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 witnessed a huge influx of population in the urban cities of developed and developing economies in search of a better life. Higher standards of living, higher job opportunities, access to modern amenities and services are the few major factors that have contributed to the migration of rural population to the urban areas. Developing economies witnessed a steady growth in the post-recession era, and thus, there was a rise in disposable incomes by consumers. According to the World Bank, worldwide, today, over 50% of the population lives in urban areas. By the year 2045, the world’s urban population would increase by 1.5 times to 6 Bn. As urbanization has increased and will continue to increase in the coming years, the need for the creation of jobs in urban areas would grow at full throttle. A competitive region enables its industries and firms to grow jobs, 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 prove time consuming and inefficient. The urban area ecosystem is such that it has to accommodate the population with a certain number of jobs. Thus, the demand for efficient and quicker employee screening systems have been contributing to the use of employment screening services by organizations.
The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated ones, which leads to a greater risk infection spread.Many global brands and technological companies are headquartered in the region.
According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation.According to the Asia-Pacific Employment and Social Outlook 2020, 81 million workers might have lost their jobs amid the COVID-19 pandemic in 2020.
As per the quarterly data available for 2020, employment levels fell in virtually all economies, compared to those in 2019. Working hours in APAC countries fell by 15.2% in the Q2 and 10.7% in the Q3 of 2020, compared to pre-crisis levels. Working-hour losses are attributed to the fact that millions of people left the labor force or lost their jobs due to plummeted growth of enterprises. Thus, the employment screening service providers have experienced adversely effects in APAC countries during the first three quarters of 2020. However, with the gradual opening of economic activities across the region, the demand for skilled workforce has begun to rise again across all industries since the end of 2020, which is contributing to the employment screening services market growth.
The verification segment led the employment screening services market based on services type in 2020.Several applicants provide false information regarding their qualifications and work experience by making some minor or even outrageous misrepresentations.
According to World Street Journal, ~34% of job applications worldwide contain fake information.Verification services ease the employer’s liability to scrutinize each, and every information provided by the candidate.
According to the Association of Certified Fraud Examiners, the false information provided by the candidates resulted in huge losses to several companies.As per the association, the cost incurred due to false information on resumes, amounted to approximately US$ 600 Bn in the past few years.
The verification service includes investigation of employment histories, professional licenses, and educational degrees of the candidates thereby, aiding the recruiters with true and trusted information about the qualifications and work experience required for the applied job designation. The verification segment is further sub-segmented into qualification, employment history, reference, and other segments, which is ultimately drives the employment screening services market. The overall APAC employment screening services 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 overview and forecast for the APAC employment screening services with respects to all the segments pertaining to the region.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 who typically take part in such a process include industry expert 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 APAC employment screening services. AUTHBRIDGE RESEARCH SERVICES PRIVATE LIMITED; CAPITA PLC; FIRST ADVANTAGE; HIRERIGHT, LLC; PINKERTON CONSULTING & INVESTIGATIONS, INC; STERLING TALENT SOLUTIONS. are among a few players operating in the APAC employment screening services
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