|Employment Screening Services Inc. (US)|
|Automatic Data Processing Inc. (US)|
|Employment Background Investigations Inc (US)|
|CareerBuilder Employment Screening LLC (US)|
|Sentinel Background Checks (US)|
|First Advantage Corporation (US)|
|HireRight Inc. (US)|
|Market Driving Forces|
|Increase in the number of instances involving unlawful activities as well as growing worries about data theft and data destruction.|
According to market research, the worldwide Employment Screening Services Market size was worth USD 2,972.0 million in the year 2019 and is expected to grow to USD 7.26 Billion by the end of the year 2030, at a compound annual growth rate of CAGR of 8.2 percent over the forecast timeframe 2020–2030. Employment screening is defined as the process of finding and confirming a person's previous records, which is usually done prior to the person being hired. Due to the fact that not all workers give correct data and may embellish or fabricate personal information, confirming the identity of any individual depends on their CV may be difficult. Employment screening technology assists employers in meeting their financial, legislative, and legal obligations by establishing an objective standard for securing employment.
The process of the employment screening services market assists businesses in authenticating people before hiring them to work in their company. Such services give employers the assurance that the information supplied to them through the person is correct, and that the expertise and credentials shown on the cv are appropriate. This testing of workers contributes to the overall security and integrity of the company, as well as the firm's adherence to regulatory requirements. The worldwide market is very competitive as a result of a number of reasons, including urbanization, well-developed facilities, and the existence of international corporations, among others.
This report contains all the information on the Employment Screening Services Market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors.
Covid 19 Analysis:The COVID-19 outbreak has had an impact on employment screening in many business verticals, including information technology and telecommunications, logistics, and manufacturing, among others, as a result of the strict application of lockdown rules throughout the world. Nevertheless, the hospital and retail industries, that employ a large number of people and have remained in business all through the epidemic, have enhanced the amount of background and medical checks they do on their workers.
Employment Screening Services Market Dynamic:Drivers:Some of the most important reasons driving the development of the employment screening service market growth globally have included an increase in the number of instances involving unlawful activities, as well as growing worries about data theft and data destruction.
Opportunities:A growing number of entrepreneurs and small and medium-sized businesses are anticipated to provide opportunities for the global employment screening service suppliers to develop technologies for delivering reliable background investigations for new workers, in addition to the aforementioned factors.
Restraints:The development of the job screening services market, on the other hand, may be hampered by inconsistencies in the production process.
Challenges:Inconsistencies in the workflow that occurs throughout the evaluation phase may be the most significant stumbling block of the global employment screening services market.
Cumulative Growth Analysis:It has been determined that the worldwide market for job screening services is worth $1.1 billion by utilizing both internal and external sources. To kick-start, the research study, an extensive secondary investigation has been conducted utilizing various sources to gather descriptive and analytical market information in order to have a better understanding of the situation. Getting an analysis and prediction again for the employment screening services market across all segments is another objective of the procedure.
In addition, a number of primary conversations with market players and critics were performed in order to verify the data in order to obtain further advanced analytics into the subject. The attendees in this procedure include industry professionals such as vice presidents, corporate development supervisors, market analysis managers, and domestic sales managers, as well as consulting firms including such research analysts, valuation experts, and key opinion leaders who are professionals in the employment screening market globally and have specialized knowledge of the industry.
Value Chain Analysis:According to the findings of the latest research, the employment screening services market has indeed been divided into three categories: service type, end-user, and geography. The employment screening services market has been divided into four types of services: criminal background checks, credit history checks, education, and employment verification services. and drug and health screening. Criminal background checks are the most common kind of service provided. By the conclusion of the projection period, the federal background check program is anticipated to have dominated the market among the various other services available.
The employment and education verification sector of the employment screening service market globally, on the other hand, is expected to expand at the highest rate, with a compound annual growth rate of a CAGR of 9.2 percent over the forecast timeframe. The employment screening services market revenue has been categorized based on the end-user, with the BFSI, information technology, government, and industrial sectors being the most prominent.
Employment Screening Services Market Segmentation Overview:The market is segmented on the basis of service type, end-user, and geography. The global employment screening services market trends are expected to witness decent growth during the forecast period.
By Application:Based on the application, the market is segmented into criminal background checks, credit history checks, education, and employment verification services. and drug and health screening.
By end-users:Based on the propulsion types, the market is segmented into BFSI, information technology, government, and industrial.
Employment Screening Services Market Regional Analysis:The employment screening services market has been segmented into five distinct regions across the globe: North America, Europe, Asia-Pacific, and the rest of the world. North America dominated the employment screening market accounted in the year 2017, according to the International Labor Organization. From 2019 to 2025, Asia-Pacific is anticipated to be the fastest industry, while Europe is likely to be the second-largest market in terms of profitability in the employment screening service market share globally throughout the evaluation period.
Competitive Landscape:Due to the obvious widespread use of these solutions and services, the employment screening services industry is forecasted to see substantial development in the coming years. Because of the large number of rivals in the market that provide employment screening solutions, it is anticipated that there will be intense rivalry among the current companies in the industry going forward. Customer satisfaction toward the current market participants is strong, owing to the fact that these companies provide end-users with user-friendly and extremely effective employment screening systems as well as support services. As a result, in order to remain competitive in the industry, companies must provide their customers with best-in-class and unique screening solutions. Consequently, it is anticipated that the level of competition would be high.
Recent Developments:Sterling Student, a screening system that enables colleges to do background investigations on students pursuing degrees, apprenticeships, and jobs in professions and areas that are considered to be high-risk for public safety, was introduced in May 2019.
|Market Size||USD 7.26 Billion By 2030|
|CAGR||8.2 % From 2020 to 2030|
|Forecast Period||2020 to 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Services, End User|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||Employment Screening Services Inc. (US) Automatic Data Processing Inc. (US) Employment Background Investigations Inc (US) CareerBuilder Employment Screening LLC (US) Sentinel Background Checks (US) First Advantage Corporation (US) HireRight Inc. (US)|
|Key Market Opportunities||A growing number of entrepreneurs and small and medium-sized businesses|
|Key Market Drivers||as well as growing worries about data theft and data destruction.|
An increase in fraudulent activities and submission of fake documents has been observed which is supposed to drive the growth in demand for employment screening services.
By 2027, the employment screening services market is expected to strike 8.2% CAGR.
Employment Screening Services, Inc (U.S.), Capita plc (U.K), Automatic Data Processing, Inc (U.S.), CareerBuilder (U.S.), First Advantage Corporation (U.S.), Experian plc (Ireland), HireRight, Inc (U.S.), Paycor, Inc (U.S.), Insperity, Inc (U.S.), Paychex, Inc (U.S.), and Reed (U.K) are some of the major contributors to market growth.
The valuation of the employment screening services market is anticipated to be USD 7.26 Bn.
The end-user segments of employment screening services market are industrial, banking and financial services institute, information technology, government, and others.