Corporate Assessment Services Market Size, Share & Outlook to 2027

The corporate assessment service market was valued US$ 2,715.56 Mn in 2018 and is expected to reach US$ 4,690.01 Mn by 2027 with a CAGR growth rate of 6.5% during the forecast period.

Globalization has resulted in elevation in the number of job immigrants, mainly in the world’s developed countries. As per the statistics more than 44.5 Mn immigrants resided in the US in 2017. There has been an increased influx of immigrants in lower-skilled jobs and highly professional jobs in the developed countries such as the UK, the US, Canada, and Germany. Apparel, textile, leather, agriculture, IT, etc., are the sectors that are witnessing increasing number of job immigrants. As per a survey conducted by Society for Human Resource Management (SHRM), a wide-ranging corporate assessment services such as screening service for job immigrants are needed due to the new regulations being rolled out by new governments, technological advancements for quicker and more efficient background check, rise in the willingness of applicants to misrepresent their credentials, and increasing competition among applicants due to the scarcity of jobs after the period of recession. Further, escalation in the number of job immigrants and mobile workforce due to growing globalization as well as the increasing fraudulent activities by candidates are a few of the factors that are leading to a greater demand for efficient background check by various organizations, which is driving the corporate assessment services market

Lucrative Regions for Corporate assessment services Market

Market Insights

Advancements in Big Data Technology

The internet has been one of the major factors driving the incorporation of Big Data applications in assessment service offerings. The Internet has made it easy for search engines, marketers, social networking sites, and others to collect huge volumes of information about employees. The data gathered using the Big Data technology can be used by businesses to improve internal promotions. According to the American Statistical Association (ASA), 53% of the HR departments use this technology to help make strategic decisions regarding selection and recruitment, manage talent, and track performance. Big Data, which facilitates the analysis of huge volumes of data, is changing the way companies acquire talent. Various fields, such as marketing, sales, and operations, depend on this technology to make business decisions. According to a study by Capgemini, 65% believe Big Data as a crucial technology for their organization’s competitiveness.

Product Market Insights

The corporate assessment products have developed significantly over the last few years across all the regions to hire the best resource for the organization. In the hiring framework, businesses are using various products to offer job openings and sell the organization and its brand. Some companies deliver brand-enhancing hiring experiences that would attract candidates and retain them as customers, even though they are not offered jobs. One of the most dramatic shifts in the corporate assessment market includes the evolution of the candidate-driven job market, which has changed how businesses compete for talent and the nature of their assessment procedures.

In order to solve complex problems, while assessing candidates during the pre-hire and post-hire phase, there are several products that corporate assessment services vendors provide, such as cognitive, personality, knowledge, performance, company fit, and others. Such assessment products help reveal a person’s logic, reasoning, and ability to work and can help precisely predict the potential for the success of the organization. This would also lead candidates to more informative and engaging during the hiring and enable transparency so they must know what to expect and how much effort to put into a hiring procedure. All such new expectations are changing assessment methods and practices. The global corporate assessment services by product are segmented into cognitive, personality, knowledge, performance, company fit, and others.

Corporate assessment services Market, by Product – 2018 and 2027

Hiring Phase Market Insight

Based on the hiring phase, the global corporate assessment services market is categorized into pre-hire and post-hire. Hiring any candidate needs a company to proceed via a step-by-step process to recognize its needs, recruit, and finally hire the most qualified applicants. Most businesses have their hiring process; however, the hiring process is unique to each company. Various companies around the world conduct the hiring process, which includes the pre-hire and post-hire process. In 2015, as per Harvard Business Review (HBR), ~76% of organizations with more than 100 employees used assessments for hiring potential employees, businesses take these assessments seriously.

Employers like assessments test as they hugely reduce the cost and time of hiring. Most important, assessments help the company measure critical elements of success on the job, which includes work ethic, competence, and emotional intelligence. A recent study shows that personalities are much better predictors of performance than years of experience or education; such data candidates can highlight in their applications.

Application Market Insight

The corporate assessment solutions are gaining popularity among various industries as they offer multiple advantages over traditional assessment solutions. Based on application, the corporate assessment solutions are segmented into campus recruitment, entrance assessment, promotion assessment services, and certification assessment services, others. The campus recruitment services are gaining importance as it enables the recruiter to manage the recruitment process and save time and money efficiently. Entrance assessment services are gaining significance as the companies are focusing towards recruiting the best fit candidates. Entrance assessment services empower the recruiters to manage large number of candidates efficiently and recruit the suitable candidate for the job profile. The promotion assessment services help the companies to retain their best assets by offering them on-time promotion.

Hiring Level Market Insight

The corporate assessment services are used by companies at various hiring levels, such as executive, entry level, professional, and others. At the executive level, corporate assessment services are used for leadership development and for identifying an individual’s ability to perform and make a positive impact in a critical leadership role. At entry level, the corporate assessment tools are used for assessing the candidates capabilities and skills at the beginning level of hiring process. At the professional level, the corporate assessment services are utilized by companies to identify, attract, shortlist, and develop the candidates. The companies are focusing on accessing the interns and freelancers before hiring. Therefore, at other levels, the corporate assessment services help in hiring the right talent for a job profile.

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Corporate Assessment Services Market: Strategic Insights

Market Size Value in	US$ 2,715.56 Million in 2018
Market Size Value by	US$ 4,690.01 Million by 2027
Growth rate	CAGR of 6.5% from 2019-2027
Forecast Period	2019-2027
Base Year	2019

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The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In September 2019, Arctic Shores raised US$ 5.5 Mn(€5 Mn) in series A investment, the company would utilize the investment in the expansion of international offices and would also launch a SaaS product to broaden its product portfolio.   .

• In May 2019, Aspiring Minds announced a suite of advanced accessibility features which would make its assessment and interview tools more accessible for people with disabilities including hearing and visual impairments..

Global Corporate assessment services Market Segments:

Corporate assessment services Market – By Product

• Psychometric Tests
• Aptitude Tests
• Coding Tests
• Job Specific Functional Tests
• Others

Corporate assessment services Market – By Application

• Campus Recruitment
• Entrance Assessment Services
• Recruitment & Promotion Assessment Services
• Certification Assessment Services

 Corporate assessment services Market – By Hiring Phase

• Pre-Hire
• Post-Hire

Corporate assessment services Market – By Hiring Level

• Executive
• Entry Level
• Professional
• Others

Corporate assessment services Market – By Geography

• North America

  • U.S.
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe

• Asia Pacific (APAC)

  • Australia
  • China
  • India
  • Japan
  • Rest of APAC

• Middle East & Africa (MEA)

  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Rest of SAM

Companies

• AON Plc
• Arctic Shores Limited
• Aspiring Minds
• Birkman International, Inc.
• Development Dimensions International, Inc.
• HireVue
• Korn Ferry
• IBM Corporation
• Mettl Online Assessment
• SHL