Employment Screening Services Market to Grow with a CAGR of 9.89% Globally through to 2028
Employment Screening Services is increasing due to
growing regulatory compliance requirements and risk management needs of
organizations in the forecast period, 2024-2028.
According to TechSci Research report, “Global Employment
Screening Services Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028
Global Employment Screening Services market has
witnessed tremendous growth in recent years, reaching a valuation of USD 4.43 billion
in 2022. The market is projected to continue its strong upward trajectory,
posting a CAGR of 9.89% from 2024 to 2028.
Employment screening services have gained significant
prominence in recent years owing to their widespread adoption across diverse
industries globally. Critical sectors such as healthcare, pharmaceuticals, and
medical devices recognize screening as a key risk management tool.
Stringent regulatory standards governing sterile
manufacturing operations have compelled organizations to invest heavily in
employment screening solutions. Industries like pharmaceuticals rely on
screening to ensure personnel meet compliance requirements.
To address unique risk profiles, companies are
partnering with leading screening providers to develop customized solutions.
These collaborations have resulted in integrated offerings empowering real-time
monitoring and control of candidate vetting. Advanced screening platforms
equipped with AI and automation are enabling predictive analytics and enhanced
decision making.
The development of innovative screening techniques
such as social media screening and expanded drug and health screening panels is
also fueling market growth. Such innovations allow evaluating broader aspects
of candidate suitability.
Automation and integration of screening workflows with
applicant tracking systems are poised to revolutionize efficiency. This fusion
of technology promises improved accuracy, reduced turnaround times and
optimized resource use.
Government support through regulations mandating
screening in high-risk roles will continue driving investments in intelligent
screening infrastructure. As industries increasingly rely on data-driven
operations, demand for advanced screening solutions is projected to rise.
In conclusion, the global employment screening market
is undergoing rapid transformation led by widespread adoption across sectors.
Strong industry tailwinds and focus on compliance and risk mitigation point
towards continued market expansion in the coming years.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Employment
Screening Services Market.”
The global employment screening services
market is segmented by type of screening, service model, end-user industry and
region.
By type, criminal background checks
dominate as they are mandated for sensitive roles. However, social media
screening is poised to grow the fastest owing to its ability to uncover deeper
insights about candidates.
In terms of service model, managed
services account for over 60% share as they offer customized ongoing screening
solutions. However, ad-hoc services are growing rapidly to cater to one-time
screening needs of small businesses.
By end-user, the healthcare industry
holds the largest share due to stringent regulations. The IT sector is expected
to increase screening the most rapidly to source skilled talent while
mitigating risks.
Regionally, North America leads with the
US implementing strict laws. However, Asia Pacific is emerging as a high growth
market on the back of increasing regulatory compliance in countries like India
and China.
In summary, while criminal background
checks and managed services currently dominate respective segments, social
media screening, ad-hoc services and the high-growth IT industry vertical are
projected to witness fastest gains in the employment screening services market.
Major companies operating in Global Employment
Screening Services Market are:
- First Advantage Corporation
- Sterling Check Corporation
- HireRight Holdings
Corporation
- Instant Checkmate, Inc
- S2Verify, LLC
- GoodHire
- Accurate Background, LLC
- Insperity, Inc
- Justifacts Credential
Verification
- Checkr, Inc
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“The employment screening services market has
witnessed significant expansion driven by increasing digital transformation
across industries. Public sector organizations have increasingly relied on
screening solutions to optimize hiring through data-driven insights.
Employment screening solutions enable real-time
monitoring of candidate credentials, centralized data collection and analytics
capabilities. This allows agencies to generate predictive analysis, automate
workflows and ensure regulatory compliance in hiring. Such solutions help
customize screening programs, streamline processes for cost savings and
strengthen overall controls.
Leading public entities have partnered with major
screening providers to digitally transform their recruitment functions. The
solutions improve response coordination, provide situational awareness through
personalized access and facilitate compliance management.
Vendors continue advancing solutions through
innovations in areas like AI, cloud and cybersecurity. This ensures secure,
interoperable and scalable solutions for diverse public sector screening needs.
Ongoing R&D and growing acceptance of data-driven
strategies indicate screening solutions will play an increasingly important
role in optimizing public sector hiring. Partnerships and compliance with
emerging standards are expected to sustain the high growth momentum of this
market. The long-term outlook for employment screening in the public sector
remains positive.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Employment
Screening Services Market by
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Type of Screening
Services (Criminal Background Checks, Credit History Checks ,Drug and
Alcohol Testing, Employment Verification, Education Verification, Reference
Checks, Social Media Screening, Identity and Address Verification, Healthcare
Sanctions Checks, Motor Vehicle Records Check), By Service Model (Managed Services, Ad-Hoc Services) By
End-User Industry (Banking,
Financial Services, and Insurance (BFSI), Healthcare, Information Technology
(IT), Manufacturing, Retail, Government, Transportation and Logistics, Education,
Hospitality, Others)
By Region, By Competition”, has evaluated the future growth potential of Global
Employment Screening Services Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Employment Screening Services Market.
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