Personality Assessment Solution Market to Grow at a CAGR of 12.1% to reach US$ 16,461.43 Million from 2021 to 2028

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)

Publication Month : Oct 2021

  • Report Code : TIPRE00008323
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 179
Inquire Before Buy

PRICING

$4550

$2730

The personality assessment solutions 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% during 2021-2028.

Recruitment has always been an essential factor for any organizational growth. Recruitment is a complicated process involving screening, interviewing, assessing, and selecting suitable candidates for an organization. The increase in demand to enhance the recruitment process among end users and the rapid growth of technology-driven employee screening tools are factors anticipated to boost the adoption of personality assessment solutions for the recruitment process and the Personality Assessment Solutions Market. Personality assessment provides the interviewer with standardized, valuable insights regarding how candidates behave in a work context and predict job performance and company fit. This assessment allows the interviewer to accurately assess essential personality traits of the candidate such as conscientiousness, openness, agreeableness, extraversion, stability, and other various characteristics, including sociability, leadership orientation, need for recognition, cooperation, dependability, consideration, efficiency, achievement striving, even-temperament, abstract thinking, self-confidence, and creative thinking. Personality assessment provides recruiters with objective insights that significantly improve candidate selection.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Personality Assessment Solution Market: Strategic Insights

personality-assessment-solutions-market
Market Size Value inUS$ 7,421.59 Million in 2020
Market Size Value byUS$ 16,461.43 Million by 2028
Growth rateCAGR of 12.1% from 2021-2028
Forecast Period2021-2028
Base Year2020
Analyst Image

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst



Impact of COVID-19 Pandemic on Personality Assessment Solutions Market

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 and Personality Assessment Solutions Market has experienced a slow growth 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. North America is one of the most critical regions for Personality Assessment Solution Market in terms of the adoption and growth of new technologies due to favorable government policies to boost innovation, the presence of a substantial industrial base, and high purchasing power, especially in countries such as the US and Canada.

Lucrative Regions for Personality Assessment Solutions Providers

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities



Personality Assessment Solutions Market Insights

Requirement of Personality Assessment Solutions in Educational Sector for Career Guidance Support Fuels Growth of Personality Assessment Solutions Market

With several career paths available, students start preparing to figure out which career option would be their best fit and accordingly choose the higher education program. They are often confused about which bachelors’ program to pursue after high school. Most individuals are forced to make career decisions at a young age. For instance, in India, by 10th grade, students are supposed to choose one among the three streams from arts, commerce, and science. By 12th grade, they must decide which college to go to and which major to choose. These decisions put students on an irreversible path toward a career that they might fail in, and by the time they realize that job is not a good fit for them, it is already too late. Thus, students' personality assessments are an in-depth assessment of the test taker’s strengths, weaknesses, beliefs, and other personality traits that reveal crucial information about the individual’s psychological makeup. These questions help provide an understanding of the user’s psyche and categorize their characteristics. Therefore, there will always be a need for personality assessment solutions in the educational sector.

Delivery Model-Based Market Insights

Based on delivery model, the personality assessment solutions market is bifurcated into in-house and outsourced. In 2020, the outsourced segment accounted for a larger market share.

Personality Assessment Solutions Market, by Delivery Model, 2020 and 2028 (%)

Personality Assessment Solutions Market, by Delivery Model, 2020 and 2028 (%)
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities


End-User-Based Market Insights

Based on 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 share in the market.

The players operating in the personality assessment solutions market adopt 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 June 2021, Russell Reynolds Associates and Hogan Assessments announced a 5-year extension to their global partnership, which is designed to accelerate the development of rising leaders and enhance the success rate of executive appointments.
  • In March 2021, Sif Criteria announced that it acquired Australia based Alcami Interactive, one of the most on demand video interviewing platforms. Criteria will be offering its 4000+ customers with Alcami’s video interviewing service through its platform.



The global personality assessment solutions market has been segmented as mentioned below:
By Delivery Model

  • In-House
  • Outsourced

By End-User

  • Corporate/Enterprise
    • BFSI
    • Hospitality
    • IT & Telecom
    • Media & Entertainment
    • Healthcare & Pharmaceutical
    • Others
  • Academic/Education
  • Government

By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

Company Profiles

  • Criteria Corp.
  • Hogan Assessments
  • Development Dimensions International, Inc.
  • Persona Labs
  • SHL
  • SIGMA Assessment Systems Inc.
  • Paradox, Inc.
  • TTI Success Insights
  • Aon plc.
  • Mercer LLC
  • Eightfold AI
  • Thomas International Ltd
  • Culture Index
  • The Predictive Index
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Delivery Model, and End-User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are key driving factors behind personality assessment solutions market growth?

Recruitment has always been an essential factor for any organizational growth. Recruitment is a complicated process involving screening, interviewing, assessing, and selecting suitable candidates for an organization. The increase in demand to enhance the recruitment process among end users and the rapid growth of technology-driven employee screening tools are factors anticipated to boost the adoption of personality assessment solutions for the recruitment process.

What are key market opportunities for personality assessment solutions market?

Using personality assessment tests with current employees and sharing the results can help team members better understand each other. When employees understand how their co-workers and managers prefer to communicate, they become more productive and comfortably adapt to the environment. Moreover, the personality test for employee development helps HRs gain insight into how an employee can be groomed for future roles by highlighting their potential personality traits.

Which delivery model is expected to dominate the market in the forecast period?

The global personality assessment solutions market was dominated by the outsourced segment with market share of 66.2% in 2020. Many agency recruiters purchase personality assessment solution tools for their hiring processes. A recruitment agency is basically responsible for sourcing candidates for numerous clients across a wide range of industries. Agency recruiters carry out placement process for schools, colleges, corporate companies, hospitality firms, pharmaceutical sector, media and entertainment organizations, IT and telecom sector etc.

Which region has dominated the personality assessment solutions market in 2020?

In 2020, Europe led the market with a substantial revenue share, followed by North America and APAC. Asia Pacific is a prospective market for personality assessment solutions market players.

Which are the major companies operating in the personality assessment solutions market?

The major companies in personality assessment solutions includes Aon plc, SHL, Gallup, Inc., Development Dimension International, Inc., Frankin Convey Co.

Which are the major end users for personality assessment solutions?

The major end-user in personality assessment solutions includes corporate/ enterprise, academic/ education, and government. The corporate/ enterprise segment led the personality assessment solutions market globally with a market share of 79.1% in the year 2020.

The List of Companies - Personality Assessment Solution Market

  1. Criteria Corp.
  2. Hogan Assessments
  3. Development Dimensions International, Inc.
  4. Persona Labs
  5. SHL
  6. SIGMA Assessment Systems Inc.
  7. Paradox, Inc.
  8. TTI Success Insights
  9. Aon plc.
  10. Mercer LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Personality Assessment Solution Market