Virtual Hiring Tools: Introduction

  • Virtual hiring tools are used to hire a person for any type of organization. Advancement in technology is inducing employers and recruiters to adopt innovative technologies to hire new employees. The primary objective of virtual hiring tools is to identify and acquire skilled personnel to meet organizational needs.
  • Virtual hiring tool includes various processes such as virtual recruitment, virtual hiring, or virtual interview with the help of audio or video conferencing solutions, virtual event tools, chat tools, AI-powered candidate sourcing solutions, and automated workflows solutions. Virtual hiring is the process of hiring candidates and conducting online interviews via video conferencing solutions such as Teams, Skype, and Zoom. Virtual hiring tools provide mobility to the recruitment process and help in enhancing the candidate pipeline.
  • The global virtual hiring tools market is projected to grow at a rapid pace during the forecast period due to increase in demand for virtual hiring among enterprises
virtual hiring tools market size and forecast

Global Virtual Hiring Tools Market: Dynamics

Global Virtual Hiring Tools Market: Key Drivers and Restraints

  • Increase in demand for elimination of locational restraints and enabling organizations to seamlessly conduct talent recruitment is anticipated to boost the growth of the global virtual hiring tools market
  • Rise in adoption of advanced technologies such as cloud computing, artificial intelligence, and robotic process automation among virtual hiring tool companies is expected to drive the demand for virtual hiring tools during the forecast period
  • Increase in need to standardize the hiring processes and demand for cost-effective operations among organizations are likely to propel the global virtual hiring tools market from 2020 to 2030
  • Surge in adoption of video conferencing solutions for conducting virtual interviews is projected to augment the global market during the forecast period
  • Rise in adoption of virtual hiring tools due to the current coronavirus pandemic is anticipated to boost the demand for virtual hiring tools across the globe
  • Increase in adoption of virtual recruitment strategies by organizations is expected to fuel the growth of the market in the next few years
  • However, data security and privacy concerns are likely to hamper the growth of the global virtual hiring tools market during the forecast period
  • During virtual hiring process, connectivity problems could arise and make communication difficult. This is projected to restrain the global market in the next few years.
virtual hiring tools market dynamics

Impact of COVID-19 on Global Virtual Hiring Tools Market

  • Increase in cases of COVID-19 across the globe is resulting in an economic slowdown. Virtual hiring tools have had a positive impact in most countries due to partial or full lockdown. This, in turn, is anticipated to indirectly drive the global virtual hiring tools market in the next few years.
  • The COVID-19 pandemic has created major recruitment-related obstacles for companies. HR executives are unable to conduct interviews during the pandemic due to the lockdown across the globe. Additionally, candidates are unable to appear for face-to-face interviews due to numerous pandemic norms such as social distancing. Hence, companies are at risk of losing out on the best talent. Therefore, organizations are switching to virtual recruitment strategies. This in turn is expected to propel the global virtual hiring tools market during the forecast period.

North America to Hold Major Share of Global Virtual Hiring Tools Market

  • In terms of region, the global virtual hiring tools market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America dominated the global virtual hiring tools market in 2019 due to significant adoption of virtual hiring tools in the region. The U.S. is the key market for virtual hiring tools in North America. This is primarily due to the availability of better network infrastructure and computing devices among people.
  • The virtual hiring tools market in Asia Pacific is likely to grow at a rapid pace during the forecast period. This can be attributed to the presence of large number of recruitment agencies. Increase in digitalization and adoption of better network infrastructure are projected to boost the growth of the global market during the forecast period.
virtual hiring tools market outlook by region

Global Virtual Hiring Tools Market: Competition Landscape

Several local, regional, and international players have presence in the global virtual hiring tools market. Rapid technological advancements have created opportunities in this market. Call center outsourcing vendors focus on inorganic growth strategies such as collaborations and merger & acquisition with technology partners to develop innovative and advanced digital solutions to improve their offerings and market reach.

Key Players Operating in the Global Virtual Hiring Tools Market Include:

  • AllyO
  • Harver B.V.
  • Myinterview Solutions Pty Ltd.
  • RecRight
  • Spark Hire
  • VidCruiter
  • XOR

Global Virtual Hiring Tools Market: Research Scope

Global Virtual Hiring Tools Market, by Component

  • Software
  • Service

Global Virtual Hiring Tools Market, by Enterprise Size

  • Small & Medium Enterprise
  • Large Enterprise

Global Virtual Hiring Tools Market, by End-user

  • BFSI
  • Retail
  • Government
  • IT & Telecommunications
  • Manufacturing
  • Healthcare
  • Education
  • Energy & Utilities
  • Others

Global Virtual Hiring Tools Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

Alternative Keywords:

  • Online Recruitment Tools
  • Virtual Event Tools

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Virtual Hiring Tools Market

Pre Book