thus enhancing the hiring process. These attributes contribute to the expansion of the video interviewing software market within the IT & telecom segment.
In the BFSI sector, recruitment necessitates a diverse array of skill evaluations, ranging from fundamental certifications to advanced analytical and communication capabilities. This sector plays a pivotal role in the ongoing economic recovery. Over the past year and a half, BFSI has swiftly embraced technological advancements and adapted to new operational standards. The industry's recovery, coupled with the demand for a modern digital environment, has significantly accelerated the adoption of video interviewing software across all BFSI segments. As per estimates from EY in July 2023, India's Global Capability Centers (GCC) employed approximately 2 million individuals, with projections indicating the hiring of 4.5 million employees by 2030. This anticipated increase in recruitment activities is expected to further drive the adoption of video interviewing software within the BFSI sector.
Key players in the Video Interviewing Software Market include InterviewME (pty) Ltd., ClearCompany, Interviewstream, HireVue, Modern Hire, Jobvite, Inc., Shine, Skeeled, Spark Hire, VidCruiter, and Yello, all of which are highlighted in this market analysis.
The overall size of the Video Interviewing Software Market has been determined through a combination of primary and secondary research methodologies. Extensive secondary research was conducted utilizing both internal and external sources to gather qualitative and quantitative data regarding the market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Furthermore, numerous primary interviews were held with industry stakeholders to validate the findings and acquire analytical insights. This process involved engaging with industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Video Interviewing Software Market.