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2021
Employment Screening Services Market

Employment Screening Services Market

by Service (Criminal Background Checks, Education & Employment Verification, Credit History Checks, Drug & Health Screening, and Others) and Application (Healthcare, IT/Technology/Media, Financial Services, Staffing, Retail, Industrial, Travel/Hospitality, Government/ Education, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028

Report Code: A04204
Pages: 170
May 2021 | 27073 Views
Author(s) : Aarti G, Pramod B , Vineet K
Tables: 112
Charts: 39
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Employment Screening Services Market Outlook 2028

The global employment screening services market was valued at $4.95 billion in 2020, and is projected to reach $9.92 billion by 2028, growing at a CAGR of 9.2% from 2021 to 2028. Employment screening services help in identifying the authenticity of a candidate for the security of the organization and to safeguard the organization from fraudulent candidates. Numerous benefits provided by the employment screening services include reduced workforce violence, protect negligent hiring, and meet the regulatory, insurance, and customer requirements of the organization. 

Employment screening services help to discover counterfeit and misrepresented information early and inhibit future risks and elevated hiring costs. Moreover, workplace risks such as thefts, abuse, criminal activity, and workplace violence, can be potentially reduced to a great extent by adoption of employment screening services. In addition, growing focus on enhanced quality of workforce and improved regulatory compliance are some of the major factors that propel the employment screening services market growth. However, growing technology risks and discrimination concerns are some of the factors that limit the market growth. Furthermore, developing economies offer significant opportunities for employment screening services to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. This is attributed to developing economies such as India and China, are highly populated & therefore, possess high prospects of employment, which is further expected to provide lucrative opportunities to the employment screening services market in the coming years.

Employment-Screening-Services-Market-2021-2028

The report focuses on growth prospects, restraints, and trends of the employment screening services market analysis. The study provides Porter’s five forces analysis to understand the 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 employment screening services market.

Segment review

The employment screening services market is segmented on the basis of service, application, and region. By service, it is segregated into criminal background checks, education & employment verification, credit history checks, drug & health screening, and others. By application, it is segmented into healthcare, IT/technology/media, financial services, staffing, retail, industrial, travel/hospitality, government/ education, transportation, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The report analyses the profiles of key players operating in the employment screening services market such as ADP LLC, Capita PLC, CareerBuilder LLC, Experian, First Advantage, HireRight LLC, Insperity, Paychex, Inc., Paycor, Inc., REED, and Sterling. These players have adopted various strategies to increase their market penetration and strengthen their position in the employment screening services industry.  

COVID-19 impact analysis

The COVID-19 pandemic has affected employment screening in several industry verticals such as IT & telecom, transportation, industrial, and among others, due to stringent implementation of the lockdown policies across the globe. However, healthcare & retail sectors which involves heavy workforce and have been in operation throughout the pandemic has increased the background screening & health screening for their employees. 

Employment Screening Services Market
By Coverage

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Criminal Background Checks accounted for the highest market share in 2020

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Top impacting factors

Improved regulatory compliance

During each step of employment screening, an employment screening provider helps with implementation of a compliant screening program. A provider with in-house, efficient compliance expertise, and intelligent built-in compliance tools can aid an organization to meet industry standards and state and federal requirements, which can differ from state-to-state and by job position, thereby creating added complexity for employers. With stringent regulations for employment screening, e.g., Fair Credit Reporting Act in the U.S., the HR professionals are expected to be aware about potential compliance challenges, especially during the employment screening procedures. An institute or organization could face possibly fine, legal damages, and loss of privilege without an efficient employment screening program.   

Discrimination concerns

An increasing number of cities and states, especially in the U.S., limit employers to enquire into criminal records and convictions. They also restrict employers to use other employment screening services, such as credit history, to evaluate candidates. Discrimination concerns are also associated with the adoption of employment screening services, for instance, if a particular credit history would disqualify an applicant, it must disqualify applicants of all races. Furthermore, employers are also expected to be careful to circumvent any use of background reports that may result in rejecting or hiring any class of employees based on gender, race, and other protected categories. 

Employment Screening Services Market
By Region

2028
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 11.4% during 2021-2028

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Key benefits for stakeholders 

  • The study provides in-depth analysis of the global employment screening services market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the global employment screening services market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the employment screening services market.
  • An extensive analysis of the key segments of the industry helps to understand the global employment screening services market trends.
  • The quantitative analysis of the global employment screening services market size from 2021 to 2028 is provided to determine the market potential.

Employment Screening Services Market Report Highlights

Aspects Details
BY SERVICE
  • Criminal Background Checks
  • Education & Employment Verification
  • Credit History Checks
  • Drug & Health Screening
  • Others services
BY APPLICATION
  • HEALTHCARE
  • IT/TECHNOLOGY/MEDIA
  • FINANCIAL SERVICES
  • STAFFING
  • RETAIL
  • INDUSTRIAL
  • TRAVEL/HOSPITALITY
  • GOVERNMENT/EDUCATION
  • TRANSPORTATION
  • OTHERS
BY REGION
  • NORTH AMERICA  (US, CANADA, Mexico)
  • EUROPE  (UK, GERMANY, FRANCE, ITALY, SPAIN, REST OF EUROPE)
  • ASIA-PACIFIC  (CHINA, INDIA, JAPAN, SOUTH KOREA, AUSTRALIA, TAIWAN, REST OF ASIA-PACIFIC)
  • LAMEA  (BRAZIL, SAUDI ARABIA, SOUTH AFRICA, REST OF LAMEA)
Key Market Players ADP LLC, CAPITA PLC, CAREERBUILDER LLC, EXPERIAN, FIRST ADVANTAGE, HIRERIGHT LLC, INSPERITY, PAYCHEX, INC, PAYCOR, INC, REED, STERLING
 

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An effective and simplified candidate experience for both remote & onsite applicants will continue to be a top priority for employers around the globe in 2021. Further, the adoption of employment screening services has increased over time to boost the decision-making capability of the employer and to improve the hiring process of the organization. In addition, the popularity of employment screening services among the enterprises is accelerating owing to improved workplace safety and to reduce the hiring risk of incapable personnel. With an unprecedented COVID-19 pandemic situation, 147 million people became unemployed, leading to global loss of an estimated $3.8 trillion, including job losses of 147 million full-time positions, as well as a loss of $2.1 trillion in wages and salaries. 

Moreover, in 2020, a survey conducted by the Professional Background Screening Association (PBSA) projected that in several organizations, 12% are conducting background checks annually or more frequently, compared to 9% in 2019. In addition, with the unique workforce landscape in 2021, ongoing screening will accelerate agility & enhanced safety for remote, onsite and contingent workers. As a result, these are becoming major trends in the market. 

North America is expected to dominate the market during the forecast period, owing to increased adoption and availability of these services in the U.S., followed by Europe and Asia-Pacific. In addition, employment screening service providers have focused on expanding their presence in the emerging economies, which is estimated to drive the market growth. Some of the key players profiled in the report include ADP LLC, Capita PLC, CareerBuilder LLC, Experian, First Advantage, HireRight LLC, Insperity, Paychex, Inc., Paycor, Inc., REED, and Sterling. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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