The global employment screening services market is experiencing growth due to the rise in demand for improved quality of workforce, enhanced regulatory compliance with respect to employment, and merits associated with employment screening in organizations
WILMINGTON, Del., Aug. 2, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Employment Screening Services Market by Services (Criminal Background Checks, Education & Employment Verification, Credit History Checks, Drug & Health Screening, and Others), and Application (Healthcare, IT/Technology/Media, Financial Services, Staffing, Retail, Industrial, Travel and Hospitality, Government and Education, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. The global employment screening services market were valued at $6.3 billion in 2023 and is estimated to reach $16.8 billion by 2032, exhibiting a CAGR of 11.1% from 2024 to 2032.
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124 – Tables
69 – Charts
250 – Pages
Prime Determinants of Growth
The requirement for businesses to maintain a secure and effective workplace is what primarily motivates the use of employment screening services. Through the verification of potential employees’ credentials, background, and integrity, this approach reduces risks. Businesses try to avoid problems like theft, fraud, and violence in the workplace, which can arise from employing people with concealed criminal histories or exaggerated credentials. Employment screening also aids in preserving adherence to legal mandates and industry norms. Businesses safeguard their brand, build client trust, and create a safe work environment by carefully screening individuals. These actions eventually improve operational effectiveness and staff morale.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2024–2032
Base Year
2023
Market Size in 2023
$6.3 Billion
Market Size in 2032
$ 16.8 Billion
CAGR
11.1 %
No. of Pages in Report
250
Segments Covered
Services, Application, and Region.
Drivers
Rise in adoption of contactless payment methods
Growth in regulatory support and government initiatives
Surge in cases of data breaches and identity thefts
Opportunities
• Rise In Remote Working Environment
• Increase In Instances of Faking Experoences Across the Globe
Restraints
High cost of biometric payment cards
Increase in security & privacy concerns among businesses
Opportunities
Rise In Integration of AI For Remote Hiring
Restraint
Rise In Automated Solutions for Employment Screening
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Segment Highlights
The global employment screening services market is segmented based on services and applications. Based on services, the market is classified into criminal background checks, education & employment verification, credit history checks, drug & health screening, and others. Based on application, the market is segmented into healthcare, IT/technology/media, financial services, staffing, retail, industrial, travel and hospitality, government and education, transportation, and others.
The Criminal Background Checks segment dominated the market in 2023
Criminal background checks are essential for job screening services since they support integrity and safety in the workplace. Companies can lower the danger of theft, fraud, and violence within the company by making educated hiring decisions based on the identification of prior criminal conduct. This procedure creates a safe and reliable work environment by safeguarding clients, staff, and company property. Criminal background checks also help to ensure adherence to industry and legal norms, which is crucial for minimizing risk and protecting the company’s brand. All things considered, these audits play a critical role in encouraging a culture of dependability and safety, which supports the organization’s long-term performance.
The Financial Services segment accounted for the highest share in 2023
Owing to strict regulations and pressing need for security and trust, the financial services sector holds a bigger market share for employment screening services. Financial institutions are easy targets for fraud and other financial crimes since they manage sensitive data and substantial sums of money. Extensive screening guarantees that staff members have the honesty and dependability required to carry out these duties. This includes credit history and criminal background checks. Furthermore, extensive screening procedures are required in order to meet strict compliance criteria, like those set by FINRA and the SEC. This emphasis on thorough screening reduces risks, protects investments, and upholds consumer confidence.
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Regional Outlook
North America accounted for the highest share in the global employment screening services market in 2023. North America stands out as one of the premier hubs for the IT industry, attracting a surge of immigrants in pursuit of employment opportunities, thereby propelling market growth. This influx has led many large organizations in the U.S. to embrace robust employment screening services, driven by the necessity to verify the backgrounds of international candidates and select the most qualified individuals for positions. Moreover, stringent governmental regulations in both the U.S. and Canada regarding the screening of potential employees are anticipated to present lucrative prospects for the market. A prime example is the Fair Credit Reporting Act (FCRA) in the U.S., which mandates background checks across various industries, facilitating organizations in assessing criminal histories and securing suitable candidates for roles. These factors are contributing to the growth of the employment screening services market in North America.
Players: –
ADP LLCCapita PLCCareerBuilder LLCExperianFirst AdvantageHireRight LLCInsperityPaychex, Inc.Paycor, Inc.REEDSterling Talent SolutionsAccurate
The report provides a detailed analysis of these key vendors in the global employment screening services market. These players have adopted different strategies such as new development, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, portfolio, and strategic moves of market vendors to showcase the competitive scenario.
Recent Development
In September 2023, Brand Kraken announced the launch of global employment background screening and drug testing services. These new services are aimed to set higher accuracy and customer service standards.In May 2021, Experian launched a new employer services business & real-time income and employment verification solution for supporting the collective recovery of businesses and consumers.
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Employment Screening Services Market Key Segments:
By Services
Criminal Background ChecksEducation and Employment VerificationCredit History ChecksDrug and Health ScreeningOthers
By Application
HealthcareIT/Technology/MediaFinancial ServicesStaffingRetailIndustrialTravel/HospitalityGovernment/EducationTransportationOthers
By Region
North America (U.S., Canada)Europe (France, Germany, Italy, Spain, UK, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)
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