Education Verification Service Market Expansion Continues, with Forecast Valuation of $2.09 Billion by 2029

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Education Verification Service Market Size Growth Forecast: What to Expect by 2025?
In recent times, there has been a swift expansion in the market size of education verification service. It's projected to surge from $1.08 billion in 2024 to $1.24 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 14.4%. The historic period's growth can be credited to the rising demand for recruitment practices that comply with regulations, the escalating globalization of the workforce, the growing implementation of digital verification technologies, heightened focus on mitigating risks in talent acquisition, and the surge in regulatory necessities for education verification.

How Will the Education Verification Service Market Size Evolve and Grow by 2029?
Anticipated to see rapid expansion in the next couple of years, the market size for education verification services is projected to soar to $2.09 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 13.9%. The projected growth during this period can be ascribed to factors like the surge in global student mobility, increased partnerships between academic institutions and verification providers, the rise in automation of HR processes, wider acceptance of digital verification technology, and a spike in remote and international recruitment. Key trends during this forecast tenure encompass digital credentialing platform innovations, cutting-edge fraud detection analytics, connection with global academic databases, progress in real-time data access, and utilization of blockchain for secure credential transactions.

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What Drivers Are Propelling the Growth of Education Verification Service Market Forward?
The escalating necessity for remote employment and e-learning is projected to spur the expansion of the education verification service market. The concept of remote work refers to a dynamic working arrangement where employees complete their work from places other than the traditional office settings, and online learning signifies education courses facilitated through the internet, allowing learners to pursue their studies irrespective of their location. The surge in remote operations and digital learning is steered by technology developments providing seamless communication and access to resources, thus delivering increased flexibility to manage professional or scholastic responsibilities with personal commitments. The soaring trends in remote jobs and e-learning have intensified the demand for reliable education verification services to authenticate academic credentials, preventing fraudulence and verifying the authenticity of certifications in a digital space. For instance, as per data from the Office for National Statistics, a government department based in the UK, from September 2022 to January 2023, 16% of adult workforce claimed to work exclusively from home, while 28% reported a mixed mode of working from home and also traveling to work. Additionally, in January 2024, as reported by Eurostat, a government agency based in Luxembourg, 30% of internet users from the European Union and in the age bracket of 16 to 74 took part in an online course or accessed e-learning resources, marking a surge of two percentage points from 28% in 2022. Hence, the intensifying preference for remote working and e-learning practices is bolstering the growth of the education verification service market.

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What Long-Term Trends Will Define the Future of the Education Verification Service Market?
Leading businesses in the education verification service market are now focusing their efforts on creating enhanced solutions like blockchain-based academic credential verification platforms. These are aimed at elevating the safety, transparency, and efficacy of verification processes. These blockchain-based systems are robust, decentralized mechanisms that leverage blockchain technology to distribute and confirm digital credentials that are immune to fraud, allowing immediate confirmation from employers or other relevant parties with no need for middlemen. Case in point, Data Vault Holdings Inc., a technology firm from the US, unveiled its real-time academic credential verification program, VerifyU, in September 2024. Specifically designed to offer secure, instantaneous, and tamper-proof validation of academic merits, this platform relies on blockchain technology. It counteracts the inefficiencies and risks of fraud inherent in traditional verification methods, ensuring data integrity while also cutting down on time and expense for students, educational institutions, and employers.

What Are the Key Segments in the Education Verification Service Market?
The education verification service market covered in this report is segmented -

1) By Service: Degree Verification, Certificate Verification, Transcript Verification, Other Services
2) By Verification Method: Direct Verification, Third-Party Verification, Document Verification, Database Verification, Self-Verification
3) By Application: Employment Screening, Academic Admissions, Professional Licensing, Other Applications
4) By End-User: Employers, Educational Institutions, Government Agencies, Other End-Users

Subsegments:
1) By Degree Verification: Undergraduate Degree Verification, Postgraduate Degree Verification, Professional Degree Verification, International Degree Verification
2) By Certificate Verification: Academic Certificate Verification, Vocational Or Skill Certificate Verification, Online Course Certificate Verification, Language Proficiency Certificate Verification
3) By Transcript Verification: Secondary School Transcript Verification, Undergraduate Transcript Verification, Graduate Transcript Verification, Transfer Transcript Verification
4) By Other Services: Enrollment Verification, Attendance Record Verification, Accreditation Verification, Student Identity Verification

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Who Are the Key Players Shaping the Education Verification Service Market's Competitive Landscape?
Major companies operating in the education verification service market are Equifax Inc., First Advantage Corporation, HireRight LLC, Checkr Inc., Accurate Background LLC, Cisive Inc., National Student Clearinghouse Inc., Avvanz, ScoutLogic Inc., Justifacts Credential Verification Inc., JDP LLC, Verify360 LLC, Mintz Global Screening Inc., GoodHire Inc., InCheck Inc., CredentialCheck Inc., iCredify Inc., Clarifacts Inc., Global Verification Network LLC, AuraData Inc., Barada Associates LLC, SpringVerify Inc., AccuSourceHR Inc., Corra Group

What Geographic Markets Are Powering Growth in the Education Verification Service Market?
North America was the leading region in the education verification service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the education verification service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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