A lead analyst at AMR highlighted that the employment screening services market across Asia-Pacific is expected to cite the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the employment screening services market. The findings of the report state that the global market for employment screening services generated $4.95 billion in 2020, and is projected to reach $9.92 billion by 2028, witnessing a CAGR of 9.2% from 2021 to 2028. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on the drivers, restraints, and opportunities to help the market players devise several growth strategies. The rise in focus on enhanced quality of workforce and improved regulatory compliance propel the growth of the global employment screening services market. On the other hand, an increase in technology risks and several discrimination concerns impede growth to some extent. However, developing economies are expected to create lucrative opportunities in the coming years.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the employment screening services market globally. The demand from industries such as IT & telecom and transportation among others had degenerated significantly, owing to suspended operations in these sectors, especially during the initial phase of the pandemic. Simultaneously, the industry had witnessed greater demand for health screening and background screening from the retail and healthcare sectors.
“Though companies are facing challenges for huge costs & the length of time to get the results of the candidate, organizations are conducting at least one type of background screening by having a mandatory documented policy for background screening procedures,” said Research Analyst, BFSI at Allied Market Research.
The report offers detailed segmentation of the global employment screening services market based on service, application, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
By service, the criminal background checks segment contributed to the highest share in 2020, accounting for nearly one-third of the global market, and is estimated to maintain the lion’s share in terms of revenue during the forecast period. Simultaneously, the education and employment verification segment is expected to showcase the fastest CAGR of 10.6% from 2021 to 2028.
By financial services, the operating lease segment contributed to the highest share, holding around one-fourth of the global market in 2020. Nevertheless, the healthcare segment is estimated to cite the fastest CAGR of 12.7% from 2021 to 2028.
By region, North America accounted for the major market share in terms of revenue in 2020, accounting for more than two-fifths of the global employment screening services market. However, Asia-Pacific is projected to manifest the fastest CAGR of 11.4% throughout the forecast period.
The leading market players analyzed in the global employment screening services market report include ADP LLC, Capita PLC, CareerBuilder LLC, Experian, First Advantage, HireRight LLC, Insperity, Paychex, Inc., Paycor, Inc., REED, and Sterling.
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