According to the latest report by IMARC Group, titled "Employment Screening Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global employment screening services market reached a value of US$ 4.9 Billion in 2021. Employment screening services refer to the process of examining a candidate during the recruitment process that assist employers to verify the individual’s background information. These services are conducted to investigate the criminal, driving, credit, educational records, behavior assessments, and other pertinent information of job applicants in an attempt to safeguard the organization from fraudulent activities or security breaches in the future. Additionally, pre-employment screening also aids in improving the overall effectiveness of the hiring process by streamlining various tasks. As a result, these solutions are widely adopted by various companies across the IT and banking sectors to eliminate unsuitable candidates in a precise manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Employment Screening Services Market Trends:
The global market is majorly driven by the increasing need for time-efficient selection systems across the corporate segment. With the rising number of job applicants, numerous companies are preferring the adoption of employment screening services to recruit new employees to improve the overall hiring process in a time-efficient manner. Since these services verify the details mentioned in the resume accurately, this aids in reducing the chances of workplace thefts, abuse, and violence. Moreover, the growing emphasis on enhanced labor quality and increased regulatory compliance are also providing an impetus to the market growth. Furthermore, there has been a considerable rise in the number of startups across the globe, which is anticipated to create a positive outlook for the market. The market is also driven by continual advancements in big data technology that is expected to provide a boost to the demand for big data applications in the personnel screening industry. Some of the other factors contributing to the market growth include the rising adoption of employment screening services in the medical sector and the extensive research and development (R&D) conducted by key players. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.4% during 2022-2027.
- On the basis of the service, the market has been divided into criminal background checks, education and employment verification, credit history checks, drug and health screening, and others.
- Based on the organization size, the market has been bifurcated into small and medium enterprises, and large enterprises.
- On the basis of the application, the market has been classified into healthcare, IT & technology and media, financial services, staffing, retail, travel and hospitality, government and education, transportation, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include A-Check America Inc, ADP Inc., Capita PLC, CareerBuilder LLC, Experian plc, First Advantage, HireRight LLC, Insperity, Paychex Inc., Paycor Inc., REED and Sterling.
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