Employment Screening Services Market Current Trends, Future Growth Study and Strategic Assessment
- ehteshampeerzade
- Sep 9, 2020
- 3 min read
Market Highlights
Employment screening has become a crucial step in the recruitment process by any organization. With the advancement in technologies, the services have gained much popularity in recent years. In the latest report offered by Market Research Future (MRFR), the global employment screening services market is anticipated to earn revenues worth USD 4 Bn by 2023. The study highlights that the market is set to register 8% CAGR across the evaluation period 2017 to 2023.
Increasing burden of fraudulent activities and data theft is likely to primarily drive the growth of the employment screening services market over the next couple of years. In addition, key players are anticipated to invest in technological advancements. This, in turn, is projected to catalyze market expansion in the foreseeable future.
Various countries have their own set of rules pertaining to employee verification or background verification. This a significant factor which is spurring the growth of the employment screening services market. Growing incidences of illegal activities and money laundering in organizations has further prompted the use of employment screening services. Rise in number of immigrants who are increasingly migrating to different destinations for better job opportunities has added to the growth of the market. Immigrants pose the maximum amount of threat to any organizations and even to countries which necessitate employment screening. Moreover, concerns related to confidential data theft has also impacted the market growth considerably. Besides, growing number of start-ups providing employment screening services are likely to catapult the growth of the market over the forecast period.
Segmentation
On the basis of service type, the employment screening services market has been segmented into criminal background check services, credit history checks, education, and employment verification services, drug & health screening, and others.
By end-user, the employment screening services market is segmented into banking and financial services institute, government, information technology, industrial, and others.
Regional Analysis
The geographical study of the global employment screening services market is covered on a regional as well as a country-level basis. The regions identified in this report are - North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America is currently assessed to hold the largest share of the global market and is likely to retain it through the assessment period. It is also estimated to thrive at the highest CAGR over the next couple of years. Increasing adoption of technology across the industry domains is expected to boost the growth rate of the employment screening services market in the years to come. Also, rising cases of frauds and data theft are likely to increase the demand for employment screening services in the region in the nearby future. The U.S. and Canada are expected to play major roles in the development of the regional employment screening services market across the evaluation period. Europe is also anticipated to witness a steady growth in the upcoming years. The early adoption of advanced screening software in the region is projected to motivate the growth trajectory in the nearby future.
Competitive Landscape
The notable players in the employment screening services industry include HireRight, Inc (U.S.), Automatic Data Processing, Inc (U.S.), Insperity, Inc (U.S.), First Advantage Corporation (U.S.), Capita plc (U.K), Reed (U.K), CareerBuilder (U.S.), Paycor, Inc (U.S.), Paychex, Inc (U.S.), Employment Screening Services, Inc (U.S.), and Experian plc (Ireland).
Other prominent market players include Insperity, Inc (U.S.), Pinkerton Corporate Risk Management (U.S.), DataFlow Group (UAE), Lowers Risk Group (U.S.), Sterling Talent Solutions (U.S.), GoodHire (U.S.), Verity Screening Solutions LLC (U.S.), A-Check America, Inc. (U.S.), AuthBridge (India), and Accurate Background, LLC (U.S.).
Industry Updates
May 2019 - Sterling, a leading service provider of background and identity services, announced the relaunch of Sterling Student, it's screening solution which allows universities run background checks on students seeking employment, admission, or internships related to safety-sensitive positions and fields.
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