The employment screening services market expansion is driven by the rise in awareness of the importance of employee integrity and security as organizations increasingly prioritize building a trustworthy workforce, leading to heightened demand for comprehensive screening services. In addition, technological advancements in screening processes, such as AI-driven background checks and automated verification systems, enhance efficiency and accuracy, thereby driving market growth. However, stringent regulations regarding personal data handling complicates the screening process, making organizations cautious about implementing extensive checks, which restrains market growth.
Furthermore, surge in remote work options and freelance employment has led to a significant increase in the demand for employment screening services, which provide an opportunity for market growth. The organizations recruit talent from various locations; hence, it becomes essential to ensure the integrity and qualification of remote candidates. Employers are increasingly focused on verifying the backgrounds, skills, and credentials of freelancers to mitigate risks associated with remote hiring. This shift requires enhanced screening processes that address the unique challenges of virtual work environments, which further drives expansion of the employment screening services market.
The employment screening services market is segmented into service, application, enterprise size, and region. By service, it is segregated into education & employment verification, criminal background checks, credit history checks, drug & health screening, and others. By application, it is divided into healthcare, IT/technology/media, financial services, staffing, retail, industrial, travel/hospitality, government/education, transportation, and others. By enterprise size, it is classified into large enterprise and SMEs Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA
The market players operating in the employment screening services market are 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 and First Advantage. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the employment screening services market globally.
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 opportunities.
- 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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Key Market Segments
By Services
- Criminal Background Checks
- Credit History Checks
- Drug and Health Screening
- Others
- Education and Employment Verification
By Application
- Healthcare
- IT/Technology/Media
- Financial Services
- Staffing
- Retail
- Industrial
- Travel/Hospitality
- Government/Education
- Transportation
- Others
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprise
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ADP
- Baldor Technologies Private Limited
- Checkr.
- Disclosure Services Limited
- Experian Information Solutions, Inc.
- First Advantage
- HireRight LLC
- Insperity Services, L.P.
- KPMG
- Kroll, LLC
- Neeyamo
- Reed Specialist Recruitment Limited
- Sterling
- Triton
- uthBridge Research Services Private Limited
- Verifile
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Table of Contents
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
- Baldor Technologies Private Limited
- Checkr.
- Disclosure Services Limited
- Experian Information Solutions, Inc.
- First Advantage
- HireRight LLC
- Insperity Services, L.P.
- KPMG
- Kroll, LLC
- Neeyamo
- Reed Specialist Recruitment Limited
- Sterling
- Triton
- uthBridge Research Services Private Limited
- Verifile
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.
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