Overview and Scope
An employment screening service is a process of examining a candidate and verifying their behavior, credentials, criminal history, and so on to protect a business from a fraudulent employee. The employment screening services are used by companies that are hiring to examine the prospective hires’ fit for the job and safety risks.
Sizing and Forecast
The employment screening services market size has grown strongly in recent years. It will grow from $4.56 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased concerns about workplace security, regulatory compliance requirements, globalization of workforce, demand for talent quality and fit, rising incidence of resume fraud.
The employment screening services market size is expected to see strong growth in the next few years. It will grow to $6.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to emphasis on remote work background checks, adoption of advanced screening technologies, growing importance of diversity and inclusion screening, expansion of gig economy and freelance work, growing demand for remote hiring. Major trends in the forecast period include integration of artificial intelligence in screening processes, continuous monitoring and post-hire screening, enhanced focus on candidate experience, biometric authentication for identity verification, blockchain for secure and transparent credential verification.
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Segmentation & Regional Insights
The employment screening services market covered in this report is segmented –
1) By Services: Background Screening, Verification, Driver Management, Medical And Drug Testing
2) By Verification: Qualification, Employment History Verification, Reference, Other Verifications
3) By Background Screening: Credit Check, Criminal Record
4) By Application: Healthcare, IT/Technology/Media, Financial Services, Staffing, Retail, Industrial, Travel And Hospitality, Government And Education, Transportation, Other Applications
North America was the largest region in the employment screening services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the employment screening services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising need to reduce fraudulent activities done by employees is expected to propel the growth of the employment screening services market going forward. Fraudulent activities refer to deliberate acts with the intention of obtaining an unauthorized benefit, such as money or property. The rising need to reduce fraudulent activities by newly hired employees with the intent of preventing financial and reputational loss to the organization. For instance, according to a 2021 study carried out by Experian, an Australia-based data analytics company, more than 45% of businesses in India have seen an increase in fraud amid the pandemic. Therefore, the rising need to reduce fraudulent activities done by employees is driving the employment screening services market growth.
Key Industry Players
Major companies operating in the employment screening services market report are Automatic Data Processing Inc., Capita plc, CareerBuilder LLC, Experian plc, First Advantage Corporation, HireRight LLC, Sterling Talent Solutions Corp., GoodHire LLC, InfoMart Inc., Accurate Background LLC, Pre-employ. com Inc., Sterling Infosystems Inc., IntelliCorp Records Inc., Backgrounds Online Inc., Corporate Screening Services Inc., Shield Screening LLC, A-Check Global Inc., Universal Background Screening Inc., ClearStar Inc., Trusted Employees & Partners LLC, DataCheck Inc., Advanced Research Systems Inc., Edge Information Management Inc., Orange Tree Employment Screening LLC, General Information Services Inc., Verified Credentials LLC, Background Investigation Bureau, RiskAware LLC, Proforma Screening Solutions LLC, Peopletrail LLC, Backgrounds Plus Inc.
The employment screening services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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