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AI market in recruitment industry to see $222.94 mn incremental growth

The potential growth difference for the AI market in the recruitment industry between 2021 and 2026 is USD 222.94 million, according to Technavio.

Key Market Dynamics:

  • Market Driver: The increasing need for automated process is one of the major factors driving the growth of the market. The demand for automated processes for screening and shortlisting candidates has grown significantly in the recruitment industry. The adoption of AI has enabled the processing of hundreds of resumes per minute, reducing human errors, and increasing the reliability of the hiring process. The automated procedure improves candidate involvement by making scheduling easier. Furthermore, using automated processes leads to the use of a candidate relationship management (CRM) system to efficiently operate recruitment operations. All these factors are driving the growth of the market in focus.
  • Market Challenges: The threat from open-source recruitment software is the key challenge in the market. Open-source recruitment software can be downloaded and run on all platforms, and hence, it is becoming increasingly popular in developing economies, such as India and China. This software is not only free but can also be customized according to the end-users’ requirements. Besides, using open-source recruitment software ensures that such enterprises incur lower upfront costs and gain more flexibility. Thus, many enterprises, especially SMEs that are looking for better plans to expand their businesses at a low cost, opt for open-source recruitment software.

CT Bureau

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