Portland, June 01, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global employment screening services industry was estimated at $4.06 billion in 2018 and is expected to hit $7.64 billion by 2026, registering a CAGR of 8.3% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.
Rise in focus on improved quality of workforce, better regulatory compliance, and multiple benefits offered by employment screening services propel the growth of the global employment screening services market. However, certain technological risks and discrimination concerns restrain the growth to some extent. Nevertheless, development in emerging economies is expected to offer multiple opportunities to the market.
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COVID-19 Scenarios:
The global pandemic has affected the employment screening services market.
- To contain the effects and spread of coronavirus, the employment screening and background checking companies have implied remote working system. However, the companies have to deal with service disruptions in several areas.
- In another way, the impact of COVID-19 on sectors associated with employment screening market including BFSI and IT has declined consumer demand.
The global employment screening services market is segmented on the basis of service, application and region. Based on service, the market is divided into criminal background checks, education & employment verification, credit history checks, drug & health screening, and others. The criminal background checks segment contributed to nearly one-third of the global employment screening services market share in 2018, and is expected to dominate by the end of 2026. However, the education and employment verification segment would cite the fastest CAGR of 9.7% throughout the forecast period.
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Based on application, the employment screening services market is segmented into banking & financial sector, government agencies, information technology, and others. The banking and financial sector accounted for more than one-third of the global employment screening services market revenue in 2018, and is anticipated to maintain the lion's share through 2026. Contrarily, the government agencies segment would grow at the fastest CAGR of 9.3% from 2019 to 2026.
Based on geography the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America region held the major share in 2018, garnering nearly half of the global market. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 10.0% by 2026.
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Key market players analyzed in the report include ADP LLC., CareerBuilder LLC., Paychex, Inc., First Advantage, REED, HireRight LLC, Capita PLC, Paycor, Inc., Insperity, and Experian.
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