Candidate Skills Assessment Market Reach USD 7.4 Billion by 2032 Growing with 12.6% CAGR

Allied Market Research published a new report, titled, "Candidate Skills Assessment Market Reach USD 7.4 Billion by 2032 Growing with 12.6% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global candidate skills assessment market size was valued at USD 2.3 billion in 2022, and is projected to reach USD 7.4 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032.

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Driving Factors

The key factors such as rise in need for efficiency and transparency in hiring process, surge in adoption of pre-employment screening test and increase in internet users are driving the growth of candidate skills assessment market. Furthermore, lack of security standards and high cost are key factors hampering the growth of candidate skills assessment market. Moreover, technological advancement in pre-employment assessment services is providing an opportunity for candidate skills assessment market growth during the forecast period.

Market Segmentation

The candidate skills assessment market is segmented based on component, deployment mode, product type, end-user, process and region. In terms of component, the market is divided into software and service. By deployment mode the market is divided into on-premise and cloud. By product type, the market is divided into aptitude/psychometric test, personality test, leadership assessments/testing (including 360 assessments) and others. By end-user, the market is divided into corporate and education. By process, the market is divided into diagnosis and assessment. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.

The report analyzes the profiles of key players operating in the candidate skills assessment market such as The Predictive Index., Berke, Mercer Mettl Assessments, eSkill, Devskiller, HackerRank, iMocha, Kandio, Athena Assessment Inc., and HireVue. These players have adopted various strategies to increase their market penetration and strengthen their position in the candidate skills assessment market.

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North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global candidate skills assessment market revenue, in the region. This is attributed to the increasing rise of competition between service providers. In addition, key players in the region are providing more security for data by ensuring quick access and greater outreach. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.2% from 2022 to 2032, and is likely to dominate the market during the forecast period, owing to the large number of technological start-ups and large investment of IT companies growing in the region.

The software segment to maintain its leadership status throughout the forecast period

By component, the software segment held the highest market share in 2022, accounting for two third of the global candidate skills assessment market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large number of candidate skills assessment software providers available in the market. However, the service segment is projected to manifest the highest CAGR of 14.4% from 2022 to 2032. This is attributed to the growing demand for skills assessment service and gradually increasing candidate skills assessment service providers.

The on-premise segment to maintain its leadership status throughout the forecast period

By deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of share in the global candidate skills assessment market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large use of on-premise candidate skills assessment software used by companies. However, the cloud segment is projected to manifest the highest CAGR of 14.1% from 2022 to 2032. This is attributed to the increasing movement of skills assessment-based software from on-premise environment to cloud environment.

The aptitude/psychometric segment to maintain its lead position during the forecast period

By product type, the aptitude/psychometric segment held the largest share in 2022, thus contributing to more than two-fifths of share in the candidate skills assessment market. This is attributed to the high use of aptitude/psychometric test in corporate, education, and government sectors to judge the candidates. However, the leadership assessment/testing (including 360 assessments) segment is expected to portray the largest CAGR of 17.2 % from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to growing shift toward entire personality assessment of candidate apart from their knowledge and aptitude, in order to judge whether the candidate has leadership ability or not, he is mentally able or not to survive the difficult situations.

The corporate segment to maintain its lead position during the forecast period

By end use, corporate segment held the largest share in 2022, thus contributing to more than two thirds of share in the candidate skills assessment market. This is attributed to the large use skills assessment test by the corporate sector for hiring candidates. However, the education sector is expected to portray the largest CAGR of 15.1% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing digitalization and increasing curiosity among young generation to discover various educating and source-full applications to educate themselves.

The assessment segment to maintain its lead position during the forecast period

By process, the assessment segment held the largest market share in 2022, thus contributing to nearly three fourths of share in the candidate skills assessment market. This is attributed to the high use of assessment process to analyze and select the candidates for different jobs based on their abilities and skills. However, the diagnosis segment is expected to portray the largest CAGR of 15.4% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing demand for problem solving techniques in the real-time situation.

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COVID-19 Scenario

● Due to the COVID-19 pandemic and the subsequent global lockdowns, the candidate skills assessment market faced a downturn.

● However, as the global situation started ameliorating, the demand for candidate skills assessment software was restored back. This, in turn, presented various growth opportunities for companies operating in the candidate skills assessment market.

Recent Partnerships in the Market

● In June 2023, Hacker Rank, the leading developer skills company partnered with Harver, the industry leading hiring solution helping organizations optimize their talent decisions to offer a thorough assessment of the hard and soft talents of prospective prospects. HR professionals can now more easily and concurrently forecast who will perform better and stay with the company by using assessment tools from both organizations.

Recent Product Launches in the Market

● In February 2021, Mercer Mettl launched web-based examination platform to digitize exams. The solution helps in catering to the new examination cycle from enabling faculty and administrators to create question papers, schedule exams, invigilate using a mix of AI and human-led proctoring assign answer scripts to evaluators, and finally declare the results.

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