Employment Screening Services Market Emerging Trends Overview, Growth Factors and Competitive Players Till 2028

According to our latest study on "Employment Screening Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Service, End User Industry, and Organization Size," the market was valued at US$ 5,360.28 million in 2022 and is projected to reach US$ 9,296.65 million by 2028; it is estimated to record a CAGR of 9.9% from 2023 to 2028.

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In the 21st century, there has been an enormous influx of population in urban cities in developed and developing countries in search of a better life. High standards of living, better job opportunities, and access to modern amenities and services are a few major factors driving the migration of the rural population to urban areas. The steady growth of developing economies in the post-recession era has led to a rise in the disposable income of consumers.

According to the World Bank, ~50% of the population lives in urban areas worldwide. By 2045, the world's urban population would increase by 1.5 times to 6 billion. With continued urbanization, the need for jobs in urban areas would grow at full throttle in the coming years. With a subsequent upsurge in the number of candidates applying for a single job position in any organization, selecting the most suitable candidate for a particular profile has become more tedious. Conventional interview methods for job screening prove time-consuming and inefficient. Thus, the demand for efficient and quicker employee screening systems triggers the adoption of employment screening services, contributing to the growth of the employment screening services market.

The Key Players in The Global Market Are:

Pinkerton Corporate Risk Management; HireRight, LLC; A-Check America, Inc.; Verity Screening Solutions LLC; Capita Plc; Triton; DataFlow Group; Sterling Talent Solutions; First Advantage; Accurate Background; AuthBridge; Insperity; and GoodHire are among the key players operating in the employment screening services market
The employment screening services market is segmented on the basis of service, organization size, end-user industry, and geography. Based on service, the employment screening services market is categorized into background screening, verification, and medical and drug testing. Based on end-user industry, the employment screening services market is segmented into IT and telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. In terms of organization size, the employment screening services market is segmented into SMEs and large enterprises. By geography, the employment screening services market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Impact of COVID-19 Pandemic on Employment Screening Services Market

The COVID-19 pandemic dramatically impacted the global economy during its peak in Q1 and Q2 of 2020 due to its adverse effects on operations in various industries. The consequent economic downturn led to a rise in the number of jobless candidates by more than 14 million in the US; this number reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment increased from 3.8% in February to 13.0% in May in the US. However, post-Q3 2020, the number of COVID-19 cases in the US started declining, thus leading to the gradual normalization of economic activities in the country. This resulted in a gradual rise in demand for employment screening services across the region. Moreover, with successful vaccine distribution across the US, the country witnessed an increase in job openings in February 2021.

According to data released by the Job Openings and Labor Turnover Survey (JOLTS), in 2021, the number of job openings grew to 7.4 million in March from 7.1 million in February. The hiring rate in the US increased to 4% in February 2022 from 3.8% in February 2021. Thus, despite a steep decline in the first two quarters of 2020, the employment screening services market in North America started experiencing substantial growth owing to the revival of economies, leading to the acceleration of hiring processes across various industries.

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