Portland, OR -- (SBWIRE) -- 06/22/2018 -- The growth of the employment screening services market is expected to be driven by opportunities in untapped, and emerging markets, and increase in advancement in the information technology and human resources sectors. Furthermore, the emphasis given by newer organizations and startups for background checking is expected to increase the demand for employment screening services during the forecast period.
The Global Employment Screening Services Market was valued at $2,939.8 million in 2016, and is projected to reach $4,892.3 million by 2023, growing at a CAGR of 7.5% from 2017 to 2022. Criminal background checks as a service is estimated to be the highest revenue contributor during the forecast period.
Employment screening consists of reliability checks undertaken by different organizations before an employee is hired into an organization. Employers use this service to consolidate an array of employment, financial, criminal, educational, and other records about an individual for recruitment purpose.
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The growth of the employment screening services market is expected to be supplemented by 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. . However, risks associated with the safeguarding and disposal of information collected during the hiring process are expected to impede the market growth.
In the service segment, criminal background checks and education & employment verification collectively accounted for nearly 55.3% of the share in 2016. The education and employment verification segment is projected to grow at the highest CAGR of 9.0% from 2017 to 2023, owing to its high necessity with respect to hiring new employees in an organization.
The banking & financial sector occupied one-third share of the global employment screening services market in 2016. The government agencies segment under applications is anticipated to grow at the highest rate of 8.9%. The adoption of employment screening in these agencies is expected to grow at a high rate, as the individuals recruited for the positions are expected to be as responsible and accountable for their work as the institution itself.
Key Findings of the Employment Screening Services Market:
- The education & employment verification segment is projected to grow at the highest CAGR from 2017 to 2023.
- The government agencies application segment is expected to witness the highest growth rate during the forecast period.
- The criminal background checks service segment generated the highest revenue in 2016, and is expected to continue its dominance in the near future.
- North America dominated the global employment screening services market, and is projected to grow at a CAGR of 6.8%.
- Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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Key Players:
The report highlights the overview, business performance, key strategic moves & developments, and global market share with respect to market players in the report. Important market players studied in the report include Insperity, ADP LLC, Experian, First Advantage, HireRight LLC, Capita PLC, REED, Paychex, Inc., CareerBuilder LLC., and Paycor, Inc. The other players included in the value chain analysis (not included in the report) include Employment Screening Services, Inc., DataFlow Group, Lowers Risk Group, GoodHire, CareerBuilder LLC, and InfoMart, Inc.