The ai in talent acquisition global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI In Talent Acquisition Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The AI in talent acquisition market size has grown rapidly in recent years. It will grow from $0.96 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to the automation of routine tasks, enhanced candidate matching, data-driven insights, improved candidate experience, and cost reduction.
The AI in talent acquisition In Talent Acquisition market size is expected to see rapid growth in the next few years. It will grow to $2.25 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The growth in the forecast period can be attributed to advancements in AI technology, a rise in remote work and global talent pools, improved candidate experience, enhanced recruitment metrics and reporting, and enhanced screening and matching. Major trends in the forecast period include advancements in natural language processing (NLP), integration with other HR technologies, personalized candidate engagement, enhanced predictive analytics, and expansion of AI capabilities.
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Scope Of AI In Talent Acquisition Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI In Talent Acquisition Market Overview
Market Drivers –
A shift toward remote work is expected to propel the growth of AI in talent acquisition market going forward. Remote work, also known as telecommuting or working from home, refers to a work arrangement where employees perform their job duties from a location other than the company’s physical office. Remote work is growing due to its flexibility, technological advancements, and the desire for better work-life balance. AI in talent acquisition for remote work enhances efficiency by automating candidate screening, improving job matching, and streamlining recruitment processes across diverse and global talent pools. For instance, in September 2023, according to a Bureau of Labor Statistics, a unit of the United States Department of Labor, in August 2023, approximately 19.5% of workers teleworked or worked from home for pay, maintaining a telework rate between 17.9% and 20.0% from October 2022 to August 2023. Therefore, the shift toward remote work is driving the growth of AI in talent acquisition market.
Market Trends –
Major companies operating in AI talent acquisition market are increasing their focus on developing innovative solutions, such as AI-powered recruitment tools, to sustain their position in the market. AI-powered recruitment tools utilize artificial intelligence to streamline and enhance hiring processes, including candidate sourcing, resume screening, interview scheduling, and candidate engagement. For instance, in April 2023, Indeed, a US-based employment company, launched a new AI-powered tool called Smart Sourcing. This tool is designed to simplify the hiring process for employers. Smart Sourcing allows employers to access a large talent pool of nearly 300 million candidates worldwide by using profiles and resumes available on the platform. It uses an advanced AI matching engine to quickly identify the best candidates for specific job openings based on their skills, experiences, and qualifications. Employers can efficiently review these matched candidates, connect with them directly, and accelerate their hiring decisions.
The AI in talent acquisition market covered in this report is segmented –
1) By Component: Solution, Services
2) By Application: Candidate Sourcing, Resume Screening, Interview Scheduling, Candidate Engagement, Other Applications
3) By Industry Vertical: Information Technology (IT) And Telecommunication, Banking Financial Services and Insurance (BFSI), Healthcare, Retail And E-Commerce, Manufacturing, Other Industry Verticals
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Regional Insights –
North America was the largest region in the AI in talent acquisition market in 2023. The regions covered in the AI in talent acquisition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the AI in talent acquisition market are International Business Machines Corporation, Oracle Corporation, SAP SE, Cornerstone OnDemand Inc., Cielo Talent, HackerRank, Phenom People, Bullhorn Inc., iCIMS Inc., Greenhouse Software, SmartRecruiters Inc., Eightfold.ai, Visier Inc., CEIPAL Corp., Jobvite Inc., HireVue, Beamery, Talview, Hiretual, Yello Co, Textio, XOR, Ideal, Ascendify, Pymetrics, Recruiterbox, Clinch< /b>
Table of Contents
1. Executive Summary
2. AI In Talent Acquisition Market Report Structure
3. AI In Talent Acquisition Market Trends And Strategies
4. AI In Talent Acquisition Market – Macro Economic Scenario
5. AI In Talent Acquisition Market Size And Growth
…..
27. AI In Talent Acquisition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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