Market Overview
According to market research, the worldwide Employment Screening Services Market was worth USD 2,972.0 million in 2019. It is likely to reach a market sum of USD 7.26 Billion by the end of the year 2030, at a compound annual growth rate of CAGR of 8.2% over the forecast timeframe 2020–2030. As part of the global market, employment screening is defined as finding and confirming a person's previous records, usually done before being hired. Because not all workers give correct data and may embellish or fabricate personal information, verifying the identity of any individual depending on their CV may be difficult. Employment screening technology lends helps employers in meeting their financial, legislative, and legal obligations by establishing an objective standard for securing employment.
The process of employment screening helps various businesses authenticate people before hiring them to work in their company. Such services assure employers that the information supplied to them through the person is correct and that the expertise and credentials shown on the cv are appropriate. This testing contributes to the overall security and integrity of the company. It also maintains the firm's adherence to regulatory requirements. The worldwide market is very competitive for several reasons, including urbanization, well-developed facilities, and international corporations.
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Market Segmentation
The market is segmented based on service type, end-user, and geography. The global employment screening services market trends are ready to witness decent growth during the forecast period.
By Application:
The market is segmented into criminal background checks, credit history checks, education, and employment verification services based on the application. And drug and health screening.
By end-users:
The market is segmented into BFSI, information technology, government, and industrial based on the propulsion types.
Regional Analysis
The employment screening services market has been segmented into five distinct regions across the globe: North America, Europe, Asia-Pacific, and the rest of the world. According to the International Labor Organization, North America dominated the employment screening market accounted in the year 2017. During the ongoing forecast period, the Asia-Pacific region is anticipated to be the fastest industry, while Europe is likely to be the second-largest market in terms of profitability in the employment screening service market globally throughout the evaluation period.
Some major market players are mentioned as follows:
- Employment Screening Services, Inc. (US)
- First Advantage Corporation (US)
- Employment Background Investigations, Inc (US)
- Sentinel Background Checks (US)
- CareerBuilder Employment Screening, LLC (US)
- Automatic Data Processing, Inc. (US)F
- irst Advantage Corporation (US)
- HireRight, Inc. (US)
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Industry News
Sterling Student, a screening system that enables colleges to do background investigations on students pursuing degrees, apprenticeships, and jobs in professions and areas considered high-risk for public safety, was introduced in May 2019.
A partnership with Workday is on the cards. Workday is an enterprise cloud application provider for finance and human resource management. The partnership was announced in April 2019. The partnership will allow ESS to provide skilled professionals with practical and customized background screening bundles while also reducing time spent on the recruiting process.
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