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2021
Candidate Skills Assessment Market

Candidate Skills Assessment Market

by Component (Software and Services), Deployment Model (On-premise and Cloud), Product Type (Aptitude/Psychometric Test, Personality Test, Coding Tests, and Others), and End User (Corporate, and Education): Global Opportunity Analysis and Industry Forecast, 2020-2030
Update Available On-Demand

Report Code: A14269
Pages: 286
Oct 2021 | 3588 Views
Author(s) : Pramod B, Monica C , Vineet K
Tables: 138
Charts: 52
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Candidate Skills Assessment Market Statistics: 2030

The global candidate skills assessment market size was valued at $1.93 billion in 2020, and is projected to reach $5.64 billion by 2030, registering a CAGR of 11.6% from 2021 to 2030.Candidate skills assessment test is often used by employers to evaluate skills and knowledge of candidates who apply for jobs. In addition, candidate skills assessment is sometimes also called pre-employment, pre-hiring, or candidate assessment tests. Furthermore, candidate skills assessment is one of the best ways to determine whether a candidate is a good match for a job position. In addition, by using skill assessment test, employers can determine cultural fit such as good communication skills and other interpersonal skills other than technical. For instance, according to a survey, 73% of professionals have left a job due to poor natural fit.

TThe COVID pandemic has been highly beneficial to the candidate skill assessment industry as more companies are willing adopt virtual recruiting technologies to attract talents form remote areas and focus on diversity, equity and inclusion. In addition, many recruiters are willing to take the opportunity to add new skills, adapt as needed and show their value to the organization. Furthermore, advances in technology and the widespread availability of broadband access have made it possible for most organizations to ensure business continuity and to carry out recruitment tests from anywhere in the world.

Rise in need for efficiency and transparency in hiring process and surge in adoption of pre-employment screening test positively impacts growth of the market. In addition, increase in internet users boost growth of the market across the globe. However, factors such as lack of security standards and high cost limit growth of the market. On the contrary, technological advancements in pre-employment assessment services is expected to offer remunerative opportunities for expansion of the candidate skills assessment market during the forecast period.

Candidate-Skills-Assessment-Market,-2021-2030

By component, the software segment is expected to garner a significant share during the forecast period to manage massive volume of data generated for meaningful insights and better-informed decisions. Moreover, companies majorly focus on creating novel opportunities for growth and revenue generation, which increases preference for skill assessment. However, the service segment is expected to witness growth at the highest rate during the forecast period, owing to rise in acceptance of assessment services and increasing interest toward this technology.

Region wise, the candidate skills assessment industry was dominated by North America in 2020, and is expected to witness highest growth rate during the forecast period, owing rise in competition between service providers in North America. In addition, key players are providing more security for data by ensuring quick access and greater outreach, which drives growth of the candidate skills assessment industry in this region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in use of skill assessment services and growth in number of recruitment positions.

The report focuses on growth prospects, restraints, and trends of the candidate skills assessment market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the candidate skills assessment market.

Segment review

The global candidate skill assessment market is segmented into component, deployment model, product type, end user and region. Depending on component, the market is segregated into software and services. Depending on deployment model, it is fragmented into on-premise, and cloud. On the basis of product type, it is categorized into aptitude/psychometric test, personality test, coding tests, and others. Depending on end user, the market is segregated corporate, and education. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Candidate Skills Assessment Market
By Component

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Software accounted for the largest market share in 2020.

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The key players profiled in the candidate skills assessment market growth are Athena Assessment Inc., Berke, Devskiller, eSkill, HackerRank, HireVue, iMocha, Kandio, Mercer Mettl Assessments, and The Predictive Index. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

COVID-19 impact analysis

The candidate skills assessment market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market witnessed a sudden decline in 2020. This is attributed to implementation of various skill enhancement campaigns by governments in majority of countries and businesses across the globe. The candidate skills assessment market size is projected to prosper in the COVID-19 situation, owing to increase in investments in skill assessment technology for better understanding of employees on an emotional and cultural scale. Moreover, to sustain in the competitive market, majority of companies have shifted toward digitalization to provide online services, helping employees to compare their skill levels, for choosing right options & offers. Due to COVID-19, the demand for candidate skills assessment software is increasing, coupled with rise in demand for skilled labor. In addition, government initiatives for elevating overall worker level positively impacts growth of the candidate skills assessment market.

