Burlingame, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global Assessment Services market size is estimated to be valued at US$ 14.83 billion in 2023 and is expected to reach US$ 28.34 billion by 2030, grow at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Assessment services refer to a range of activities and processes that involve evaluating, measuring, and analyzing various aspects of individuals, organizations, products, or processes. These services are conducted to gain insights, make informed decisions, and/or improve performance. Assessment services can cover a range of areas, including education, healthcare, technology, human resources, psychology, and more. Assessment is the stage of evaluation or assessment that the company does on the performance of the employee over a given period of time. Assessment services are used by companies to evaluate a candidate based on different parameters.
Key Industry Insights & Findings from the report:
- Global assessment services market is expected to exhibit a CAGR of 9.7% over the forecast period. The global assessment services market is growing rapidly in response to the increasing emphasis on adaptive and personalized assessments.
- On the basis of Assessment Type: Aptitude Tests Segment is expected to dominate the market during the forecast period and this is attributed to the increasing emphasis on education quality across the globe.
- On the basis of Industry Vertical: Information Technology (IT) Segment is expected to dominate the market during the forecast period and this is attributed to the integration of Artificial Intelligence (AI) and Machine Learning (ML).
- On the basis of Organization Size: Small and Medium-sized Enterprises (SMEs) Segment is expected to dominate the market over the forecast period and this is attributed to the increasing adoption of assessment services by SMEs.
- On the basis of Delivery Mode: Blended (Online and In-person) Segment is expected to dominate the market during the forecast period and this is attributed to the increasing adoption of online and in-person assessment services around the world.
- On the basis of Geography, North America is expected to hold a dominant position over the forecast period due to technological advancements, changing workforce landscape, and rise in demand for assessment services in the region.
Read full market research report, "Assessment Services Market, By Assessment Type (Aptitude Tests, Personality Tests, Skill Tests), By Industry Vertical (Information Technology (IT), Healthcare and Life Sciences, Banking), and By Geography, Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030", published by Coherent Market Insights.
Assessment Services Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 14.83 billion |
| Forecast Period: | 2023 to 2030 |
| Growth rate | CAGR of 9.7% from 2023 to 2030 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2021 |
| Forecast period | 2023 - 2030 |
Key Trends and Analysis of the Global Assessment Services Market:
Integration of artificial intelligence and machine learning is one of the key trends expected to drive the growth of the global assessment services market. For instance, technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), are being integrated into the assessment services to enhance their effectiveness. Such technologies (AI) can analyze large amounts of data, generate insights, and identify patterns for better decision making. While, machine learning helps automate scoring, improve assessment accuracy, and provide adaptive assessment. Such technologies offer opportunities for more personalized, efficient, and precise assessments.
Technological advancements to augment the market growth
The integration of advanced technologies, such as AI, enhances both the accuracy and efficiency of assessments, allowing for personalized insights and recommendations. In April 2023, DEKRA announced the formation of a strategic partnership to provide AI safety assessments for enterprise clients. DEKRA will deliver the industry's first AI model assessment service, following the latest ISO standards for data quality and model robustness. The new service allows clients to obtain the comprehensive and unbiased evaluation of their AI data and models, to manage risks by identifying and eliminating gaps in data quality and model performance.
Changing workforce landscape to propel the market growth
In June 2023, Sevenstep announced the launch of its talent acquisition assessment and consulting service, Talent Unbounded. Based on more than fifteen years of experience meeting hard-to-fill, high-value talent needs for top global enterprises or mid-market organizations, Talent Unbounded provides strategy/expertise to position companies for success in a changing workforce landscape. Talent Unbounded applies proven assessment methodologies to identify gaps and deliver practical roadmap for improvement across critical areas of talent acquisition, including data and technology, cost control, employer branding, and diversity, equity and inclusion (DEI).
Detailed Segmentation:
- Global Assessment services Market, By Assessment Type:
- Aptitude Tests
- Personality Tests
- Skill Tests
- Behavioral Assessments
- Psychometric Assessments
- Career Assessments
- Leadership Assessments
- Others
- Global Assessment services Market, By Industry Vertical:
- Information Technology (IT)
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance (BFSI)
- Manufacturing
- Retail
- Education
- Government and Public Sector
- Others
- Global Assessment services Market, By Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- Global Assessment services Market, By Delivery Mode:
- Online Assessment Platforms
- In-person Assessments
- Blended (Online and In-person)
- Global Assessment services Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- Northern Africa
- Central Africa
- South Africa
- North America
- Company Profiles:
- CEB, now part of Gartner
- SHL
- Hogan Assessments
- Talent Q, a part of Korn Ferry
- Cognizant
- IBM Corporation
- Pearson PLC
- Mercer LLC
- Deloitte
- Korn Ferry
- PwC
- Prometric
- DDI (Development Dimensions International)
- Mettl
- Cubiks
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