Market Highlights
According to Market Research Future (MRFR), the global employment screening services market valuation is poised to reach USD 4,914.6 MN by 2025, growing at 7.8% CAGR during the review period (2019–2025). Increasing numbers of start-ups and small and medium enterprises boost the growth of the market, creating substantial market demand. Also, the benefits that employment screening services offer, such as reduced risks associated with the selection of fraudulent employees, push the growth of the market.
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.
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Segmentation
The report is segmented into three dynamics;
By Services : Criminal Background Check Services, Education & Employment Verification Services, Credit History Checks, Drug & Health Screening, and others.
By End User : BFSI, Government, Information Technology, Industrial, and others.
By Regions : North America, Europe, APAC, and Rest-of-the-World.
Regional Analysis
By region, the employment screening services market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The employment screening services market is majorly dominated by North America and is anticipated to expand at the highest rate over the forecast period. The region, especially the US, experiences a high inflow of immigrants who either come for jobs or higher studies. Moreover, the region boasts of one of the largest IT sectors of the world which results in increased demand for screening services. Strict rules and regulations in developed countries such as the US and Canada also act in favor of the market. In the US, the FCRA (Fair Credit Reporting Act) regulates the use of consumer reports holding the records of citizens. In addition, the presence of various key players in the region and highly supportive government policies are factors motivating the growth of the market.
Europe accounts for the second largest share of the market. The presence of banking and financial companies in the region, and growing IT industry in the region are propelling the growth of the market.
The APAC employment screening services market is set to showcase the highest growth rate over the forecast period. initiatives undertaken by the governments in the region to improve workplace safety and security has induced high demand within the market. Moreover, intensifying digitization in the region is prompting enterprises to transform the work process which too is a key factor in shaping the growth of the APAC market.
Competitive Landscape
The notable players in the employment screening services market 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.