IMARC Group, a leading market research company, has recently releases report titled “Employment Screening Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global employment screening services market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the employment screening services market?
The global employment screening services market size reached US$ 5.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.25% during 2023-2028.
What is employment screening services?
Employment screening services refer to the process of examining a candidate during the recruitment process that assist employers to verify the individual’s background information. These services are conducted to investigate the criminal, driving, credit, educational records, behavior assessments, and other pertinent information of job applicants in an attempt to safeguard the organization from fraudulent activities or security breaches in the future.
Additionally, pre-employment screening also aids in improving the overall effectiveness of the hiring process by streamlining various tasks. As a result, these solutions are widely adopted by various companies across the IT and banking sectors to eliminate unsuitable candidates in a precise manner.
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What are the growth prospects and trends in the employment screening services industry?
The global market is majorly driven by the increasing need for time-efficient selection systems across the corporate segment. With the rising number of job applicants, numerous companies are preferring the adoption of employment screening services to recruit new employees to improve the overall hiring process in a time-efficient manner.
Since these services verify the details mentioned in the resume accurately, this aids in reducing the chances of workplace thefts, abuse, and violence. Moreover, the growing emphasis on enhanced labor quality and increased regulatory compliance are also providing an impetus to the market growth.
Furthermore, there has been a considerable rise in the number of startups across the globe, which is anticipated to create a positive outlook for the market. The market is also driven by continual advancements in big data technology that is expected to provide a boost to the demand for big data applications in the personnel screening industry.
Some of the other factors contributing to the market growth include the rising adoption of employment screening services in the medical sector and the extensive research and development (R&D) conducted by key players. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.25% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service:
- Criminal Background Checks
- Education and Employment Verification
- Credit History Checks
- Drug and Health Screening
Breakup by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Application:
- IT & Technology and Media
- Financial Services
- Travel and Hospitality
- Government and Education
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- A-Check America Inc
- ADP Inc.
- Capita PLC
- CareerBuilder LLC
- Experian plc
- First Advantage
- HireRight LLC
- Paychex Inc.
- Paycor Inc.
- REED and Sterling.
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