According to our latest market study on "Video Interviewing Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Enterprise Size, and Industry," the video interviewing software market is projected to reach US$ 536.85 million by 2028 from US$ 246.34 million in 2022. It is expected to grow at a CAGR of 13.9% from 2022 to 2028.

Based on type, the video interviewing software market is segmented into web-based and mobile apps. Based on enterprise size, the market is segmented into small and medium enterprises and large enterprises. Based on industry vertical, the market is segmented into IT and telecom, manufacturing, BFSI, healthcare, and others. Based on region, the global video interviewing software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Rising Number of Job Applicants Fueling Demand for Time-Efficient Selection Systems Boosts Video Interviewing Software Market

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Higher standards of living, greater job opportunities, and access to modern amenities and services are among the major factors contributing to the rural population's migration to urban areas. According to the World Bank, over 50% of the population lived in urban areas till 2020, and by 2045, the world's urban population is likely to surge by 1.5-times to reach 6 billion. With the rise in urban populations, the need for creating more jobs in these areas is growing significantly. Furthermore, with the hike in the number of job applicants, selecting the most suitable candidates for particular profiles becomes tedious, and the conventional methods of conducting interviews for job screening prove time-consuming and inefficient in such scenarios. Thus, the demand for efficient and quicker employee screening solutions boosts organizations' adoption of video interviewing solutions.

Denmark, the UAE, and Sweden are among the countries with the highest internet penetration rate in the world. Till 2020, APAC was the region with the largest number of internet users, i.e., ~2.5 billion, followed by Europe with almost 728 million internet users. China had more than 854 million internet users, and India had ~560 million internet users. However, digitalization and internet usage are in the initial phase in countries such as Oman, Qatar, and Kuwait. Continuous growth in the number of internet users encourages industries to transform their processes into digital operations. Cloud technology has positively impacted business performances through enhanced data storage and transfer facilities, in cost-effective ways by allowing businesses to pay for the service as per their use.

Most of the market initiatives were observed in North America region, which has a high potential for digital payment providers. Few of the important market initiatives and product developments from the industry are mentioned below:  

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