Employment Screening Services Market by Service and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028

Executive Summary

According to the report titled, 'Employment Screening Services Market by Service and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,' the global employment screening services market was valued at $4.06 billion in 2018 and is projected to reach $7.64 billion by 2026, growing at a CAGR of 8.3 % from 2019 to 2026.

Employment screening refers to a process where the employer verifies the behavior as well as screens candidates for drugs. The main purpose of employment screening is to eliminate the need to interview a large number of unsuitable candidates and increase the effectiveness of the employment process. The growth of the employment screening services market is expected to be supplemented by an increase in availability and accessibility of employment screening services in developed as well as developing economies, advantages of employment screening services, and enhanced regulatory compliance associated with these services. Furthermore, the growth of startup organizations globally along with the untapped potential of emerging markets provides promising future prospects to the key players for market growth. However, risks associated with the safeguarding and disposal of information collected during the hiring process are expected to impede the market growth.

By service, the global employment screening services market was led by the criminal background checks segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors that drive adoption of criminal background checks in the employment screening service market include a rise in the adoption of criminal background check services in various industry verticals for checking the background of the individual. However, the education & employment screening services are expected to grow at the highest rate during the forecast period, owing to the rapid adoption of these services by various industries to provide detailed information about the c candidate's previous education & employment background.

Region wise, the employment screening services market was dominated by North America in 2018 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include a rise in the adoption of these services by various industries for verifying the background of the international candidates and to choose an efficient candidate for the job. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to an increase in accessibility and availability of these services and a rise in availability of surplus human resources, jobs, and employment in this region.

According to Pramod Borasi, Research Analyst, ICT, “Government sector is expected to experience significant growth in the upcoming years, owing to high adoption of employment screening services in developed nations such as the U.S. and Canada, for verifying the background of immigrant candidates for various government jobs.”

KEY FINDINGS OF THE STUDY

• On the basis of service, the criminal background checks segment led the employment screening services market in terms of revenue in 2018.
• By application, the banking & financial segment accounted for the highest employment screening services market share in 2018.
• Region wise, North America generated the highest revenue in 2018.

The key players profiled in the employment screening services market analysis are Insperity, ADP LLC, Experian, First Advantage, HireRight LLC, Capita PLC, REED, Paychex, Inc., CareerBuilder LLC., and Paycor, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Companies Mentioned

• ADP LLC
• Capita PLC
• CareerBuilder LLC
• Experian
• First Advantage
• HireRight LLC
• Insperity
• Paychex Inc.
• Paycor Inc.
• REED
• Sterling

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.