Escalating Adoption of Cloud-Based Personality Assessment Solutions to Provide Growth Opportunities for Personality Assessment Solutions Market during 2021–2028
According to our latest market study on “Personality Assessment Solutions Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Delivery Model and End-User,” the 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% from 2021 to 2028.
According to the Statista data, as of January 2021, there were 4.66 billion internet users present globally (59% of the global population). From this total, 92.6% (4.32 billion) accessed the internet through mobile devices. The countries with the highest internet penetration rate globally are Denmark, the UAE, and Sweden. Further, till 2020, APAC was the region with the most significant number of online users with over 2.5 billion and Europe was ranked second with almost 728 million internet users. In 2020, China dominated the market share globally, followed by India and the US. China had more than 854 million internet users, and India had around 560 million internet users. Still, there are many countries, such as Oman, Qatar, and Kuwait, where digitalization and the internet are in the initial phase. The continuous growth in the internet users also let the industries transform their business to the digital platform. The need for cloud technology has positively impacted companies because of the storage and data transfer facilities. Most importantly, the use of the cloud is cost-effective, thereby leading businesses to pay for the service as per their use. This factor has influenced the market growth.
The cloud-based deployment of personality assessment solutions has been gaining popularity over the past few years. This is primarily due to the development of cloud infrastructure that has enabled easy availability of cloud storage and affordable pricing. Furthermore, training and development courses are made available to students to prepare them for academics, as well as professional sectors, and with cloud technology, there is no issue about the storage capacity. Additionally, it has been observed that businesses are moving toward adopting SaaS-based personality assessment solutions. The high cost of hardware, software, and data center operations are divided among customers by the vendor in the SaaS-based model, thereby allowing customers to avail top of the line infrastructure at a lower cost. Therefore, cloud-based personality assessment solutions will be in huge demand because of less cost and high availability of storage capacity. Thus, with the high penetration of internet across the region and the adoption of digital platforms, the cloud-based solutions will propel rapidly.
Based on delivery model, the personality assessment solutions market is bifurcated into in-house and outsourced. In 2020, the outsourced segment led the market, accounting for a larger share in the market. On the basis 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 largest market share. Based on corporate/enterprise, the personality assessment solutions market is subsegmented into BFSI, hospitality, IT & telecom, media & entertainment, healthcare & pharmaceutical, and others. In 2020, the IT & telecom segment accounted for the largest market share. 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.
According to our latest market study on “Personality Assessment Solutions Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Delivery Model and End-User,” the 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% from 2021 to 2028.
According to the Statista data, as of January 2021, there were 4.66 billion internet users present globally (59% of the global population). From this total, 92.6% (4.32 billion) accessed the internet through mobile devices. The countries with the highest internet penetration rate globally are Denmark, the UAE, and Sweden. Further, till 2020, APAC was the region with the most significant number of online users with over 2.5 billion and Europe was ranked second with almost 728 million internet users. In 2020, China dominated the market share globally, followed by India and the US. China had more than 854 million internet users, and India had around 560 million internet users. Still, there are many countries, such as Oman, Qatar, and Kuwait, where digitalization and the internet are in the initial phase. The continuous growth in the internet users also let the industries transform their business to the digital platform. The need for cloud technology has positively impacted companies because of the storage and data transfer facilities. Most importantly, the use of the cloud is cost-effective, thereby leading businesses to pay for the service as per their use. This factor has influenced the market growth.
The cloud-based deployment of personality assessment solutions has been gaining popularity over the past few years. This is primarily due to the development of cloud infrastructure that has enabled easy availability of cloud storage and affordable pricing. Furthermore, training and development courses are made available to students to prepare them for academics, as well as professional sectors, and with cloud technology, there is no issue about the storage capacity. Additionally, it has been observed that businesses are moving toward adopting SaaS-based personality assessment solutions. The high cost of hardware, software, and data center operations are divided among customers by the vendor in the SaaS-based model, thereby allowing customers to avail top of the line infrastructure at a lower cost. Therefore, cloud-based personality assessment solutions will be in huge demand because of less cost and high availability of storage capacity. Thus, with the high penetration of internet across the region and the adoption of digital platforms, the cloud-based solutions will propel rapidly.
Based on delivery model, the personality assessment solutions market is bifurcated into in-house and outsourced. In 2020, the outsourced segment led the market, accounting for a larger share in the market. On the basis 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 largest market share. Based on corporate/enterprise, the personality assessment solutions market is subsegmented into BFSI, hospitality, IT & telecom, media & entertainment, healthcare & pharmaceutical, and others. In 2020, the IT & telecom segment accounted for the largest market share. 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.
Impact of COVID-19 Pandemic on Personality Assessment Solutions Market
The COVID-19 pandemic has been affecting most of the businesses globally. The continuous growth in the number of COVID-19 confirmed cases compelled governments to impose mass lockdowns, business shutdowns, and the restrictions on humans and goods transportation.
The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
In the beginning of 2020, after the imposition of nationwide lockdowns across the globe, many industries were not working. Due to less revenue income, the recruitment process was also hampered much in small & medium enterprises. Therefore, the demand for the personality assessment solutions was low in 2020. But in the large IT sector, irrespective of the COVID-19 pandemic, the hiring process was going significantly. From the mid of 2020, after the adoption of the digital platform by multiple businesses, the corporates have increasingly adopted technology-aided recruitment tools that can be leveraged remotely and ensure hiring and business continuity amid disruptions. The virtual model of recruitment is here to stay. There was a rush toward new-age technology-aided recruitment/HR tools in mid-2020, amid the COVID-19 pandemic. New-age recruitment tools will continue to be leveraged extensively and increasingly in the future.
The COVID-19 pandemic has been affecting most of the businesses globally. The continuous growth in the number of COVID-19 confirmed cases compelled governments to impose mass lockdowns, business shutdowns, and the restrictions on humans and goods transportation.
The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
In the beginning of 2020, after the imposition of nationwide lockdowns across the globe, many industries were not working. Due to less revenue income, the recruitment process was also hampered much in small & medium enterprises. Therefore, the demand for the personality assessment solutions was low in 2020. But in the large IT sector, irrespective of the COVID-19 pandemic, the hiring process was going significantly. From the mid of 2020, after the adoption of the digital platform by multiple businesses, the corporates have increasingly adopted technology-aided recruitment tools that can be leveraged remotely and ensure hiring and business continuity amid disruptions. The virtual model of recruitment is here to stay. There was a rush toward new-age technology-aided recruitment/HR tools in mid-2020, amid the COVID-19 pandemic. New-age recruitment tools will continue to be leveraged extensively and increasingly in the future.
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 are among the major companies operating in the personality assessment solutions market.
Personality Assessment Solutions Market — by Geography, 2020 and 2028 (%)
Personality Assessment Solution Market to Grow at a CAGR of 12.1% to reach US$ 16,461.43 Million from 2021 to 2028
Download Free Sample
Personality Assessment Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Delivery Model (In-House and Outsourced) and End-User (Corporate/Enterprise, Academic/Education, and Government)
Personality Assessment Solution Market to Grow at a CAGR of 12.1% to reach US$ 16,461.43 Million from 2021 to 2028
Download Free SamplePersonality Assessment Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Delivery Model (In-House and Outsourced) and End-User (Corporate/Enterprise, Academic/Education, and Government)
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com
Download Free PDF Brochure