Impact of COVID-19 on Global Virtual Hiring Tools Market

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

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 2022 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.

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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.