Employment Screening Services Market: Quantitative analysis of the current market trends To 2023

Employment screening is the process undertaken by background checking and employment screening providers to check the credibility of an employee before hiring; these services include consolidation, research, and data collection of an array of different verticals such as educational, employment history, credit history, criminal, financial and personal records about an individual for the purpose of evaluation for employment.

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The growth of the employment screening services market is expected to be driven by factors such as enhanced quality of workforce, improved regulatory compliance with respect to employment, and advantages associated with employment screening. Furthermore, the emphasis of newer organizations and startups for background checking is expected to increase the demand for these services during the forecast period. Untapped potential of emerging markets, and increase in advancement in the information technology and human resources sectors are anticipated to provide lucrative opportunities for market growth.

An HR professional must be prepared to traverse very carefully between different employment practices and privacy laws to comply with different federal, state, and country level requirements when dealing with employment screening services. Hence, the technology risks associated with the employment screening data and discrimination concerns are key restraints that impede the market growth. At present, criminal background checks and education & employment verification institutes are the largest service segments of employment screening services market, followed by credit history checks, and drug & health screening.

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The banking & financial sector dominated the employment screening services market; whereas, the government agencies segment is projected to grow at the highest growth rate throughout the forecast period. The implementation of technologically advanced employment screening services is highest in North America, owing to the increase in adoption and availability of these services in U.S., followed by Europe and Asia-Pacific.

The Global Employment Screening Services Market accounted for $2,939.8 million in 2016 and is expected to reach $4,892.3 million by 2023, registering a CAGR of 7.5% from 2017 to 2023. Employment screening companies offer comprehensive background screening services to companies to scrutinize potential candidates for various positions. These services help identify fraudulent and counterfeit applications in the recruitment industry.

The report provides extensive competitive analysis and profiles of key market players, such as 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 (and not included in the report) include Employment Screening Services, Inc., DataFlow Group, Lowers Risk Group, GoodHire, CareerBuilder LLC, and InfoMart, Inc.

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