Wilmington, Delaware, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Employment Screening Services Market by Services (Education and Employment Verification, Criminal Background Checks, Credit History Checks, Drug and Health Screening, and Others), Application (Healthcare, IT/Technology/Media, Financial Services, Staffing, Retail, Industrial, Travel/Hospitality, Government/Education, Transportation, and Others), and Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprise): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "employment screening services market" was valued at $6.6 billion in 2023, and is estimated to reach $19.6 billion by 2033, growing at a CAGR of 11.2% from 2024 to 2033.
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Prime Determinants of Growth
Rise in remote and hybrid work models and rise in demand for continuous monitoring in employment screening services are the factors expected to propel the growth of the global employment screening services market. However, the data privacy and security concerns and high cost of screening services is anticipated to hamper the growth of the global market. On the contrary, adoption of blockchain technology is likely to create lucrative opportunities for the growth of the global market.
Report Coverage & Details:
| Report Coverage | Details | |
| Forecast Period | 2024–2033 | |
| Base Year | 2023 | |
| Market Size in 2023 | $6.6 Billion | |
| Market Size in 2033 | $19.6 Billion | |
| CAGR | 11.2% | |
| Segments covered | Service, Application, Enterprise Size, and Region | |
| Drivers | Rise in Remote and Hybrid Work Models Rise in Demand for Continuous Monitoring in Employment Screening Services | |
| Opportunities | Adoption of Blockchain Technology | |
| Restraints | Data Privacy and Security Concerns High Cost of Screening Services |
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Segment highlights
The education & employment verification segment to maintain its lead position during the forecast period
By service, the education & employment verification segment held the largest market share in 2023, accounting for nearly one-third of the employment screening services market revenue and is estimated to maintain its leadership status during the forecast period, owing to rise in demand for accurate and efficient candidate verification processes, driven by increase in hiring volumes and the need for organizations to ensure reliable background checks. However, the drug & health screening segment is expected to attain the largest CAGR of 14.4% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to increasing regulatory requirements, rise in awareness of workplace safety, and rise in demand for comprehensive health assessments.
The financial services segment accounted for the largest share in 2023
By application, the financial services segment accounted for the largest share in 2023, contributing for nearly one-fifth of the employment screening services market revenue, owing to stringent regulatory requirements, need for through background checks to ensure trust and integrity, and high sensitivity of financial transactions. However, the travel/hospitality segment is expected to attain the largest CAGR of 18.7% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to rise in demand for background checks, ensuring safety, and regulatory compliance in a high-turnover industry, thereby driving the growth of this segment in the global employment screening services market.
The large enterprise segment accounted for the largest share in 2023
By enterprise size, the large enterprise segment accounted for the largest share in 2023, contributing for more than two-thirds of the employment screening services market revenue, as large companies have more resources to invest in comprehensive screening processes, greater hiring volumes necessitating efficient screening services, and stricter compliance requirements. However, the small and medium-sized enterprise segment is expected to attain the largest CAGR of 13.5% from 2023 to 2033 and is projected to maintain its lead position during the forecast period, owing to rise in awareness of risk management, adoption of cost-effective digital screening solutions, stricter regulatory compliance requirements, and need to compete with larger firms for talent. SMEs are recognizing the importance of thorough background checks in mitigating hiring risks and protecting their businesses, which drives the segment growth.
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Asia-Pacific region to maintain its dominance by 2033
By region, the North America segment held the largest market share in terms of revenue in 2023, owing to strict regulatory compliance requirements, high awareness of risk management, and a culture of background checks. The region's advanced technological infrastructure, large corporate presence, and emphasis on workplace safety contribute to the widespread adoption of comprehensive screening services. However, the Asia-Pacific segment is projected to attain the highest CAGR of 14.5% from 2023 to 2033, owing to increasing foreign investments, stricter regulations, rise in awareness of risk management, and the region's expanding multinational corporate presence.
Leading Market Players: -
- Reed Specialist Recruitment Limited
- HireRight LLC
- Experian Information Solutions, Inc.
- Checkr.
- Insperity Services, L.P.
- ADP
- Sterling
- Triton
- Verifile
- Disclosure Services Limited, Kroll, LLC
- Neeyamo
- Baldor Technologies Private Limited
- AuthBridge Research Services Private Limited
- KPMG
- First Advantage.
The report provides a detailed analysis of these key players in the employment screening service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the employment screening services market analysis from 2023 to 2033 to identify the prevailing employment screening services market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the employment screening services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global employment screening services market trends, key players, market segments, application areas, and market growth strategies.
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Employment Screening Services Market Key Segments:
By Services
- Criminal Background Checks
- Education and Employment Verification
- Credit History Checks
- Drug and Health Screening
- Others
By Application
- Healthcare
- IT/Technology/Media
- Financial Services
- Staffing
- Retail
- Industrial
- Travel/Hospitality
- Government/Education
- Transportation
- Others
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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