Candidate Skills Assessment Market
By Deployment Model

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Cloud is projected as one of the most lucrative segments.

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Top impacting factors

Rise in need for efficiency and transparency in hiring process

The need for efficiency and transparency in hiring process is on the rise, owing to cultural trends and human behavior, making employees like transparent than non-transparent companies. In addition, organizations that provide applicants with visibility into hiring have a clear advantage over their competitors as 35% of well-informed candidates are less likely to be dissatisfied with their experience. Thus, helping businesses to attract and retain more talented workers. Furthermore, according to Glassdoor, 96% of job seekers say it is important to work for a company that embraces transparency as younger candidates are selective regarding work culture. Moreover, various countries have started to pave their way toward application process transparency by creating a new candidate experience platform. In addition, it helps improve morale and lowers job-related stress, especially during the COVID-19 pandemic, while increasing employee happiness and boosting performance. Therefore, all these factors are expected to boost growth of the candidate skills assessment market share.

Technological advancements in pre-employment assessment services

Advances in tech and AI open a wide range of assessment products available, making life easier for candidates as well as improving ability of human resources department to determine whether a candidate has required skills and culture fit necessary for a mutually beneficial employment relationship. In addition, vendors such as Jane AI, MapRecruit, and ThriveMap offer tools designed to help HRs determine whether candidates are right for the job via simulations and sentiment analysis designed to see how well candidates adapt to change and work with others. For instance, according to a study, emotional intelligence competencies consist of about 80% of essential competencies that correlate to successful performers in the workplace. Moreover, advancements in technology can help to measure how candidate thinks and reasonings behind their decisions, in turn unlocking emotional intelligence of the candidate. Thus, these are the major candidate skills assessment market trends that are expected to provide lucrative opportunity.

Candidate Skills Assessment Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific is projected as one of the most lucrative segments.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the candidate skills assessment market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global candidate skills assessment market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2020 to 2030 is provided to determine the market potential.

Candidate Skills Assessment Market Report Highlights

Aspects Details
By Component
  • Software
  • Service
By Deployment Model
  • On-premise
  • Cloud
By Product Type
  • Aptitude/Psychometric Test
  • Personality Test
  • Coding Tests
  • Others
By End User
  • Corporate
  • Education
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Athena Assessment Inc., Berke, Devskiller, eSkill, HackerRank, HireVue, iMocha, Kandio, Mercer Mettl Assessments, The Predictive Index.
 

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Candidate skill assessment helps address strengths and weaknesses of users making it easier for managers to provide support to make jobs of employees easier. This helps improve productivity and performance of team members, and add further value to companies. Furthermore, it also enables organizations to decrease HR costs associated with training, onboarding, recruitment, retainment, and appointment. In addition, online skill assessment tools are helping managers and HR professionals to quickly deliver tests to employees without any delay.

The candidate skill assessment industry is expected to present promising growth prospects throughout the forecast period, primarily owing to increase in adoption of multiple clouds, which are estimated to surge momentum for candidate skill assessment solutions. In addition, skill assessment providers are struggling to become one of the first providers of machine learning (ML) and Artificial Intelligence (AI) platforms through their offerings so that their customers can integrate advanced technologies into their app development pipelines, which further propels the market growth.

Furthermore, companies across the globe are adopting various innovative techniques such as product launch and partnership activities, to strengthen their business position in the competitive matrix. For instance, in September 2020, eSkill, a leading provider of pre-employment assessment, skills tests, and video interviewing software, launched an improved user interface that includes powerful new features, with a more intuitive client user experience. It also offers direct access to all areas of test center, streamlined test creation, an intuitive dashboard, simpler test management, enhanced candidate results management, and new report creation tools. Candidate skill assessment players focus on product development to increase their geographical presence, owing to increase in competition among local vendors, in terms of features, quality, and price. Thus, such developments across the globe drive growth of the market.

 

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