The South & Central America employment screening services market was valued at US$ 131.35 million in 2022 and is expected to reach US$ 239.30 million by 2030; it is estimated to record a CAGR of 7.8% 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 Brazilian government has acted leniently in formulating a comprehensive data privacy law over the years. However, specific laws comprise privacy components. According to Brazilian law, an employer is entitled to conduct background checks with the candidates’ consent and is liable for discrimination if they deny a job based on a background check. Several governments across South America are taking initiatives to boost employment. As of March 2023, according to the Business Standard, Brazilian President Luiz Inacio Lula da Silva’s administration has agreed to support public works initiatives nationwide to increase employment and economic growth.
Introduction of Big Data Fuels South & Central America 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.
South & Central America Employment Screening Services Market Overview
The employment screening services market in South America is segmented into Brazil, Argentina, and the Rest of SAM. The market in South America is anticipated to grow significantly in the coming years. Brazil is the most mature market in the region, investing substantial amounts in various industries.The Brazilian government has acted leniently in formulating a comprehensive data privacy law over the years. However, specific laws comprise privacy components. According to Brazilian law, an employer is entitled to conduct background checks with the candidates’ consent and is liable for discrimination if they deny a job based on a background check. Several governments across South America are taking initiatives to boost employment. As of March 2023, according to the Business Standard, Brazilian President Luiz Inacio Lula da Silva’s administration has agreed to support public works initiatives nationwide to increase employment and economic growth.
South & Central America Employment Screening Services Market Segmentation
- The South & Central America employment screening services market is segmented based on services, application, organization size, and country. Based on services, the South & Central America 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 South & Central America 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 South & Central America 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 South & Central America employment screening services market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America employment screening services market share in 2022.
- First Advantage Corp, HireRight LLC, Sterling Check Corp, Pinkerton Consulting & Investigations Inc, and Triton Inc are some of the leading players operating in the South & Central America employment screening services market.
Market Highlights
- Based on services, the South & Central America employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held 55.4% market share in 2022, amassing US$ 72.71 million. It is projected to garner US$ 135.40 million by 2030 to register 8.1% CAGR during 2022-2030.
- In terms of application, the South & Central America 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 27.7% share of South & Central America employment screening services market in 2022, amassing US$ 36.44 million. It is projected to garner US$ 92.23 million by 2030 to expand at 12.3% CAGR from 2022 to 2030.
- The large enterprises segment held 71.5% market share in 2022, amassing US$ 93.89 million. It is projected to garner US$ 180.75 million by 2030 to register 8.5% CAGR between 2022 and 2030.
- This analysis states that Brazil captured 57.8% share of South & Central America employment screening services market in 2022. It was assessed at US$ 75.89 million in 2022 and is likely to hit US$ 147.64 million by 2030, exhibiting a CAGR of 8.7% during 2022-2030.
- In January 2023, Sterling Check Corp acquired Socrates Ltd, which has expanded the company's global presence in Latin America to serve the rapidly growing regional hiring needs of both multinational and local clients.
- In July 2021, HireRight and SmartRecruiters worked together to develop a new Background Screening Integration service. The company offers a streamlined ordering interface from within SmartRecruit to help simplify hiring workflows, boosting organizational efficiency and improving the candidate experience.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America 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 the South & Central America 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 South & Central America market trends and outlook coupled with the factors driving the South & Central America employment screening services market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. South & Central America Employment Screening Services Market Landscape
5. South & Central America Employment Screening Services Market - Key Market Dynamics
6. Employment Screening Services Market - South & Central America Market Analysis
7. South & Central America Employment Screening Services Market Analysis - by Services
8. South & Central America Employment Screening Services Market Analysis - by Application
9. South & Central America Employment Screening Services Market Analysis - by Organization Size
10. South & Central America 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 South and Central America Employment Screening Services market include:- First Advantage Corp
- HireRight LLC
- Sterling Check Corp
- Pinkerton Consulting & Investigations Inc
- Triton Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 85 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 131.35 Million |
| Forecasted Market Value ( USD | $ 239.3 Million |
| Compound Annual Growth Rate | 7.8% |
| No. of Companies Mentioned | 5 |
