Personality Assessment Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Delivery Model and End-User

Personality Assessment Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Delivery Model and End-User

  • October 2021 •
  • 179 pages •
  • Report ID: 6176795 •
  • Format: PDF
The global personality assessment solutions market is expected to grow from US$ 7,421.59 million in 2021 to US$ 16,461.43 million by 2028; it is estimated to grow at a CAGR of 12.1% during 2021–2028.

Using personality assessment tests with current employees and sharing the results can help team members better understand each other.When employees understand how their co-workers and managers prefer to communicate, they become more productive and comfortably adapt to the environment.

Moreover, the personality test for employee development helps HRs gain insight into how an employee can be groomed for future roles by highlighting their potential personality traits. For instance, if an individual shows a high presence of mind, critical thinking abilities, and stress managing abilities, that person can be put in a strategic leadership role.

The solution can also gauge employee agility, their preferred mode of learning, and how they respond to change.All these data insights can be effectively used to make the right decisions in organizational planning, promotions and appraisals, as well as leadership development.

With the ongoing COVID-19 pandemic, there has been a growth in remote working and the hiring process is being conducted online.This may not be able to test the proper knowledge about the employee, so with a personality assessment test, the supervisors will get to know about his/her skills and give training on where they are lacking.

For instance, Aon plc. provides personality assessment for working employees.

The personality assessment solutions market is segmented on the basis of delivery model, end-user, and geography.Based on delivery model, the market is bifurcated into in-house and outsourced.

The outsourced segment represented a larger share of the overall market in 2020.In terms of end-user, the personality assessment solutions market is segmented into corporate/enterprise, academic/education, and government.

In 2020, the corporate/enterprise segment accounted for the substantial share of the market.Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

In 2020, Europe accounted for the significant share in the global market.

In 2020, the impact of COVID-19 pandemic differed from country to country across Europe as selected countries such as France, Spain, Italy among other witnessed an increase in the number of COVID-19 confirmed cases and subsequently experienced strict and longer lockdown periods or social isolation.However, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of the robust healthcare system.

To protect citizens from the virus spread, the European government made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. Further, in 2021, the offices are operating fluently with the uplifting of lockdown and ongoing vaccination process.

In the beginning of 2020, the economic activity in many sectors were having ground to a near standstill, many businesses were struggling to uphold their financial obligations.With uncertainty looming large, many companies are considering adjustments in their workforce.

This could put millions of jobs at risk through reductions in hours or pay, temporary furloughs, or permanent layoffs.For instance, according to McKinsey & Company data of April 2020, the COVID-19 crisis could leave up to 59 million jobs at risk in Europe, a staggering 26% of total employment in the 27 member countries of the European Union and the UK.

Further, in mid-2020 and 2021, the businesses have adopted the online requirement process due to remote working, resulting in the high adoption of personality assessment solutions. Therefore, the COVID-19 pandemic somehow has a positive impact on the personality assessment solutions market growth.

The overall personality assessment solutions 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 personality assessment solutions market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Also, primary interviews were conducted with industry participants and commentators to validate data and 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 personality assessment solutions market.

A few major players operating in the global personality assessment solutions market are Criteria Corp.; Hogan Assessments; Development Dimensions International, Inc.; Persona Labs; SHL; SIGMA Assessment Systems Inc.; Paradox, Inc.; TTI Success Insights; Aon plc.; and Mercer LLC.

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