India, 31st Jul 2024 – The global AI recruitment market, valued at US$ 605.4 million in 2023, is projected to reach US$ 1,019.1 million by 2031, growing at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031. As per the latest study published by DataM Intelligence, this significant growth underscores the transformative impact of AI on talent acquisition processes.
This growth is fueled by the increasing availability and adoption of AI recruitment solutions that enhance hiring processes.
Key Industry Insights & Findings from the Report:
Market Growth: From US$ 605.4 million in 2023 to US$ 1,019.1 million by 2031.
CAGR: 6.7% (2024-2031)
Innovative Solutions: InCruiter launched InCBot for unbiased hiring.
Technological Integration: AI tools use data analytics and predictive modeling.
Regional Dominance: North America leads, influenced by remote work trends.
Key Players: SAP SE, Zoho Corporation, Google LLC, IBM Corporation, among others.
Market Trends:
AI recruitment solutions are becoming increasingly popular due to their ability to streamline and optimize hiring processes. For instance, InCruiter launched InCBot, an AI interview solution, in September 2023. This tool enhances candidate experience by conducting interviews 24/7 across various roles and providing real-time feedback, thereby improving the overall quality of hires. AI tools leverage data analytics and predictive modeling, allowing organizations to make data-driven decisions and continuously refine their recruitment strategies.
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Market Segmentation:
By Product:
- Solution
- Services
By Application:
- Process automation
- Campaigning
- Candidate screening
- Candidate communication
By End-User:
- Retail and e-commerce
- Banking
- financial and insurance
- Healthcare
- Hospitality
- Energy
- Government
- Enterprise
- Manufacturing
The AI recruitment market is segmented into solutions and services. The solutions segment is anticipated to witness significant growth during the forecast period due to its efficiency and time-saving capabilities. These solutions automate tasks such as resume screening and candidate matching, reducing the time HR professionals spend on repetitive tasks. For example, Harver launched an AI-powered chat solution in August 2023 to streamline candidate engagement and improve the application experience.
Geographical Analysis:
North America holds the largest market share in the global AI recruitment market, driven by a high adoption rate of AI technologies, particularly in recruitment. The region’s advanced IT infrastructure supports the integration of AI recruitment tools, making it easier for companies to implement these technologies. The rise of remote work has also increased the demand for virtual hiring solutions. Notably, TD SYNNEX reported that North American companies are expanding their capabilities in AI and other high-growth technologies.
To access the complete report: https://www.datamintelligence.com/research-report/ai-recruitment-market
Competitive Landscape:
The AI recruitment market features several key players:
- SAP SE
- Zoho Corporation
- Google LLC
- IBM Corporation
- Oracle Corporation
- Automatic Data Processing, LLC
- Ultimate Software
- SmartRecruiters
- Jobvite
- CVViZ Softwares Pvt Ltd
These companies are continually innovating to enhance their offerings. For instance, Comeet launched an AI Assistant in April 2023 to improve hiring decisions and promote diversity and inclusion, underscoring the competitive nature of the market.
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