Impact of COVID-19 Outbreak on Employment Screening Services Market 2020 - 2030: Business Recovery Ideas After Pandemic From Insperity, ADP LLC, Experian, First Advantage, HireRight LLC, Capita PLC, REED, Paychex, Inc., CareerBuilder LLC., and Paycor, Inc
The global employment screening services industry was estimated at $4.06 billion in 2018 and is expected to hit $7.64 billion by 2026, registering a CAGR of 8.3% from 2019 to 2026.
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The criminal background checks segment to retain its dominance during the estimated period-
Based on service, the criminal background checks segment contributed to nearly one-third of the global employment screening services market share in 2018, and is expected to dominate by the end of 2026, owing to numerous benefits provided by the criminal background checks services such as identifying potentially risky hires, helping safeguard organization's reputation and protecting organizational assets. The education and employment verification segment, on the other hand, would cite the fastest CAGR of 9.7% throughout the forecast period. The fact that various organizations across the globe are adopting this service to eliminate the risk of hiring a candidate with fraudulent background and induct candidates with personal and professional credibility drives the growth of the segment.
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The banking and financial segment to lead the trail during the study period-
Based on application, the banking and financial sector accounted for more than one-third of the global employment screening services market revenue in 2018, and is anticipated to maintain the lion's share through 2026. Rise in number of fraud and several highly published cases of scandal in the BFSI sector boosts the growth. Simultaneously, the government agencies segment would grow at the fastest CAGR of 9.3% from 2019 to 2026. This is attributed to increase in need for employment screening in the emerging countries such as India, China, and Japan, for reducing criminal and fraud activities in the government sector.
North America to rule the roost by 2026-
Based on geography, North America held the major share in 2018, garnering nearly half of the global market, owing to increase in the number of immigrants in search of jobs, which drives the growth of the market. At the same time, the Asia-Pacific region is projected to manifest the fastest CAGR of 10.0% by 2026. This is due to rise in demand for advanced products and services, along with an upsurge in governmental initiatives to protect valuable insights of the organizations in this province.
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Key Benefits of Research:
The report provides a qualitative and quantitative analysis of the current Employment Screening Services Market trends, forecasts, and market size from 2020 to 2030 to determine the prevailing opportunities.
o Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make strategic business decisions and determine the level of competition in the industry.
o Top impacting factors & major investment pockets are highlighted in the research.
o The major countries in each region are analyzed and their revenue contribution is mentioned.
o The market report also provides an understanding of the current position of the market players active in the industry.
Key players in the market-
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