Employment Screening Services Global Market Report 2024 - By Demand, Share, Growth, Industry Scope, Forecast To 2033

The employment screening services market size has grown strongly in recent years. It will grow from $4.56 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased concerns about workplace security, regulatory compliance requirements, globalization of workforce, demand for talent quality and fit, rising incidence of resume fraud.

The employment screening services market size is expected to see strong growth in the next few years. It will grow to $6.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to emphasis on remote work background checks, adoption of advanced screening technologies, growing importance of diversity and inclusion screening, expansion of gig economy and freelance work, growing demand for remote hiring. Major trends in the forecast period include integration of artificial intelligence in screening processes, continuous monitoring and post-hire screening, enhanced focus on candidate experience, biometric authentication for identity verification, blockchain for secure and transparent credential verification.

Market Overview -
An employment screening service is a process of examining a candidate and verifying their behavior, credentials, criminal history, and so on to protect a business from a fraudulent employee. The employment screening services are used by companies that are hiring to examine the prospective hires' fit for the job and safety risks.

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Escalating Fraudulent Activities Fueling Demand For Employee Screening Services
The rising need to reduce fraudulent activities done by employees is expected to propel the growth of the employment screening services market going forward. Fraudulent activities refer to deliberate acts with the intention of obtaining an unauthorized benefit, such as money or property. The rising need to reduce fraudulent activities by newly hired employees with the intent of preventing financial and reputational loss to the organization. For instance, according to a 2021 study carried out by Experian, an Australia-based data analytics company, more than 45% of businesses in India have seen an increase in fraud amid the pandemic. Therefore, the rising need to reduce fraudulent activities done by employees is driving the employment screening services market growth.

Competitive Landscape -
Major companies operating in the employment screening services market report are Automatic Data Processing Inc., Capita plc, CareerBuilder LLC, Experian plc, First Advantage Corporation, HireRight LLC, Sterling Talent Solutions Corp., GoodHire LLC, InfoMart Inc., Accurate Background LLC, Pre-employ. com Inc., Sterling Infosystems Inc., IntelliCorp Records Inc., Backgrounds Online Inc., Corporate Screening Services Inc., Shield Screening LLC, A-Check Global Inc., Universal Background Screening Inc., ClearStar Inc., Trusted Employees & Partners LLC, DataCheck Inc., Advanced Research Systems Inc., Edge Information Management Inc., Orange Tree Employment Screening LLC, General Information Services Inc., Verified Credentials LLC, Background Investigation Bureau, RiskAware LLC, Proforma Screening Solutions LLC, Peopletrail LLC, Backgrounds Plus Inc.

New Solution To Meet The Needs Of Employers
Major companies operating in the event management software market are developing innovative solutions such as criminal monitoring solutions to meet and exceed the needs of employers. The criminal monitoring solution offers continuous monitoring to enhance workforce integrity and security, setting new industry standards. It provides real-time insights and increased competitive value for clients and their employees. For instance, in April 2023, Brand Kraken, a US-based company that provides human resources services, launched its criminal monitoring solution, a comprehensive global employment background screening and drug testing platform to set new standards in the industry by providing continuous criminal monitoring beyond initial background checks, aiming to exceed the needs of employers and employees while ensuring workforce integrity and security. The reason behind the launch is to offer an innovative and superior solution.

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Key Segments -
The employment screening services market covered in this report is segmented -
1) By Services: Background Screening, Verification, Driver Management, Medical And Drug Testing
2) By Verification: Qualification, Employment History Verification, Reference, Other Verifications
3) By Background Screening: Credit Check, Criminal Record
4) By Application: Healthcare, IT/Technology/Media, Financial Services, Staffing, Retail, Industrial, Travel And Hospitality, Government And Education, Transportation, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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