Employment screening services market to exceed USD 7.26 Billion at a CAGR of 8.2%
Market Analysis
Market Research Future (MRFR) expects the global employment screening services market to exceed USD 7.26 Billion at a CAGR of 8.2% from 2020–2030 (forecast period).
Employment screening is the method of identifying and checking an individual's records, often before their employment. Verification of any applicant based on their resume is difficult, as not all employees provide accurate data and may exaggerate or forge personal details. Employment screening software allows employers to fulfil their compliance, regulatory and legal requirements by setting an objective benchmark for the recruitment of employees; thus, mitigating the risks associated with the selection of fraudulent employees. Employment screening services include several types of background checks, such as contractor screening, drug, and alcohol screening, sex offender checks, medical compliance, motor vehicle checks, global screening, employment eligibility verifications, fingerprint screening, resident monitoring, and rental payment history.
COVID-19 Impact on the Global Employment Screening Services Market
The global pandemic has impacted the employment screening services market. In order to contain the effects and spread of coronavirus, the employment screening and background checking companies have implied remote working systems. Nevertheless, companies must deal with service disruptions in several areas. In another way, the effect of COVID-19 on sectors associated with the employment screening market, including BFSI and IT, has declined consumer demand.
Segmentation
The market for employment screening services 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.
Based on 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.
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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.
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