Employment Screening Services Market Size, Share, Trends, Key Opinion Leaders | Industry Performance and Forecast by 2027

[Dhanashree Daware]

Market Highlights
The global employment screening services market is estimated to surpass a value of USD 4,914.6 million by 2025. It can exhibit a CAGR of 7.8% during the forecast period. It was valued at USD 2,972.0 million in 2018.
Employee screening services are agencies used by large, medium, and small companies for hiring efficient and productive employees. The solutions range from criminal history to drug screening and social media history. The global employee screening services market report by Market Research Future (MRFR) takes a holistic outlook of the industry by keeping an eye on growth enablers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its impact on the industry are explored in the report as well.
The major drivers of the market are large number of startups and companies investing in developing companies and the surge of illegal activities pertaining to data theft. The background checks on employee history as well as their conduct in organizations are vital in maintaining employee discipline and organization environment. The capacity of screening services for following up on new hires for ensuring the safety of the organization can bode well for the market. Rise in urbanization and development of IT parks and office spaces will provide growth opportunities for the global employment screening services market. Automation of databases for doing repetitive tasks and expediting the process can bode well for the market.
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Regional Analysis
Globally, the employment screening services market covers opportunities for 5 different regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America was leading the employment screening services market in 2017. This can be attributed to the abundance of companies making their base in the U.S. and Canada. Mitigation of hiring risks and assistance in making informed decisions can fuel the market growth. APAC, on the other hand, is expected to be the fastest-growing market over the forecast period, whereas Europe is expected to be at the second spot in the employment screening services market in terms of market share during the assessment period. Rise of theft and employee drug abuse is primarily responsible for driving the market growth in the region.
Segmentation:
The recruitment screening services market has been segmented into service type and end user. Based on the service type, the market has been segmented into credit history checks, criminal background check services, education and employment verification services, and drug & health screening. Among these services, the criminal background check service is expected to dominate the market by the end of the forecast period. On the contrary, the education and employment verification segment is estimated to witness the fastest growth with a CAGR of 9.2% during the forecast period.
On the basis of end user, the market has been segmented into industrial, BFSI, government, and information technology. Out of these end users, the BFSI segment dominated the market in 2018 and is estimated to reach a value of USD 1,517.6 million by the end of the forecast period. The information technology segment is expected to witness the fastest growth with a CAGR of 8.9% during the forecast period. This can be attributed to the need of background checks of employees for weeding out fraudsters and scammers.
Competitive Outlook
First Advantage Corporation, Capita PLC, BackgroundReport.com, Employment Screening Services, Inc., CareerBuilder Employment Screening, LLC, Experian Plc., HireRight, Inc., Sterling, InfoMart, Inc., Paychex, Inc., Peopletrail, Sentinel Background Checks, Employment Background Investigations, Inc, Insperity, Inc., Accurate Now, GoodHire, Automatic Data Processing, Inc., and Paycor, Inc. are key players of the global employment screening services market.
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Employment Screening Services Market Research Report: By Services (Criminal Background Check Services, Education and Employment Verification Services, Credit History Checks, Drug & Health Screening), End User (BFSI, Government, Information Technology, and Industrial) and Region (North America, South America, Europe, Asia- Pacific, and Middle East and Africa) - Forecast till 2025
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