The Future of Hiring: Exploring the Booming Employment Screening Services Market
Research Reports
Mar 20, 2023
Market Research Future Highlights
The employment screening services market refers to the industry that provides various background check services for employers during the hiring process. This market includes companies that offer pre-employment screening, criminal record checks, education and employment verification, drug testing, credit checks, and other similar services.
The global employment screening services market size is projected to grow from USD 2,972.0 million in 2019 to USD 7.26 billion by 2030, at a compound annual growth rate (CAGR) of 8.2% during the forecast period. North America is the largest market for employment screening services, followed by Europe and the Asia Pacific.
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Market Report Scope:
| Parameter | Details |
| Revenue Forecast in 2030: | USD 7.26 Billion |
| Growth Rate: | CAGR of 8.2% from 2020 to 2030 |
| Forecast Period: | 2020 -2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Regional Analysis
The employment screening services market has a global presence, and it is segmented into various regions, including North America, Europe, Asia Pacific, and the Rest of the World.
North America is the largest market for employment screening services, mainly due to the presence of major players in the region and the increasing demand for background check services from various industries. The United States is the largest market within North America, followed by Canada and Mexico. The employment screening services market in North America is expected to grow at a significant rate due to the increasing adoption of new technologies, such as AI and machine learning, in the screening process.
Europe is the second-largest market for employment screening services, with countries such as the United Kingdom, Germany, France, and Spain being the major contributors to the market growth. The increasing demand for background check services from the healthcare, banking, and finance sectors is expected to drive the market growth in Europe.
The Asia Pacific region is expected to witness significant growth in the employment screening services market due to the increasing adoption of background check services by companies in emerging economies, such as India and China. The growing emphasis on regulatory compliance and the need for a safe and secure work environment is driving the market growth in the region.
The Rest of the World includes regions such as Latin America, the Middle East, and Africa. The employment screening services market in these regions is expected to grow at a significant rate due to the increasing adoption of background check services by companies operating in these regions. The growing need for regulatory compliance and the need for a safe and secure work environment is driving market growth in these regions.
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Market Segmentation
The employment screening services market is segmented based on the type of screening service, application, organization size, and region.
Based on the type of screening service, the market is segmented into criminal background checks, education and employment verification, drug and health screening, credit checks, and others.
Based on application, the market is segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, government, manufacturing, retail, and others.
Based on organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Overall, the criminal background checks segment is expected to hold the largest market share due to the increasing demand for pre-employment screening services from various industries. Among the application segments, BFSI is expected to hold the largest market share due to the increasing regulatory compliance requirements in the sector. Among the organization size segments, large enterprises are expected to hold the largest market share due to their higher budget allocation for background check services. Among the regional segments, North America is expected to hold the largest market share due to the presence of major players and the increasing demand for background check services from various industries.
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Key Players
Some of the key players in the employment screening services market include Sterling Talent Solutions, HireRight LLC, First Advantage Corporation, Accurate Background, and Employment Screening Services LLC. These companies offer a wide range of background check services to businesses of all sizes across various industries.
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