GLOBAL EMPLOYMENT SCREENING SERVICES MARKET TO REACH $4,892.3 MILLION BY 2023
According to a new report published by Allied Market Research, titled, “Employment Screening Services Market by Service and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global employment screening services market was valued at $2,939.8 million in 2016, and is projected to reach $4,892.3 million by 2023, growing at a compound annual growth rate (CAGR) of 7.5% from 2017 to 2022. Criminal background checks as a service is estimated to be the highest revenue contributor during the forecast period.
Employment screening consists of reliability checks undertaken by different organizations before an employee is hired into an organization. Employers use this service to consolidate an array of employment, financial, criminal, educational, and other records about an individual for recruitment purpose.
The growth of the employment screening services market is expected to be supplemented by increase in availability and accessibility of employment screening services in developed as well as developing economies, advantages of employment screening services, and enhanced regulatory compliance associated with these services.
In the service segment, criminal background checks and education & employment verification collectively accounted for nearly 55.3% of the share in 2016. The education and employment verification segment is projected to grow at the highest CAGR of 9.0% from 2017 to 2023, owing to its high necessity with respect to hiring new employees in an organization.