According to a recent report published by Allied Market Research, titled, "Employment Screening Services Market by Service and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global employment screening services market was valued at $4.06 billion in 2018, and is projected to reach $7.64 billion by 2026, growing at a CAGR of 8.3 % from 2019 to 2026.
Employment screening refers to a process where the employer verifies the behavior as well as screens candidates for drugs. The main purpose of employment screening is to eliminate the need to interview large number of unsuitable candidate and increase the effectiveness of the employment process. The growth of the employment screening services market is expected to be supplemented by increase in availability and accessibility of employment screening services in developed as well as developing economies, advantages of employment screening services, and enhanced regulatory compliance associated with these services. Furthermore, growth of startup organizations globally along with untapped potential of emerging markets provides promising future prospects to the key players for employment screening services market growth. However, risks associated with the safeguarding and disposal of information collected during the hiring process are expected to impede the employment screening services market trends.
By service, the global employment screening services market was led by the criminal background checks segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of criminal background checks in employment screening service market include rise in adoption of criminal background check services in various industry vertical for checking the background of the individual. However, the education & employment screening services is expected to grow at a highest rate during the forecast period, owing to rapid adoption of these services by various industries to provide detailed information about the candidate’s previous education & employment background.
Region wise, the employment screening services market was dominated by North America in 2018 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include rise in adoption of this services by various industries for verifying the background of the international candidate and to choose an efficient candidate for the job. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to increase in accessibility and availability of these services and rise in availability of surplus human resources, jobs, and employment in this region.
KEY FINDINGS OF THE STUDY
- On the basis of service, the criminal background checks segment led the employment screening services market size in terms of revenue in 2018.
- By application, the banking & financial segment accounted for the highest employment screening services market share in 2018.
- Region wise, North America generated the highest revenue in 2018.
The key players profiled in the employment screening services market analysis are Insperity, ADP LLC, Experian, First Advantage, HireRight LLC, Capita PLC, REED, Paychex, Inc., CareerBuilder LLC., and Paycor, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the employment screening services industry.