According to the latest report published by Variant Market Research, the Global Employment Screening Services Marketsize is projected to reach $6,395 Million by 2025 from $3,422 Million in 2017. In this report, the global employment screening services market forecast says that the global market is growing at a CAGR of 8.1% from 2017 to 2025.
“Employment Screening Services Market (By Service: Credit History Check, Drug and Health Screening, Criminal Background Checks, Education & Employment Verification, and Other Services; By Application: Government Agencies, Banking & Financial Sector, Information Technology, and Other Applications; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025”
The global employment screening services market is mainly driven by advantages associated with employment screening
The primary factors driving the growth of the global employment screening services market include skilled workforce, advantages associated with employment screening, and improved regulatory agreement with respect to employment. However, technological risks linked with the employment screening data may hinder the market growth. Moreover, increased setup of start-up organizations, untouched potential of emerging markets is likely to generate numerous growth opportunities for the market in the coming years.
Service, application, and geography are the segments considered in the global employment screening services market. The service segment is sub-segmented into credit history checks, drug and health screening, education & employment verification, criminal background checks, and other services. On the basis of application segment, the bifurcation is given as government agencies, banking & financial sector, information technology and other applications.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Spain, Italy and Rest of Europe are analyzed under the European market. China, Japan, India, Australia, South Korea and Rest of Asia-Pacific are included under the Asia-Pacific market. While, RoW is bifurcated into South America, Middle East, and Africa.
Criminal background checks, by service dominated the market with major share in 2017
On the basis of service, the criminal background check occupied the majority of the share in the year 2017, and is expected to continue its trend over the forecast period 2017 – 2025. The high growth is attributed to the security reason, and safety of the employees. However, education and employment verification is expected to attain the fastest growth with respect to CAGR.
Banking & financial sector contributed for the largest market share in the application segment
In the application segment, banking & financial sector dominated the major share in the year 2017, and is projected to continue its dominance throughout the forecast period. The market for this segment is growing as the continuous background checks and employment screening are in high demand in the post financial crisis background.
North America led the global employment screening services market with principal share
In the year 2017, North America generated the highest revenue as the employers across U.S. consider background checking as an integral part of their recruitment process. However, Asia-Pacific, is expected to attain the fastest CAGR over the forecast period driven by factors such as rise in availability of additional human resources, jobs, and employment, and rise in availability and accessibility in the region.
Key players operating in the market include Paychex Inc., Insperity, HireRight, LLC, Paycor, Inc., CareerBuilder, LLC, Experian PLC, ADP, LLC, First Advantage, Capita plc, and REED among others.