Employment Screening Services Market is expected to reach US$ 12.62 billion by 2030

Introduction of Big Data to Provide Opportunities for Employment Screening Services Market During 2022–2030

According to our latest market study on Employment Screening Services Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Services, Application, and Organization Size," the market was valued at US$ 5.38 billion in 2022 and is expected to reach US$ 12.62 billion by 2030; it is estimated to record a CAGR of 11.2% from 2022 to 2030. The report includes growth prospects owing to the current employment screening services market trends and their foreseeable impact during the forecast period.

Big data refers to data that contains greater variety, arriving in increasing volumes and with more velocity. The internet has been one of the prime factors driving the application of big data in the employment screening services market. The internet has made it easy for social networking sites, search engines, marketers, and other sources to collect vast information about employees. Companies can use information collected from big data to create employee wellness programs, improve their healthcare policies, and improve internal promotions. According to the American Statistical Association (ASA), 53% of HR departments use big data to help them make strategic decisions for recruitment and select and manage talent and performance. Further, big data benefits employers because the rapid accumulation of information about an applicant accelerates the hiring process by providing hiring managers with a more thorough picture of the candidate's various qualities, or lack thereof, early on. In business, faster is always preferable as long as accuracy can be guaranteed. Thus, big data plays a significant role in hiring the right candidates.

Employment Screening Services Market Analysis – by Geography, 2022

Source: The Insight Partners Analysis

Big Data offers merged information that lowers the possibility of bias in employment judgments and helps employers make better decisions in recruitment, appraisal, and performance evaluations. When paired with state-of-the-art techniques, big data can improve the selection of a suitable candidate, intensify the ability to recognize talent from across borders, help overcome implicit and explicit bias in the work area, and nurture equality in access to jobs. Big data, bringing in considerable opportunities in recruitment and employee screening processes, can be a powerful tool for employers to make decisions. Thus, the introduction of big data is expected to provide opportunities for the employment screening services market growth. 

A-Check America, Inc.; HireRight LLC; Pinkerton Corporate Risk Management; Capita Plc; Verity Screening Solutions LLC; Triton; First Advantage; DataFlow Group; Sterling Talent Solutions; Accurate Background; AuthBridge; Insperity; and GoodHire are among the key players profiled in the employment screening services market report. Several other major players were studied and analyzed during the employment screening services market study to get a holistic view of the market and its ecosystem. 

The report includes employment screening services market forecast by services, application, organization size, and region from 2022 to 2030. The employment screening services market, by service, is segmented into background screening, verification, and medical and drug testing. Based on application, the market is segmented into IT and telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. By organization size, the market is segmented into large enterprises and SMEs. The scope of the employment screening services market report primarily encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

The APAC employment screening services market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China dominated the APAC employment screening services market share. Employment screening has become a part of routine tasks in Asian countries owing to the sophistication of internal policies and the drive to implement best practices in multinational organizations. The region has been attracting a large number of businesses for the expansion of their existing operations. The rapidly growing population of young and highly skilled professionals is projected to generate significant demand for screening services in APAC. Undetected discrepancies can result in significant losses to employers, which highlights the importance of employment screening. The key areas of discrepancies (in decreasing order) include previous employment, educational credentials, and criminal convictions. From the employment point of view, the junior level constitutes the majority share in discrepancy percentage. In Southeast Asian countries, including Singapore, Malaysia, and the Philippines, the discrepancy levels have significantly surged over the years. All these factors are facilitating the expansion of the employment screening services market growthn Asia Pacific.

China is one of the most developed and largest economies in Asia Pacific. The background check of applicants is a regular practice in the country. However, the majority of the checks are subject to the consent of applicants. The growth of the employment screening services market in China is majorly attributed to a rapid hiring pace in the transportation, utilities, and services sectors. Beijing-based companies account for the highest recruitment, while the companies from Chengdu are the slowest. Standard tests conducted by companies in China during the process of recruitment include qualification and employment history, credit checks, and medical tests, whereas criminal background verification and drug addiction tests are performed in exceptional scenarios.

The Chinese government is taking several steps to enhance public security across the country. For example, in February 2022, the Ministry of Public Security released the working rules for public security departments to handle criminal record checks (working rules). From December 2021, these rules allowed employers to check the criminal records of their potential new employees. Such government initiatives propel the employment screening services market growth in China.

The employment screening services market is segmented on the basis of services, application, organization size, and geography. The market, by service, is segmented into background screening, verification, and medical and drug testing. In terms of revenue, verification is expected to hold the largest employment screening services market share in 2022.

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