NEW YORK, October 31, 2022 /PRNewswire/ — The “AI market in the recruitment industry by component (services and solutions) and geography (North America, EuropeAPAC, middle East and Africaand South America) – Forecast and Analysis 2022-2026″ has been added to Technavio’s offering. Technavio is ISO 9001:2015 certified and has been working with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the AI market in the recruitment industry between 2021 and 2026 is $222.94 million. To get the exact annual growth variance and YOY growth rate, Request a free PDF sample report.
Key Market Dynamics:
- Market driver: The increasing need for automated processes is one of the main factors driving the growth of the market. Demand for automated candidate screening and pre-selection processes has risen sharply in the recruitment industry. The advent of AI has enabled hundreds of resumes to be processed per minute, reducing human error and increasing the reliability of the hiring process. The automated process improves candidate engagement by simplifying scheduling. Additionally, the use of automated processes leads to the use of a Candidate Relationship Management (CRM) system to efficiently conduct recruitment operations. All these factors are driving the growth of the market in focus.
- Market Challenges: The Open source recruitment software threat is the central challenge in the market. Open source recruitment software can be downloaded and run on all platforms and is therefore becoming increasingly popular in developing countries e.g India and China. Not only is this software free, but it can also be customized to meet end-user requirements. Also, using open source recruitment software ensures that such companies bear lower upfront costs and gain more flexibility. Therefore, many companies, especially SMEs, looking for better plans to expand their business at low cost are choosing…
