Employment Criminal Background Check Services Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | KPMG International Limited, Automatic Data Processing Inc., Capita plc

"The employment criminal background check services market size has grown strongly in recent years. It will grow from $3.54 billion in 2023 to $3.90 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing workforce participation, security concerns, data privacy awareness, litigation risk mitigation, education and credential verification, drug testing compliance.

The employment criminal background check services market size is expected to see rapid growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to remote workforce verification, AI and automation, cybersecurity integration, adoption of biometric verification, social media screening. Major trends in the forecast period include AI-powered decision-making, blockchain-based verification, biometric identity verification, integration with HR tech ecosystem, demand for remote screening solutions.

Market Overview -
Employment criminal background check services refer to the service that conducts investigations into an individual's criminal history to assess their suitability for employment. These services help employers make informed hiring decisions and maintain workplace safety and security.

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Security Concerns Fuel Growth of Employment Criminal Background Check Services Amid Rising Cyber Threats
Rising security concerns are expected to propel the growth of the employment criminal background check services market going forward. Security concerns refer to potential risks, thefts, cyber threats, or threats to the confidentiality, integrity, or availability of information, systems, or assets. The increase in security concerns is due to the heightened awareness of personal and organizational data vulnerabilities created by prominent data breaches, amplifying concerns regarding data security and privacy. Employment criminal background check services are essential for mitigating security risks, maintaining a safe and compliant workplace, protecting assets and reputation, and fostering trust among employees and customers. For instance, in January 2024, according to the US Department of Commerce, a U.S.-based government agency, employee theft costs are rising at a rate of 15% per year. Additionally, according to the Ponemon Institute, a US-based education organization, in 2022, the average cost of an employee insider attack is $17.19 million, which has increased by 47% over the last two years. Therefore, the increasing adoption of remote work practices is driving the growth of the employment criminal background check services market.

Competitive Landscape -
Major companies operating in the employment criminal background check services market are KPMG International Limited, Automatic Data Processing Inc., Capita plc., Transunion LLC, Triton International Inc., First Advantage Corp., HireRight LLC, Sterling Check Corp., CareerBuilder LLC, Certn Inc., Checkr Inc., Global HR Research LLC, Accurate Background LLC, PreCheck Inc., Justifacts Credential Verification Inc., ClearStar Inc., InfoMart Inc., IntelliCorp Records Inc., Inflection Risk Solutions LLC, CV Check Ltd., Millow Inc., National Crime Search LLC, Peopletrail Screening Solutions LLC, SpringVerify Inc., VeriFirst Background Screening LLC

Innovative Digital Identity Verification Platforms Revolutionizing the Employment Criminal Background Check Services Market
Major companies operating in the employment criminal background check services market are developing digital identity verification platforms, to gain a competitive edge in the market. These digital identity verification platform are used to confirm an individual's identity over the Internet through digital techniques such as examining documents and verifying biometric data. For instance, in December 2023, HireRight, a US-based background screening company, launched Global ID, a digital identity verification platform that empowers individuals to control their identity and data securely. This platform allows users to collect verifications that protect privacy while enabling important online actions such as job applications, room rentals, and fund transfers. Global ID operates on a self-sovereign identity model, emphasizing verifications as proof of verified information without exposing personal data. This platform also offers a unique GlobaliD Name for digital identity representation, enabling users to build a trusted reputation without revealing personal details.

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Key Segments -
The employment criminal background check services market covered in this report is segmented -
1) By Product Type: Criminal Background Checks, Education And Employment Verification, Credit History Checks, Drug And Health Screening
2) By Component: On-Premise, Cloud-Based
3) By Application: Financial Services, Information Technology (IT) Or Technology Or Media, Government, Staffing, Healthcare, Retail, Industrial, 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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