AI In Talent Acquisition Global Market Report 2024: A Comprehensive Analysis

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What Is the Current Market Size of AI in Talent Acquisition and How Will It Grow in the Next Year?

The AI in talent acquisition market size has been escalating rapidly in recent years, with the market projected to 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 this historic period can be attributed to the advantages of AI in automating routine tasks, enhancing candidate matching, providing data-driven insights, improving candidate experience, and cutting costs.

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What are the Projections for the AI in Talent Acquisition Market and What are the Key Growth Drivers?

The AI in talent acquisition market size is anticipated to see a steady climb in the next few years. The market is forecasted to 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 credited to advancements in AI technology, an increase in remote work and global talent pools, improved candidate experience, enhanced recruitment metrics and reporting, and better screening and matching. Another major catalyst propelling the growth of the market forward is the shift toward remote work. Remote work also called 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 premises. The rise in remote work, thanks to its flexibility, technological advancements, and the pursuit of a better work-life balance, is driving the growth of the AI in talent acquisition market. This is backed by a Bureau of Labor Statistics report from August 2023 showing that approximately 19.5% of the workforce teleworked or worked from home.

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Who are the Key Players in the AI in Talent Acquisition Market?

Major companies operating in the AI in talent acquisition market include 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, and Clinch.

What are the Dominating Trends in the AI in Talent Acquisition Market?

Companies in the AI talent acquisition market are putting a concentrated effort into developing innovative tools such as AI-powered recruitment tools to maintain their market position. A good illustration of this would be Indeed’s launch of a new AI-tool called Smart Sourcing in April 2023. Designed to simplify the hiring process for employers, Smart Sourcing uses an advanced AI matching engine to promptly identify the best candidates for specific job openings based on their skills, experiences, and qualifications.

How is the Market Segmented?

The AI in talent acquisition market is segmented by:

1 Component: Solution, Services
2 Application: Candidate Sourcing, Resume Screening, Interview Scheduling, Candidate Engagement, Other Applications
3 Industry Vertical: Information Technology IT And Telecommunication, Banking Financial Services and Insurance BFSI, Healthcare, Retail And E-Commerce, Manufacturing, Other Industry Verticals

What are the Regional Insights of the AI in Talent Acquisition Market?

North America was the largest region in the AI in talent acquisition market in 2023. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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