Employment Screening Services Market Worth $12.62 Billion,

US & Canada, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Employment screening is a crucial part of the recruitment process. Small and medium enterprises (SMEs) and large companies are making substantial investments in employee screening and verification processes. Several companies are gradually transitioning from an in-house verification process to more reliable third-party vendors. These vendors offer pre-hiring and post-hiring screening services. However, appointing a third party for these screening processes makes employers vulnerable to data breaches. Therefore, enterprises are becoming highly conscious of the security of employee information and regulatory concerns. Moreover, previous cases of employee data breach concerns compel end users to invest more in protecting employee data.

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The key players operating in the US and Europe Employment Screening Services Market are required to show data breach protection and information security capabilities to enter and sustain the market. They are also required to demonstrate compliance with domestic and international privacy laws.

Employment Screening Services Market Overview:

^{_{Source: The Insight Partners’ Analysis}}

Employment Background Screening Services:

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Key Employment Screening Services Market Findings:

Geographically, the employment screening services market is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South and Central America (SCA). North America dominated the employment screening services market in 2023, with a 49.1% market share. Employers across the US consider background checks as an integral part of their recruitment process. As of data published by the Professional Background Screening Association (PBSA) in July 2023, ~95% of US employers conducted employee background screening, and 77% of US employers have a documented background screening policy. Criminal record checks are among the most essential employment screening checks, as stated by 94% of respondents. These checks can help employers view convictions for felonies, misdemeanors, and violations, as well as ongoing criminal proceedings.
Moreover, the US reported the highest number of immigrants looking for employment, thereby increasing the demand for employment screening services to analyze migrant applicants' background details.
Europe is the second-largest contributor to the global employment screening services market, followed by Asia Pacific. With a surge in business expansions in APAC, several job profiles are being created, owing to which a significant demand for screening services is generated to scrutinize professionals. According to the United Nations Population Fund, Asia Pacific was home to 60% of the world's population (as of 2023), majorly contributed by China and India. The number of employee frauds and scams has increased along with the size of the qualified workforce. As a result, companies put in substantial efforts in selecting suitable candidates to safeguard against potential risk and foster a secure, trustworthy work environment.
The employment screening services market is segmented into services, applications, and organization size. Based on services, the employment screening services market is segmented into background screening, verification, and medical and drug testing. The verification segment held the largest share of the market in 2023. Verification services include investigating the candidates' employment histories, professional licenses, and educational qualifications. Several applicants provide false information regarding their level of education and work experience by making minor changes or even outrageous misrepresentations. According to the World Street Journal, around 34% of job applications globally contain fake information. Verification service providers ease the employer's liability to scrutinize every piece of information provided by candidates. According to the Association of Certified Fraud Examiners, false information provided by candidates results in huge losses to several companies. The costs incurred due to false information on resumes amounted to ~US$ 600 billion in the past few years in North America.

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Key Employment Screening Services Market Dynamics:

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Increase in Job Immigrants Amid Globalization:

Increasing globalization has resulted in a large influx of job immigrants in developed countries. According to the Migration Data Portal, in 2020, there were 276.5 million international migrant workers globally. This large influx of immigrants is majorly found in low-skilled and highly professional jobs in the US, the UK, Germany, Canada, and other developed countries. The increased number of mobile workforce and job immigrants and the growing need to reduce fraudulent activity by applicants are fueling the demand for employment screening services.

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Adoption of Blockchain in Employee Screening:

Integrating blockchain technology into employee screening solutions and services benefits employers through secured payroll and protected employee data, as well as helps in eliminating candidate-record verification and streamlining onboarding. The technology authenticates candidate credentials in a highly secure way and reduces fake certificates and accolades. Blockchain is an unhackable ledger system capable of storing data and assisting in creating comprehensive employee profiles. It can check performance, job history, and other information to assess candidates. It has a faster and more accurate outcome in an organized infrastructure. Moreover, implementing blockchain allows recruiters to secure candidate details and access verified data from one platform, saving time and money spent on the screening process. Thus, blockchain technology is an emerging trend in the employment screening services market.

Impact of Drivers:

The figure below depicts the impact of driving factors on the employment screening services market:

Impact Analysis of Drivers

^{_{Source: The Insight Partners’ Analysis}}

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Employment Screening Services Market Competitive Landscape:

The employment screening services market is highly fragmented owing to the presence of several local and international players. Capita Plc, Pinkerton Corporate Risk Management, Sterling Talent Solutions, HireRight LLC, and First Advantage are among the prominent market players in the global employment screening services market.

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Key Company Offerings:

Sr. No	Companies	Products/Solutions/Services
1	Capita plc	Volti4 digital background checking
2	Pinkerton Corporate Risk Management	Employment Verification Academic/Professional Qualification Verification Address Verification Global Sanctions/Database Check Identity Check/Identity Verification Reference Check Substance Abuse Test Criminal Court Record / Civil Litigation Check Credit Check Bankruptcy Check Driving License Resume Validation / CV Analysis Social Media Check
3	Sterling Check Corp	Civil Court Records Contingent Workforce Criminal Background Checks Global Checks Motor Vehicle Records Sanctions, Risk & Compliance Social Media Searches Form I-9 and E-Verify
4	HireRight Holdings Corp	Criminal Background Services Financial Background Services Identity Services Verification Services Due Diligence Services Compliance Services Drug & Health Screening Driving Background Services
5	First Advantage Corp	Affordable Care Act Compliance Background Checks Case Management Contractor Background Checks Criminal Records Monitoring Drug & Alcohol Testing Economic Incentives Employer Tax Credit Screening Employment Verifications Executive Screening Fingerprinting Franchise Screening Identity Fraud Mitigation Instant Oral Fluid Drug Screening Investigative Due Diligence Occupational Health Online Background Checks Rental Property Screening Residential Income Verification Student Screening Transportation Compliance

^{_{Source: Company Websites and Annual Reports}}

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Recent Employment Screening Services Market Developments:

In March 2023, Accurate Background acquired VerifyNow Pty Ltd, an employment screening provider in Australia. This move is part of Accurate's global strategy to expand its international compliance-driven employment screening solutions portfolio. VerifyNow will continue to operate independently under its current leadership.
In March 2023, Capita confirmed the sale of Security Watchdog, a provider of pre- and post-employment screening solutions, to Matrix. The acquisition, which Bridgepoint Development Capital made, was valued at £14 million on a cash-free, debt-free basis. The deal represents a significant shift for Capita, which has been looking to streamline its operations in recent years. It marks an important milestone for Matrix as it expands its portfolio of services. While neither Capita nor Matrix has commented on the deal's specifics, it is expected to be finalized soon, subject to regulatory approval.
In April 2023, First Advantage Corporation announced its latest product and technology innovations at the Company's Collaborate 2023 user conference in Las Vegas. The company launched a trio of curated product bundles powered by its next-generation Profile Advantage solution, offering background screening, identity verification, drug screening, tax credit services, I-9 with document review, and more. These solutions are delivered to provide a seamless experience.

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Employment Screening Services Market Worth $12.62 Billion, Globally, by 2030 - Exclusive Report by The Insight Partners

The employment screening services market size is projected to reach US$ 12.62 billion by 2030 from US$ 5.38 billion in 2022 and expected to register a CAGR of 11.2% during 2022–2030.

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