Report : Employment Screening Services Market to 2027 - Global Analysis and Forecasts by Services (Background Check, Verification, and Medical & Drug Testing), End-User Industry (IT & Telecom, BFSI, Government Agencies, Travel & Hospitality, Manufacturing, Retail, Healthcare, and Others); Organization Size (SMEs and Large Enterprise)
The employment landscape has transformed radically after the financial crisis of 2008. The global upsurge in Internet users and the groundbreaking changes in the human resource management industry have created a rich atmosphere for screening service to propagate. A large number of industries across the globe are currently stimulated by the candidate-driven employment market where companies are keen to decrease the time-to-hire ratios. Since hiring delays impacts an organization both in terms of time and cost. Companies are these days competing for the best candidates and therefore are putting more emphasis on crafting a positive onboarding experience, which also includes the background screening process of employees.
Besides this, international recruitment has also created a large number of new opportunities for organizations in different sectors. However, hiring workers/employees from overseas can creates some crucial legal and logistical difficulty in hiring departments. Organizations with high incomes spend an excessive amount of money on employing and onboarding processes. To deploy best practices in the hiring and onboarding program, companies conduct an exhaustive background screening. Background screening cost much lesser to companies when compared to the expense of drug abuse in the workplace and the potentially disastrous costs of fraud
Furthermore, the employee screening industry has been shaped by mergers and acquisitions, and the industry signifying how mergers and acquisitions can define the landscape of the industry. The employee screening industry is impacted by the overall growth of the economy and job growth, as well as technological advancements and regulation. The employee screening industry is dominated by the providers, which highly focused on expanding its business through mergers and acquisitions. For instance, in November 2018, Cisive Inc., a provider of human capital management and risk management solution, announced the acquisition of Blue Umbrella’s Pre-Employment Screening (PES) division. The acquisition would enable the company to accelerate the various regions such as EMEA, Asia, and South America.
The global employment screening services market has been segmented on the basis of service into background screening, verification, and medical and drug testing. The market has been further segmented by applications into IT & telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others. Based on organization size the employment screening services is bifurcated into large-size enterprise and SMEs. Geographically, the employment screening services market is classified as North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
The employment screening services market ecosystem consists of well-established players as well as emerging companies. Some of the key players operating in the employment screening services market 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 and among others. Several other manufacturers are also functioning in the industry, and are contributing substantial revenues year on year, thereby, driving the market growth.
Employment Screening Services Market - Geographic Breakdown, 2018
The report segments the global employment screening system market as follows:
Global Employee Screening Services Market – By Services
Global Employee Screening Services Market – By Background Screening
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