Categories: IT & Communication Technology

Employment Screening Services Global Market Report 2024

The Employment Screening Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Employment Screening Services , 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.

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.

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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

Major companies operating in the event management software market are developing innovative solutions such as criminal monitoring solutions to meet and exceed the needs of employers. The criminal monitoring solution offers continuous monitoring to enhance workforce integrity and security, setting new industry standards. It provides real-time insights and increased competitive value for clients and their employees. For instance, in April 2023, Brand Kraken, a US-based company that provides human resources services, launched its criminal monitoring solution, a comprehensive global employment background screening and drug testing platform to set new standards in the industry by providing continuous criminal monitoring beyond initial background checks, aiming to exceed the needs of employers and employees while ensuring workforce integrity and security. The reason behind the launch is to offer an innovative and superior solution.

The employment screening services market report table of contents includes: