Employment Screening Services Market To Observe Rugged Expansion By 2030

Market Scope

The global employment screening services market is estimated to surpass a value of USD 7.26 billion by 2030. It can exhibit a CAGR of 8.2% during the forecast period. It was valued at USD 2,972.0 million in 2018.

The major drivers of the market are large number of startups and companies investing in developing companies and the surge of illegal activities pertaining to data theft. The background checks on employee history as well as their conduct in organizations are vital in maintaining employee discipline and organization environment. The capacity of screening services for following up on new hires for ensuring the safety of the organization can bode well for the market. Rise in urbanization and development of IT parks and office spaces will provide growth opportunities for the global employment screening services market. Automation of databases for doing repetitive tasks and expediting the process can bode well for the market.

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Competitive Outlook

First Advantage Corporation, Capita PLC, BackgroundReport.com, Employment Screening Services, Inc., CareerBuilder Employment Screening, LLC, Experian Plc., HireRight, Inc., Sterling, InfoMart, Inc., Paychex, Inc., Peopletrail, Sentinel Background Checks, Employment Background Investigations, Inc, Insperity, Inc., Accurate Now, GoodHire, Automatic Data Processing, Inc., and Paycor, Inc. are key players of the global employment screening services market.

Segmentation

The market for employment screening services has been segmented into service type and end user. Based on the service type, the market has been segmented into credit history checks, criminal background check services, education and employment verification services, and drug & health screening. Among these services, the criminal background check service is expected to dominate the market by the end of the forecast period. On the contrary, the education and employment verification segment is estimated to witness the fastest growth with a CAGR of 9.2% during the forecast period. 

On the basis of end user, the market has been segmented into industrial, BFSI, government, and information technology. Out of these end users, the BFSI segment dominated the market in 2018 and is estimated to reach a value of USD 1,517.6 million by the end of the forecast period. The information technology segment is expected to witness the fastest growth with a CAGR of 8.9% during the forecast period. This can be attributed to the need of background checks of employees for weeding out fraudsters and scammers. 

Regional Analysis

Globally, the employment screening services market covers opportunities for 5 different regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). 

North America was leading the employment screening services market in 2017. This can be attributed to the abundance of companies making their base in the U.S. and Canada. Mitigation of hiring risks and assistance in making informed decisions can fuel the market growth. APAC, on the other hand, is expected to be the fastest-growing market over the forecast period, whereas Europe is expected to be at the second spot in the employment screening services market in terms of market share during the assessment period. Rise of theft and employee drug abuse is primarily responsible for driving the market growth in the region.

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