USD 7.4 Billion Candidate Skills Assessment Market Reach by 2032 at 12.6% CAGR

According to the report published by Allied Market Research, The USD 7.4 Billion Candidate Skills Assessment Market Reach by 2032 at 12.6% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The key factors such as rise in need for efficiency and transparency in hiring process, surge in adoption of pre-employment screening test and increase in internet users are driving the growth of candidate skills assessment market. Furthermore, lack of security standards and high cost are key factors hampering the growth of the candidate skills assessment market. Moreover, technological advancement in pre-employment assessment services is providing an opportunity for candidate skills assessment market growth during the forecast period.

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The global candidate skills assessment market size was valued at USD 2.3 billion in 2022, and is projected to reach USD 7.4 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032.

The candidate skills assessment market is segmented based on component, deployment mode, product type, end-user, process and region. In terms of component, the market is divided into software and service. By deployment mode the market is divided into on-premise and cloud. By product type, the market is divided into aptitude/psychometric test, personality test, leadership assessments/testing (including 360 assessments) and others. By end-user, the market is divided into corporate and education. By process, the market is divided into diagnosis and assessment. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.

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By end use, the corporate segment held the largest share in 2022, thus contributing to more than two thirds of the share in the candidate skills assessment market. This is attributed to the large use skills assessment test by the corporate sector for hiring candidates. However, the education sector is expected to portray the largest CAGR of 15.1% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing digitalization and increasing curiosity among the young generation to discover various educating and source-full applications to educate themselves.

By process, the assessment segment held the largest market share in 2022, thus contributing to nearly three fourths of share in the candidate skills assessment market. This is attributed to the high use of assessment process to analyze and select the candidates for different jobs based on their abilities and skills. However, the diagnosis segment is expected to portray the largest CAGR of 15.4% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing demand for problem solving techniques in real-time situations.

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By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global candidate skills assessment market revenue, in the region. This is attributed to the increasing rise of competition between service providers. In addition, key players in the region are providing more security for data by ensuring quick access and greater outreach. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.2% from 2022 to 2032 and is likely to dominate the market during the forecast period, owing to the large number of technological start-ups and large investment of IT companies growing in the region.

The report analyzes the profiles of key players operating in the candidate skills assessment market such as The Predictive Index., Berke, Mercer Mettl Assessments, eSkill, Devskiller, HackerRank, iMocha, Kandio, Athena Assessment Inc., and HireVue. These players have adopted various strategies to increase their market penetration and strengthen their position in the candidate skills assessment market.

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COVID-19 Scenario

● Due to the COVID-19 pandemic and the subsequent global lockdowns, the candidate skills assessment market faced a downturn.

● However, as the global situation started ameliorating, the demand for candidate skills assessment software was restored back. This, in turn, presented various growth opportunities for companies operating in the candidate skills assessment market.

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