The Asia Pacific employment screening services market was valued at US$ 1.11 billion in 2022 and is expected to reach US$ 2.99 billion by 2030; it is estimated to record a CAGR of 13.1% from 2022 to 2030.
Further, big data benefits employers because the rapid accumulation of information about an applicant accelerates the hiring process by providing hiring managers with a more thorough picture of the candidate's various qualities, or lack thereof, early on. In business, faster is always preferable as long as accuracy can be guaranteed. Thus, big data plays a significant role in hiring the right candidates.
Big Data offers merged information that lowers the possibility of bias in employment judgments and helps employers make better decisions in recruitment, appraisal, and performance evaluations. When paired with state-of-the-art techniques, big data can improve the selection of a suitable candidate, intensify the ability to recognize talent from across borders, help overcome implicit and explicit bias in the work area, and nurture equality in access to jobs. Big data, bringing in considerable opportunities in recruitment and employee screening processes, can be a powerful tool for employers to make decisions.
The key areas of discrepancies (in decreasing order) include previous employment, educational credentials, and criminal convictions. From the employment point of view, the junior level constitutes the majority share in discrepancy percentage. In Southeast Asian countries, including Singapore, Malaysia, and the Philippines, the discrepancy levels have significantly surged over the years.
Introduction of Big Data Boosts Asia Pacific Employment Screening Services Market
Big data refers to data that contains greater variety, arriving in increasing volumes and with more velocity. The internet has been one of the prime factors driving the application of big data in the employment screening services market. The internet has made it easy for social networking sites, search engines, marketers, and other sources to collect vast information about employees. Companies can use information collected from big data to create employee wellness programs, improve their healthcare policies, and improve internal promotions.Further, big data benefits employers because the rapid accumulation of information about an applicant accelerates the hiring process by providing hiring managers with a more thorough picture of the candidate's various qualities, or lack thereof, early on. In business, faster is always preferable as long as accuracy can be guaranteed. Thus, big data plays a significant role in hiring the right candidates.
Big Data offers merged information that lowers the possibility of bias in employment judgments and helps employers make better decisions in recruitment, appraisal, and performance evaluations. When paired with state-of-the-art techniques, big data can improve the selection of a suitable candidate, intensify the ability to recognize talent from across borders, help overcome implicit and explicit bias in the work area, and nurture equality in access to jobs. Big data, bringing in considerable opportunities in recruitment and employee screening processes, can be a powerful tool for employers to make decisions.
Asia Pacific Employment Screening Services Market Overview
The Asia Pacific employment screening services market is segmented into Australia, China, India, Japan, and the Rest of Asia Pacific. Employment screening has become a part of routine tasks in Asian countries owing to the sophistication of internal policies and the drive to implement best practices in multinational organizations. The region has been attracting a large number of businesses for the expansion of their existing operations. The rapidly growing population of young and highly skilled professionals is projected to generate significant demand for screening services in Asia Pacific. Undetected discrepancies can result in significant losses to employers, which highlights the importance of employment screening.The key areas of discrepancies (in decreasing order) include previous employment, educational credentials, and criminal convictions. From the employment point of view, the junior level constitutes the majority share in discrepancy percentage. In Southeast Asian countries, including Singapore, Malaysia, and the Philippines, the discrepancy levels have significantly surged over the years.
Asia Pacific Employment Screening Services Market Segmentation
- The Asia Pacific employment screening services market is segmented based on services, application, organization size, and country. Based on services, the Asia Pacific employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held the largest market share in 2022.
- By application, the Asia Pacific employment screening services market is segmented into IT and Telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. The IT and Telecom segment held the largest market share in 2022.
- In terms of organization size, the Asia Pacific employment screening services market is bifurcated into SMEs and large enterprises. The large enterprises segment held a larger market share in 2022.
- Based on country, the Asia Pacific employment screening services market is segmented into China, India, Australia, Japan, and the Rest of Asia Pacific. China dominated the Asia Pacific employment screening services market share in 2022.
- Accurate Background; A-Check America, Inc.; AuthBridge; Capita Plc; DataFlow LLC; First Advantage Corp; HireRight LLC; Sterling Check Corp; Pinkerton Consulting & Investigations Inc; and Triton Inc are some of the leading players operating in the Asia Pacific employment screening services market.
Market Highlights
- Based on services, the Asia Pacific employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held 53.5% market share in 2022, amassing US$ 597.20 million. It is projected to garner US$ 1.64 billion by 2030 to register 13.5% CAGR during 2022-2030.
- In terms of application, the Asia Pacific employment screening services market is segmented into IT and Telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. The IT and Telecom segment held 30.0% share of Asia Pacific employment screening services market in 2022, amassing US$ 334.77 million. It is projected to garner US$ 1.19 billion by 2030 to expand at 17.2% CAGR from 2022 to 2030.
- The large enterprises segment held 69.0% market share in 2022, amassing US$ 770.00 million. It is projected to garner US$ 2.18 billion by 2030 to register 13.9% CAGR between 2022 and 2030.
- This analysis states that China captured 41.7% share of Asia Pacific employment screening services market in 2022. It was assessed at US$ 465.03 million in 2022 and is likely to hit US$ 1.34 billion by 2030, exhibiting a CAGR of 14.2% during 2022-2030.
- In December 2021, First Advantage Corporation announced a tech integration agreement signing with Xref Ltd, a human resources technology company; both companies have similar clients, and combining platforms will help both companies grow.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific employment screening services market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific employment screening services market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Employment Screening Services Market Landscape
5. Asia Pacific Employment Screening Services Market - Key Market Dynamics
6. Employment Screening Services Market - Asia Pacific Market Analysis
7. Asia Pacific Employment Screening Services Market Analysis - by Services
8. Asia Pacific Employment Screening Services Market Analysis - by Application
9. Asia Pacific Employment Screening Services Market Analysis - by Organization Size
10. Asia Pacific Employment Screening Services Market - Country Analysis
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Asia Pacific Employment Screening Services market include:- Accurate Background
- AuthBridge
- A-Check America, Inc.
- Capita Plc
- DataFlow LLC
- First Advantage Corp
- HireRight LLC
- Sterling Check Corp
- Pinkerton Consulting & Investigations Inc
- Triton Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 1.11 Billion |
| Forecasted Market Value ( USD | $ 2.99 Billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 11 |
