| Status : Published | Published On : Jun, 2023 | Report Code : VRICT5142 | Industry : ICT & Media | Available Format :
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Page : 194 |
Global Employment Screening Service Market – Analysis and Forecast (2023-2030)
By Service (Criminal Background Check, Identity Check, Verification, Medical & Drug Testing, Electronic Auditing, and Others), by Industry (Energy & Utilities, Financial Services, Government & Education, Healthcare, Hospitality, IT & Telecom, Manufacturing, Transportation, Media and Entertainment, Retail, and Others), by Enterprise Size (Large Enterprise and Small & Medium Enterprise)
Industry Overview
The Global Employment Screening Service Market was valued at USD 4.9 billion in 2022 and is expected to reach USD 6.8 billion by 2030, growing at a CAGR of 5.1% during the forecast period. The global employment screening service market is growing at a fast rate during the forecast period.
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The major reason behind the high growth of the employment screening service market globally is growing job opportunities across the globe and a proportionally growing number of candidate data discrepancies. Employment screening service implementation brings a substantial reduction in time and costs for the human resource department of organizations. Also, employment screening services save organization time in the long run by clarifying the responsibilities to take to ensure the appropriate candidate is hired in the right way which in turn increases efficiency and work quality, thereby driving its adoption.
The Employment Screening Services market is further flourishing due to the demand for time-efficient selection systems owing to the rising number of job applicants. The introduction of Big Data, Artificial Intelligence, and other advanced technologies is expected to create new opportunities for the global employment screening services market during the forecast period.
Market Segmentation
Insight by Service
On the basis of service, the market is segmented into criminal background checks, identity checks, verification, medical & drug testing, electronic auditing, and others. Among these services, the verification segment captures the largest market share in 2022 and is expected to grow at the fastest rate during the forecast period, owing to allowing employers to take efficient decisions while hiring, and potentially avoid workplace threats such as fraud, abuse, theft, and violence.
Insight by Industry
On the basis of industry, the market is segmented as energy & utilities, financial services, government & education, healthcare, hospitality, IT & telecom, manufacturing, transportation, media and entertainment, retail, and others. Of all these industries, IT & telecom, and retail are two major industry accounted for a foremost share of the employment screening service market in 2019, owing to a large number of employee strengths and high adoption of major technology.
Employment Screening Service Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
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Forecast Period |
By 2030 |
|
Market Size in 2022 |
$4.9 Billion |
|
Revenue Forecast in 2030 |
$6.8 Billion |
|
Growth Rate |
CAGR 5.1% |
|
Segments Covered in the Report |
By Service, By Industry |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
Big Data, Artificial Intelligence, and other emerging technology introduced in the employment screening service market will make the process more regulated and centralized. This trend will be seen during the forecast period.
The market for employment screening services has been growing steadily over the years, driven by factors such as increased regulatory requirements, rising concerns about workplace safety, and the need for a reliable and trustworthy workforce. Additionally, the growing globalization of businesses has increased the demand for screening services to assess candidates from different regions.
Growth Drivers
High living standards, growing job opportunities, and access to modern amenities and services are the few major factors that have contributed in the migration of rural population to the urban areas around the globe. Developing economies are witnessing a sturdy rise in disposable incomes by consumers. Also, due to growing urbanization, there is a significant increase in number of jobs in the urban areas, and proportionally the number of applicants applying for a job has also increased. All the above factors are driving the employment screening service market.
Increasing emphasis on regulatory compliance: With the implementation of various employment laws and regulations, companies are required to ensure that they hire employees who meet certain criteria. Employment screening services help organizations comply with these regulations, such as ensuring a safe workplace, protecting sensitive information, and adhering to industry-specific standards.
Growing concern for workplace safety and security: As workplace violence and security threats continue to be a concern, companies are becoming more proactive in ensuring the safety of their employees. Background checks and screenings are an essential part of the risk management process, helping to identify potential risks and protect the workforce.
Demand for a reliable and qualified workforce: Businesses strive to hire qualified and trustworthy individuals who can contribute to their success. Employment screening services provide employers with a comprehensive view of an applicant's background, helping them make informed hiring decisions and reduce the risk of hiring unsuitable candidates.
Technological advancements: The availability of advanced technologies, such as artificial intelligence (AI) and machine learning, has enhanced the efficiency and accuracy of employment screening services. Automated processes, data analytics, and integration with online platforms have streamlined the screening process, making it more convenient for employers.
Challenges
No strict regulations are laid by the government or concerned authorities in some of the countries and small companies’ negligence towards full fledge employment screening are factors restraining to the market.
Geographic Overview
Geographically, North America is the largest employment screening service market with companies with worldwide existence often seeking to harmonize their hiring policies across different authorities although contemplating the various regulations and restrictions around employee scrutinizing can be challenging. Thus, these companies are utilizing employment screening services to ensure efficient hiring.
However, APAC is the fastest growing region, and a large number of companies gradually moving towards employment screening service over traditional background check approach.
Competitive Insight
Key players in the employment screening service market is fragmented and operate in an extremely competitive marketplace. As leading companies in this market continue to broaden its addressable market, by expanding their current product portfolio, diversifying its client base, and developing new applications and markets, all the prominent players face an increasing level of competition, both from start-ups as well the leading global technology and industrial companies in the world.
Merger & acquisition is one of the noteworthy market trends to grow and survive in this market, with some of the major companies becoming leaders in this market by pursuing an acquisition strategy. Various companies in the value chain are acquiring other players in the market to maintain their position in market and provide efficient solutions to their customers. Major manufacturers of Employment Screening Services technology are based in North America, mainly US. However, the market is penetrating at a high growth rate in APAC and Europe region.
Some of the key players operating in the employment screening service market are Pinkerton Corporate Risk Management, HireRight, LLC, A-Check America, Inc., Verity Screening Solutions LLC, Capita plc, Triton, DataFlow Group, Sterling Talent Solutions, First Advantage, Accurate Background, AuthBridge, Insperity and GoodHire.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
The Employment Screening Service Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
- By Service
- Criminal Background Check
- Identity Check
- Verification
- Medical & Drug Testing
- Electronic Auditing
- Others
- By Industry
- Energy & Utilities
- Financial Services
- Government & Education
- Healthcare
- Hospitality
- IT & Telecom
- Manufacturing
- Transportation
- Media and Entertainment
- Retail
- Others
- By Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Employment Screening Service Market