Employee screening services are agencies used by large, medium, and small companies for hiring efficient and productive employees. The solutions range from criminal history to drug screening and social media history. The global employee screening services market report by Market Research Future (MRFR) takes a holistic outlook of the industry by keeping an eye on growth enablers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report as well.
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.
The major drivers of the market are large number of startups and companies investing in developing companies and the surge of illegal activities pertaining to data theft. The background checks on employee history as well as their conduct in organizations are vital in maintaining employee discipline and organization environment. The capacity of screening services for following up on new hires for ensuring the safety of the organization can bode well for the market. Rise in urbanization and development of IT parks and office spaces will provide growth opportunities for the global employment screening services market. Automation of databases for doing repetitive tasks and expediting the process can bode well for the market.
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The recruitment screening services market has been segmented into service type and end user. Based on the service type, the market has been segmented into credit history checks, criminal background check services, education and employment verification services, and drug & health screening. Among these services, the criminal background check service is expected to dominate the market by the end of the forecast period. On the contrary, the education and employment verification segment is estimated to witness the fastest growth with a CAGR of 9.2% during the forecast period.
On the basis of end user, the market has been segmented into industrial, BFSI, government, and information technology. Out of these end users, the BFSI segment dominated the market in 2018 and is estimated to reach a value of USD 1,517.6 million by the end of the forecast period. The information technology segment is expected to witness the fastest growth with a CAGR of 8.9% during the forecast period. This can be attributed to the need of background checks of employees for weeding out fraudsters and scammers.
North America dominates the global for the employment screening services market. The largest market share attributes to the rising demand for employment screening services and increasing numbers of enterprises and corporate sectors. The early adoption of advanced technologies and cloud-based services substantiate the growth of the regional market.
Besides, leading innovations and technological advances in HRM solutions drive regional market growth. Moreover, high investments in research and developments and high economic growth are the major factors foster regional market growth. The North American employment screening services market is poised to retain its dominance throughout the forecast period.
The employment screening services market in the Asia Pacific region is emerging as the fastest-growing space globally. Factors such as the growing government initiatives supporting digitalization and the increasing adoption of cloud-based services in the region boost market growth. Emerging economies like India, China, and South Korea lead the regional market. The APAC employment screening services market is expected to grow significantly during the forecast period.
First Advantage Corporation, Capita PLC, BackgroundReport.com, Employment Screening Services, Inc., CareerBuilder Employment Screening, LLC, Experian Plc., HireRight, Inc., Sterling, InfoMart, Inc., Paychex, Inc., Peopletrail, Sentinel Background Checks, Employment Background Investigations, Inc, Insperity, Inc., Accurate Now, GoodHire, Automatic Data Processing, Inc., and Paycor, Inc. are key players of the global employment screening services market.
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Employment Screening Services Market Research Report: By Services (Criminal Background Check Services, Education and Employment Verification Services, Credit History Checks, Drug & Health Screening), End User (BFSI, Government, Information Technology, and Industrial) and Region (North America, South America, Europe, Asia- Pacific, and Middle East and Africa) – Forecast till 2025