Corporate Assessment Services Market Share, Industry Size, Leading Companies Outlook, Upcoming Challenges and Opportunities till 2027, The Insight Partners

The global corporate assessment services market was valued US$ 2,715.56 Million in 2018 and is expected to reach US$ 4,690.01 Million by 2027 with a CAGR growth rate of 6.5% during the forecast period. Corporate assessment services assist the organizations in identifying, hiring, and developing the best-fit talent for a given profile. With the growing focus towards hiring the perfect fit for a job role and efficiency in managing the recruitment process, companies are shifting towards corporate assessment services. The traditional assessment process is time-consuming and involves high costs, and the corporate assessment tools assist the organizations in efficiently managing the recruitment process and reading the time and cost associated with it. In the current competitive environment, companies are using corporate assessment tools to effectively engage and recruit and retain experienced professionals to achieve a competitive advantage over other companies.

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The rate of unemployment has been high in the past. However, it has decreased in the recent years due to the rising number of young jobseekers and growing economic growth of various countries in APAC, including India and China. The developments in youth labor markets in North America, Sub-Saharan Africa, and Europe have attracted more talent toward these regions, which led to the increase in employment rate during 2010-2016. Strong internet infrastructure in various regions has enabled applicants to search for jobs in various industries anytime and anywhere.

The robust internet infrastructure providing an online platform for hiring process is also benefitting the employers looking for potential candidates from different areas of the world. A rising number of young jobseekers is one of the substantial factors boosting the adoption of corporate assessment services as this rise is compelling organizations to conduct the process of recruitment with the assistance of tools such as cognitive, personality, language proficiency tools, and so on. They can also access online platforms for assessing tests along with figuring out new forms of work in several industries, which can provide flexibility to them while searching a job.

Top Listed Companies in Corporate Assessment Services Market are -

•AON Plc
•Arctic Shores Limited
•Aspiring Minds
•Birkman International, Inc.
•Development Dimensions International, Inc.
•HireVue
•Korn Ferry
•IBM Corporation
•Mettl Online Assessment
•SHL

The internet has been one of the major factors driving the incorporation of Big Data applications in assessment service offerings. The Internet has made it easy for search engines, marketers, social networking sites, and others to collect huge volumes of information about employees. The data gathered using the Big Data technology can be used by businesses to improve internal promotions. According to the American Statistical Association (ASA), 53% of the HR departments use this technology to help make strategic decisions regarding selection and recruitment, manage talent, and track performance. Big Data, which facilitates the analysis of huge volumes of data, is changing the way companies acquire talent. Various fields, such as marketing, sales, and operations, depend on this technology to make business decisions. According to a study by Capgemini, 65% believe Big Data as a crucial technology for their organization's competitiveness.

Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Corporate Assessment Services Market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Corporate Assessment Services Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue. 
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

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Product Market Insights

The corporate assessment products have developed significantly over the last few years across all the regions to hire the best resource for the organization. In the hiring framework, businesses are using various products to offer job openings and sell the organization and its brand. Some companies deliver brand-enhancing hiring experiences that would attract candidates and retain them as customers, even though they are not offered jobs. One of the most dramatic shifts in the corporate assessment market includes the evolution of the candidate-driven job market, which has changed how businesses compete for talent and the nature of their assessment procedures.

In order to solve complex problems, while assessing candidates during the pre-hire and post-hire phase, there are several products that corporate assessment services vendors provide, such as cognitive, personality, knowledge, performance, company fit, and others. Such assessment products help reveal a person's logic, reasoning, and ability to work and can help precisely predict the potential for the success of the organization. This would also lead candidates to more informative and engaging during the hiring and enable transparency so they must know what to expect and how much effort to put into a hiring procedure. All such new expectations are changing assessment methods and practices. The global corporate assessment services by product are segmented into cognitive, personality, knowledge, performance, company fit, and others.

The Corporate Assessment Services Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.

Company Overview:

Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.

Financial Performance:

Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title "Financial Performance" (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.

Product Benchmarking:

Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.

Strategic Initiatives:

Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.

We are keen to understand what additional information if included will help you in your business endeavor. We also hold the expertise to customize the reports based on any specific countries/regions, segmentations, companies, etc. of your choice. Hence you can share your specific requirements, if any.

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This release was published on openPR.