Report : Asia Pacific Video Interviewing Software Market Forecast to 2030 - Regional Analysis - by Type (Web-Based and Mobile Apps), Enterprise Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, IT and Telecom, Healthcare, Manufacturing, and Others)
At 19.9% CAGR, Asia Pacific Video Interviewing Software Market is Speculated to be worth US$ 243.88 million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific video interviewing software market was valued at US$ 57.03 million in 2022 and is expected to reach US$ 243.88 million by 2030, registering a CAGR of 19.9% from 2022 to 2030. High demand for video interviewing software due to COVID-19 pandemic is among the critical factor attributed to the Asia Pacific video interviewing software market expansion.
With the rapid increase in the COVID-19 cases, schools, states, and businesses worldwide took severe steps to restrict the spread of SARS-CoV-2 in 2020. Lockdowns enacted by governments compelled businesses to speed up the transition into the work-from-home model. Tech companies have been offering their software products at less cost for corporate players, along with striving to ensure that they meet the rising demands for their offerings. Two-way virtual interviews allow candidates and interviewers to go live wherever they are and talk to each other in real time. These interviews are effective in cases wherein physical interviews may not be possible. Many global giants such as Google, LinkedIn, and Amazon canceled on-site job interviews in 2020 and 2021 and interviewed almost all candidates using interviewing software solutions. Talent acquisition teams at Amazon have been completing the necessary paperwork related to the recruitment, along with conducting interviews and evaluations, using Amazon Chime, its meeting software. Google has informed applicants that interviews will take place in Google Hangouts or via the BlueJeans video conferencing platform. LinkedIn has told interested job seekers that they have the option to conduct their interviews virtually through BlueJeans or postpone them until the conditions allow teams to meet in person. Thus, during the COVID-19 pandemic, companies across the world have adopted video interviewing software for the recruitment process, resulting in a high demand for the solution in 2020. Various business and employment-focused social media platforms have launched new services that provide a smooth recruitment process during the COVID-19 pandemic. In April 2020, LinkedIn Corporation added a new video intro and interview assessment tool to improve digital recruitment. LinkedIn Corporation also added an automated interview feedback tool, which enables users to record themselves answering common interview questions. It then provides AI-generated feedback on candidate's answer delivery-including notes on pacing the candidate's use of "filler words". Thus, developments by business and employment-focused social media platforms propelled the adoption of video interview software during the pandemic.
On the contrary, issues with internet connectivity and potential frauds hurdles the growth of Asia Pacific video interviewing software market.
Based on type, the Asia Pacific video interviewing software market is bifurcated into web-based and mobile apps. The web-based segment held 79.4% share of Asia Pacific video interviewing software market in 2022, amassing US$ 45.30 million. It is projected to garner US$ 182.04 million by 2030 to expand at 19.0% CAGR during 2022-2030.
In terms of enterprise size, the Asia Pacific video interviewing software market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 69.1% share of Asia Pacific video interviewing software market in 2022, amassing US$ 39.39 million. It is projected to garner US$ 155.89 million by 2030 to expand at 18.8% CAGR during 2022-2030.
By industry, the Asia Pacific video interviewing software market is categorized into BFSI, IT and telecom, healthcare, manufacturing, and others. The IT and telecom segment held 38.4% share of Asia Pacific video interviewing software market in 2022, amassing US$ 21.89 million. It is projected to garner US$ 101.83 million by 2030 to expand at 21.2% CAGR during 2022-2030.
Based on country, the Asia Pacific video interviewing software market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.9% share of Asia Pacific video interviewing software market in 2022. It was assessed at US$ 16.46 million in 2022 and is likely to hit US$ 59.14 million by 2030, exhibiting a CAGR of 17.3% during 2022-2030.
Key players operating in the Asia Pacific video interviewing software market are Zappyhire, Vervoe, Spark Hire, VidCruiter Inc., and Talview, among others.
- In June 2020, Talview Partnered with Sify to Add Remote Proctoring Capabilities to Their iTest Platform.
- In May 2021, Spark Hire Announces Partnership with Australian-Based Scout Talent.
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