Employment Criminal Background Check Services Market Demand And Trend Analysis 2024-2033

The Business Research Company recently released a comprehensive report on the Global Employment Criminal Background Check Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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

Employment Criminal Background Check Services Market 2024 Key Insights:

• 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%.
• Security Concerns Fuel Growth of Employment Criminal Background Check Services Amid Rising Cyber Threats
• Innovative Digital Identity Verification Platforms Revolutionizing the Employment Criminal Background Check Services Market
• North America was the largest region in the employment criminal background check services market in 2023

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