New York, July 10, 2019 (GLOBE NEWSWIRE) -- Assessment Services Market To Reach USD 10.73 Billion By 2026 | Reports And Data
An increasing number of competitive examinations and certifications coupled with a rising population of the young labor force are estimated to stimulate market demand.
Market Size – USD 6.08 billion in 2018, Market Growth - CAGR of 7.3%, Market Trends – Growing preference among corporates and governments to opt for online exams
The global assessment services market is expected to reach USD 10.73 Billion by 2026, according to a new report by Reports and Data. The increasing demand from competition-conducting authorities to enroll specialist exam-conducting companies and the rising preference among the governments and corporates to opt for online exams is anticipated to drive assessment services market over the coming years. Deploying technology is making the recruitment method more effective and also helping them join with potential candidates through aptitude tests.
A rising number of young jobseekers and entrepreneurs are one of the significant drivers for the market. They often refer to the internet platform where they can find new and various forms of employment, which can offer adaptability and increase income-earning opportunities.
Corporate eLearning enables organizations to decrease HR costs associated with training, onboarding, recruitment, retainment, and appointment via automated processes, sophisticated reporting and a reduced need for hiring talent to manage and provide training or continued education. The online examination uses the internet to conduct assessments/tests, where the candidates are assessed on a fully automated platform. The growing preference among corporates and governments to opt for online exams is anticipated to fuel the market demand in the upcoming years.
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Budget concerns, connectivity issues, and improper utilization of assessment tools may hamper the growth of the market in the forecast period. With limited budgets, many organizations are not able to own the necessary hardware and software systems or solutions. These are required to implement the latest corporate training, with which it is easy to invite employees who are willing to learn in a digitally advanced learning atmosphere.
Further key findings from the report suggest
- The certification assessment services are projected to grow at the fastest rate of 8.7% in the forecast period which is attributed to the importance of core focus of certification assessment services to review and determine the validation of submitted certification by individuals. Certification Assessment Services requires reviewing different types of accreditation like professional certification, academic degrees, and product certification, among others.
- The online assessments services held a larger market share of USD 4.21 Billion in 2018 and are forecasted to have a CAGR of 7.7% in the forecast period owing to a growing emphasis to source and promote the candidates with aptitude and attitude, which are essential for achieving the objectives of an organization.
- The Asia Pacific region is forecasted to have the highest CAGR of 8.8% during the forecast period due to a surging number of competitive examinations and certifications, and an increasing requirement for skill assessment for increasing employability in the region.
- India held a market share of 29.9% in the Asia Pacific assessment service market in 2018 with a revenue generation of USD 0.43 Billion, which is 10.3% over the revenue generation in 2017. India is expected to experience a growth rate of 10.5% during the forecast period.
- The assessment service market is in Europe as a whole generated a revenue of USD 1.43 Billion in the year 2018.
- The U.K. is expected to have a growth rate of 4.9% during the forecast period. The country generated a revenue of USD 0.27 Billion in the year 2018.
- Key participants include Korn Ferry, AON PLC, IBM Corporation, Pearson VUE, TeamLease, DDI, PSI Services LLC, Hogan Assessments, Talent Plus Inc., Cubiks, Aspiring Minds, TTI Success Insights, AssessFirst, Mettl, Prometric Inc., Chandler Macleod, MeritTrac, and Psytech International among others.
- In March 2019, Baidu Institute of Technology partners with Pearson VUE to deliver new deep learning certification exams in China.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global assessment services market on the basis of type, medium, and region:
Type Outlook (Revenue, USD Million; 2016-2026)
- Entrance Assessment Services
- Recruitment & Promotion Assessment Services
- Certification Assessment Services
Medium Outlook (Revenue, USD Million; 2016-2026)
- Offline
- Online
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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