Employment Screening Services Market Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2027

 

Market Highlights

Employee screening services are agencies used by large, medium, and small companies for hiring efficient and productive employees. The solutions range from criminal history to drug screening and social media history. The global employee screening services market report by Market Research Future (MRFR) takes a holistic outlook of the industry by keeping an eye on growth enablers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report as well.

Employment screening has become a crucial step in the recruitment process by any organization. With the advancement in technologies, the services have gained much popularity in recent years. In the latest report offered by Market Research Future (MRFR), the global employment screening services market is anticipated to earn revenues worth USD 4 Bn by 2023. The study highlights that the market is set to register 8% CAGR across the evaluation period 2017 to 2023.

In certain regions, employment screening has been mandated by the governments. It has unleashed developmental opportunities to be capitalized over the years. The employment screening services market is also likely to witness an influx of market players, which is poised to contribute to market development in the years to come.

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Segmentation:

The recruitment screening services market has been segmented into service type and end user. Based on the service type, the market has been segmented into credit history checks, criminal background check services, education and employment verification services, and drug & health screening. Among these services, the criminal background check service is expected to dominate the market by the end of the forecast period. On the contrary, the education and employment verification segment is estimated to witness the fastest growth with a CAGR of 9.2% during the forecast period.

On the basis of end user, the market has been segmented into industrial, BFSI, government, and information technology. Out of these end users, the BFSI segment dominated the market in 2018 and is estimated to reach a value of USD 1,517.6 million by the end of the forecast period. The information technology segment is expected to witness the fastest growth with a CAGR of 8.9% during the forecast period. This can be attributed to the need of background checks of employees for weeding out fraudsters and scammers.

Regional Analysis:

The geographical study of the global employment screening services market is covered on a regional as well as a country-level basis. The regions identified in this report are - North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America is currently assessed to hold the largest share of the global market and is likely to retain it through the assessment period. It is also estimated to thrive at the highest CAGR over the next couple of years. Increasing adoption of technology across the industry domains is expected to boost the growth rate of the employment screening services market in the years to come. Also, rising cases of frauds and data theft are likely to increase the demand for employment screening services in the region in the nearby future. The U.S. and Canada are expected to play major roles in the development of the regional employment screening services market across the evaluation period. Europe is also anticipated to witness a steady growth in the upcoming years. The early adoption of advanced screening software in the region is projected to motivate the growth trajectory in the nearby future.

Competitive Dashboard:

Employment Screening Services, Inc (U.S.), Capita plc (U.K), Automatic Data Processing, Inc (U.S.), CareerBuilder (U.S.), First Advantage Corporation (U.S.), Experian plc (Ireland), HireRight, Inc (U.S.), Insperity, Inc (U.S.), Paychex, Inc (U.S.), Paycor, Inc (U.S.), Reed (U.K), are the important participants of the global employment screening services market. Some of the other key players assessed in the share analysis included in this MRFR report are Accurate Background, LLC (U.S.), A-Check America, Inc. (U.S.), AuthBridge (India), DataFlow Group (UAE), Sterling Talent Solutions (U.S.), Pinkerton Corporate Risk Management (U.S.), Verity Screening Solutions LLC (U.S.), Insperity, Inc (U.S.), GoodHire (U.S.), and Lowers Risk Group (U.S.).

Technological innovations are being emphasized on by the market players to stay ahead of the curve. In addition, rising investments in research & development are expected to boost competitiveness among the competitors in the years to come. Regional expansion is another major area of focus that is poised to encourage healthy competition among the key players over the next couple of years. The entry of new players is prognosticated in the upcoming years. Other growth approaches that can be witnessed in the foreseeable future are mergers & acquisitions, collaborations, partnerships, etc.

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List of Tables

Table1 Global Employment Screening Services Market, By Country, 2018-2023

Table2 North America: Employment Screening Services Market, By Country, 2018–2023

Table3 Europe: Employment Screening Services Market, By Country, 2018–2023

Table4 Asia-Pacific: Employment Screening Services Market, By Country, 2018–2023

Table5 Latin America: Employment Screening Services Market, By Country, 2018–2023

Table6 North America: Employment Screening Services Market, By Country

Table7 North America: Employment Screening Services Market, By Application

Table8 North America: Employment Screening Services Market, By Type

Table9 North America: Employment Screening Services Market, By Service

Table10 North America: Employment Screening Services Market, By Vertical

Table11 Europe: Employment Screening Services Market, By Country

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