- Rise in focus on improved quality of workforce, better regulatory compliance, and numerous advantages offered by employment screening services fuel the growth of the global employment screening services market
PORTLAND, Oregon, March 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Employment Screening Services Market by Service (Criminal Background Checks, Education & Employment Verification, Credit History Checks, Drug & Health Screening, and Others), and Application (Banking & Financial Sector, Government Agencies, Information Technology, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global employment screening services industry was estimated at $4.06 billion in 2018 and is expected to hit $7.64 billion by 2026, registering a CAGR of 8.3% from 2019 to 2026.
Drivers, restraints & opportunities-
Increase in focus on improved quality of workforce, better regulatory compliance, and several benefits offered by employment screening services drive the growth of the global employment screening services market. On the other hand, certain technological risks and discrimination concerns impede the growth to some extent. However, development in emerging economies is expected to create multiple opportunities in the industry.
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The criminal background checks segment to retain its dominance during the estimated period-
Based on service, the criminal background checks segment contributed to nearly one-third of the global employment screening services market share in 2018, and is expected to dominate by the end of 2026, owing to numerous benefits provided by the criminal background checks services such as identifying potentially risky hires, helping safeguard organization's reputation and protecting organizational assets. The education and employment verification segment, on the other hand, would cite the fastest CAGR of 9.7% throughout the forecast period. The fact that various organizations across the globe are adopting this service to eliminate the risk of hiring a candidate with fraudulent background and induct candidates with personal and professional credibility drives the growth of the segment.
The banking and financial segment to lead the trail during the study period-
Based on application, the banking and financial sector accounted for more than one-third of the global employment screening services market revenue in 2018, and is anticipated to maintain the lion's share through 2026. Rise in number of fraud and several highly published cases of scandal in the BFSI sector boosts the growth. Simultaneously, the government agencies segment would grow at the fastest CAGR of 9.3% from 2019 to 2026. This is attributed to increase in need for employment screening in the emerging countries such as India, China, and Japan, for reducing criminal and fraud activities in the government sector.
North America to rule the roost by 2026-
Based on geography, North America held the major share in 2018, garnering nearly half of the global market, owing to increase in the number of immigrants in search of jobs, which drives the growth of the market. At the same time, the Asia-Pacific region is projected to manifest the fastest CAGR of 10.0% by 2026. This is due to rise in demand for advanced products and services, along with an upsurge in governmental initiatives to protect valuable insights of the organizations in this province.
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Key players in the market-
- ADP LLC.
- Paychex, Inc.
- First Advantage
- REED
- HireRight LLC
- Capita PLC
- Paycor, Inc.
- Insperity
- CareerBuilder LLC.
- Experian
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