The global employment screening services market growth is anticipated to exceed USD 7.26 billion at a CAGR of 8.2% from 2020–2030 (forecast period). Major factors contributing to the global employment screening services market's growth include rising cases of illegal activities and issues related to data theft and data loss. In addition, a growing number of start-ups and small and midsize enterprises are expected to create opportunities for employment screening service providers to build tools to provide accurate background checks for new employees. However, the growth of the market can be hindered due to discrepancies in the work process.
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 on the basis of their resume is difficult, as not all employees provide accurate data and may exaggerate or forge personal details. Employment screening software allows employers to fulfill 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 a number of 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.
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Employment screening allows employers to authenticate individuals before hiring them in their organizations. These services ensure employers that the information given to them by the individual is correct and that the experience and qualifications mentioned in the resume are justified. Screening of employees helps maintain the safety and security of the company and ensure compliance with the regulations. The worldwide market is highly competitive due to a number of factors, including urbanization, well-developed infrastructure, and the presence of multinational companies.
Significant factors contributing to the development of the global employment screening services market include growing illegal activities and concerns about data theft and data loss. In addition, a growing number of start-ups and small and medium-sized businesses are expected to create opportunities for employment screening service providers to build tools to provide reliable background checks for new hires. However, the growth of the market can be hampered by discrepancies in the working process.
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 have to 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.
Market Segmentation
The global employment screening services industry has been segmented into service types and end-user.
Based on the service type, the global employment screening services market has been segmented into criminal background check services, credit history checks, education and employment verification services, and drug & health screening. The criminal background check service is projected to lead the market by the end of the assessment period. In contrast, the education and employment verification segment is projected to witness the fastest growth, with a 9.2% CAGR over the forecast period.
Based on end-user, the global employment screening services market has been segmented into BFSI, government, information technology, and industrial. The BFSI segment led the market in 2018 and is estimated to touch USD 1,517.6 million by the end of the assessment period. The information technology segment is anticipated to witness the fastest growth with a CAGR of 8.9% during the forecast period 2019–2025.
Regional Analysis
Region-wise, the global employment screening services market has been categorized into five different regions—North America, Europe, Asia-Pacific, and the rest of the world.
North America was the industry leader in employment screening services in 2017. The Asia Pacific is projected to be the fastest-growing region from 2019 to 2025, while Europe is projected to be second in the market for employment screening services in terms of market share during the evaluation period.
Competitive Landscape
The companies considered to analyze the global employment screening services industry included CareerBuilder Employment Screening, LLC (US), Employment Screening Services, Inc. (US), Automatic Data Processing, Inc. (US), Employment Background Investigations, Inc (US), Sentinel Background Checks (US), Paycor, Inc. (US), First Advantage Corporation (US), HireRight, Inc. (US), Capita PLC (UK), Experian Plc. (UK), Insperity, Inc. (US), BackgroundReport.com (US), InfoMart, Inc. (US), Paychex, Inc. (US), GoodHire (US), Peopletrail (US), Accurate Now (US), and Sterling (US).
The employment screening services market is projected to achieve substantial growth due to the wide-scale adoption of these solutions and services. The number of competitors offering employment screening solutions in the market is high, due to which the market is anticipated to witness competition among the existing players. Customer loyalty to current market players is strong, as these players provide user-friendly and highly efficient employment screening systems and support services to the end-users. Therefore, in order for players to remain important in the industry, they must give their clients best-in-class and innovative screening solutions.
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Industry News
May 2019: ADP, LLC collaborated with LinkedIn Corporation, an American business, and employment-oriented service provider, to incorporate ADP's Recruiting Management, an all-in-one automated recruiting platform, with LinkedIn's Recruiter System Connect (RSC) to further streamline the recruitment process.
May 2019: Sterling released Sterling Student, a screening solution that allows universities to carry out background checks on students seeking degrees, internships, and employment tied to safety-sensitive positions and fields
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