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.
In certain regions, employment screening has been mandated by the governments. It has unleashed developmental opportunities to be capitalized over the years. The employment screening services market is also likely to witness an influx of market players, which is poised to contribute to market development in the years to come.
The segments of the global employment screening services market share, based on service type, are criminal background check services, credit history checks, drug & health screening, education, and employment verification services, and others.
The end-user segments of the employment screening services market include government, information technology, banking, and financial services institute, industrial, and others.
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.
Employment Screening Services, Inc (U.S.), Capita plc (U.K), Automatic Data Processing, Inc (U.S.), CareerBuilder (U.S.), First Advantage Corporation (U.S.), Experian plc (Ireland), HireRight, Inc (U.S.), Insperity, Inc (U.S.), Paychex, Inc (U.S.), Paycor, Inc (U.S.), Reed (U.K), are the important participants of the global employment screening services market. Some of the other key players assessed in the share analysis included in this MRFR report are Accurate Background, LLC (U.S.), A-Check America, Inc. (U.S.), AuthBridge (India), DataFlow Group (UAE), Sterling Talent Solutions (U.S.), Pinkerton Corporate Risk Management (U.S.), Verity Screening Solutions LLC (U.S.), Insperity, Inc (U.S.), GoodHire (U.S.), and Lowers Risk Group (U.S.).
Technological innovations are being emphasized on by the market players to stay ahead of the curve. In addition, rising investments in research & development are expected to boost competitiveness among the competitors in the years to come. Regional expansion is another major area of focus that is poised to encourage healthy competition among the key players over the next couple of years. The entry of new players is prognosticated in the upcoming years. Other growth approaches that can be witnessed in the foreseeable future are mergers & acquisitions, collaborations, partnerships, etc.