The employment screening services market was valued at US$ 4,191.94 million in 2020 and is projected to reach US$ 6,390.09 million by 2028; it is expected to grow at a CAGR of 5.41% during 2020-2028.
The growth of the employment screening services market is attributed to the demand for time efficient selection systems owing to rising number of job applicants.The 21st century has witnessed a huge influx of population in the urban cities of developed and developing economies in search of a better life.
Higher living standards, higher job opportunities, and access to modern amenities and services are a few major factors that have contributed to the migration of rural population to the urban areas across the world.Thus, there was a rise in disposable incomes of consumers.
According to the World Bank, today, over 50% of the population lives in urban areas worldwide. By 2045, the world’s urban population would increase by 1.5 times and reach 6 billion. As urbanization has increased and will continue to grow in the coming years, the need for the job creation in urban areas would also grow at full throttle. A competitive region enables its industries and firms to create job opportunities, raise productivity, and increase incomes of citizens.
Furthermore, the number of applicants applying for a job in any organization has increased to very high numbers.Selecting the most suitable candidate for a particular profile has become more tedious, and the conventional methods of conducting interviews for job screening are time consuming and inefficient.
Thus, the demand for efficient and quicker employee screening systems is increasing by end-use organizations.
The consequent economic downturn, due to COVID-19 outbreak pandemic, has led to the rise in number of jobless candidates across the globe. For instance, in the US, the number of jobless candidates reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment was increased from 3.8% in February to 13.0% in May in the US. The rise in unemployment rate continued in April 2020 as well with 14.4%. However, post Q3 of 2020, the number of COVID-19 cases in the US started to fall, which is triggering the gradual normalization of economic activities in the country. This resulted in the rise in demand for products and services across the region. Moreover, with the improved vaccine distribution and administration drives, the US witnessed a more than expected increase in job openings in February 2021. According to a data released by the Job Openings and Labor Turnover Survey (JOLTS), the number of job openings rose to 7.4 million in March 2021 from 7.1 million in February 2021. Nonetheless, the labor market has a long way to go before resuming its late-2019 status. The US hiring rate increased to 4% in February 2021 from 3.8% in February 2020 Thus, despite the steep decline in the first two quarters of 2020, the employment screening services market in North America started experiencing substantial growth as the economy of region started reviving back to normal, leading to the acceleration of hiring processes across industries.
The global employment screening services market is segmented on the basis of services, end-use industry, organization size, and geography.Based on services, the market is segmented into background check, verification, and medical & drug testing.
By end-use industry, the employment screening services market is segmented into IT & telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others.Based on organization size, the market is bifurcated into SMEs and large enterprises.
Geographically, the employment screening services market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
A few key players operating in the global employment screening services market and profiled in the market study are Pinkerton Corporate Risk Management, HireRight, LLC, A-Check America, Inc., Verity Screening Solutions LLC, Capita Plc, Triton, DataFlow Group, Sterling Talent Solutions, First Advantage, Accurate Background, AuthBridge, Insperity, and GoodHire.
The overall global employment screening services market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the employment screening services market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the employment screening services market.
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The employment screening services market in North America is expected to grow from US$ 2,090.23 million in 2021 to US$ 3,249.28 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. Demand for time-efficient selection systems owing to rising number of job applicants is bolstering the market growth of the industry. Huge...
The employment screening services market in APAC is expected to grow from US$ 955.23 million in 2021 to US$ 1,283.72 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028. Demand for time-efficient selection systems owing to rising number of job applicants is bolstering the market growth in APAC. The 21st century has...
The employment screening services market in MEA is expected to grow from US$ 185.96 million in 2021 to US$ 251.47 million by 2028; it is estimated to grow at a CAGR of 4.4% from 2021 to 2028. Introduction of Big Data is one of the key factors bolstering the market growth in the MEA. Big Data refers to data collected from huge groups. The internet...
The employment screening services market in Europe is expected to grow from US$ 1,053.28 million in 2021 to US$ 1,457.39 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028. Surge in mobile workforce and job immigrants owing to globalization is bolstering the market growth in the region. Globalization has resulted...
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Gross Domestic Product
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