Report : Employment Screening Services Market to 2025 - Global Analysis and Forecasts by Services (Background Screening, Verification, Medical Testing, and Electronic Auditing & Verification); and Application (Military & Defense, Government Agencies, Oil & Gas, Financial Services, Information Technology and Others)
According to the new research report published by The Insight Partners, titled “Employment Screening Services Market - Global Analysis and Forecast to 2025”, The global employment screening services market is expected to grow at a CAGR of 4.32% during the forecast period 2017 – 2025, to account to US$5.46 Bn by 2025.
Employment Screening Services market operates in a highly-fragmented and competitive marketplace. As leading companies in this market continues to broaden its addressable market, by expanding its current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players faces an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world. Merger & acquisition is one of the noteworthy market trend to grow and survive in this market, with some of the major companies became leader in this market by pursuing an acquisition strategy. Various companies in the value chain are acquiring other players in the market to maintain their position in market and provide efficient solutions to its customers. Major manufacturers of Employment Screening Services technology are based North America, mainly US. However, the market is penetrating at high growth rate in APAC and Europe region.
As urbanization has increased, there have been increasing need for creation of jobs in the urban areas. 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 an efficient and quicker employee screening systems have been contributing to the use of employment screening services by organizations.
Key findings of the study:
North America is anticipated to account the largest employment screening services market share
Based on the services, the verification service is projected to dominate the employment screening services market
Industrial application led the employment screening services market by application in 2017
US is early adopter of this service and is still in its growing phase with implementation of several immigration laws and medical test program. Also, the industry exhibits a positive outlook in future as around 70% of the companies based in US perform background checks, and around 80% of these companies also scrutinize criminal records of their potential candidates. And the market is becoming gradually prevalent across other developed and developing economies including Europe and APAC. Also, countries in Asia are experiencing a high growth in industrial sector thus, propelling the growth of employee screening market. Besides this, it is found that over one-third of UK job applicants lie on their CV at some point according and therefore employee screen is rapidly growing in European countries.
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.
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