Global Corporate Assessment Services Market Is Expected to Reach USD 4.06 Billion by 2025

As per the report published by Fior Markets, the global corporate assessment services market is expected to grow from USD 2.33 Billion in 2018 and expected to reach USD 4.06 Billion by 2025, growing at a CAGR of 8.23% during the forecast period 2019-2025.

Corporate assessment services are mainly used by the companies to recruit and train the employees. Various companies operating in the corporate assessment services market, provides the solution that helps the companies to recruit and train the employees based on various parameters. Growing focus towards the increasing work efficiency and reducing the cost related to recruitment process are some of the major factors boosting the growth of corporate assessment services market.

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Corporate assessment services use data, interviews, and observation to truly understand the business. This includes include online talent assessments, exams, certifications & proctoring, recruitment and L&D solutions, etc. This services are used by the companies to assess and train the employees. There are many companies which are operating in the market and provide solutions that help the companies to evaluate the candidate based on different parameters. Various new players are emerging in the market which is intensifying in the competition.

Global corporate assessment services market is expected to witness rapid growth over the forecast period, owing to technological advancement and increasing popularity of gamification among the enterprises across the globe. In addition to this, rising preference of corporates to opt for online exams for recruitment process, is anticipated to drive corporate assessment services market over the coming years. However, connectivity issues, budget constraint, and improper utilization is projected to hamper the corporate assessment services market over the forecast period.

Key players operating in the global corporate assessment services market include AON, Korn Ferry, CEB, Psytech, Hogan Assessments, Aspiring Minds, TTI Success Insight, Cubiks, Performanse, Talent Plus, Harrison assessments, AssessFirst, Chandler Macleod, TeamLease, IBM, and DDI among others. To enhance their market position in the global corporate assessment services market, the key players are now focusing on adopting the strategies such as mergers & acquisitions, recent developments, product innovations, joint venture, collaborations, and partnership.

For instance, in August, 2018, Aon Hewitt, announced the acquisition of Gurugram-based hiring assessment company CoCubes, India's leading online assessment and hiring platform fulfil the entire spectrum of assessment.
In October 2019, SHL, UK-based talent evaluation leaderannounced the acquisition of Aspiring Minds, an India and San Jose-based AI-powered test and assessment ventureto integrate Aspiring Minds' advanced AI technology throughout SHL's portfolio
In February 2019, TeamLease Services had announced to acquire the staffing business of Hyderabad-based eCentric Solutions through a business transfer agreement. By this acquisition the organization is looking to tap a bigger pie of organized staffing for technology sector.
In June 2018, PSI Services, one of the globe's largest provider of talent assessment solutions, announced the acquisition of Cubiks to enhance the client network across the globe.
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Aptitude test held the largest market share of 34.63% in 2018

Type segment includes psychometric tests, aptitude tests, domain tests, in-person interviews and others. Aptitude test held the largest market share of 34.63% in 2018 owing to use in every entry level test in competition or for recruiting in the company at beginner level. An aptitude test is generally used to test the job candidate's abilities to perform specific tasks and react to a range of different situations.Aptitude tests are increasingly administered in the corporate assessment services-after a candidate has made their initial job application and to filter unsuitable applicants out of the selection process.

Recruitment of frontline employee held the largest market share of 41.04% in 2018

Application segment includes recruitment of frontline employee, recruitment of managers, and internal assessment and promotion. Recruitment of frontline employee held the largest market share of 41.04% in 2018, as organizations incur tremendous losses when attrition rates are high among frontline employees.Corporate Assessment service is an effective solution to not only help companies sort through the massive amounts of applications, but to distinguish each candidate's strengths and motivations, as well as predict the likelihood of workplace success. This gives precise and useful information to make more informed decisions about the candidates selected to work for the team. It provide objective data means spending less time sorting through applications,relying less on guesswork, and making decisions that translate directly into greater profitability for the company.

Regional Segment Analysis of the Corporate Assessment Services Market

North America (U.S. , Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the largest market share of 39.42% in 2018 in the global corporate assessment services market, owing to huge adoption of corporate assessment services among the enterprises in the region. Asia Pacific region is expected to grow at highest CAGR of 8.91% over the forecast period, owing to higher demand for corporate assessment services for the recruitment process. In addition to this, corporate assessment services market in India is at a developing stage and is experiencing rapid growth on account of rising demand for skilled and talented workforce and growing demand for certification and online courses to improve the skill set and employability.

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About the report:

The global corporate assessment services market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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