New York, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Personality Assessment Solutions Market: Key Insights
According to our latest market study on “Personality Assessment Solutions Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Delivery Model and End-User,” the Personality Assessment Solutions Market Size is expected to grow from US$ 7,421.59 million in 2021 to US$ 16,461.43 million by 2028; it is expected to grow at a CAGR of 12.1% from 2021 to 2028.
Personality Assessment Solutions Market: Competitive Landscape and Key Developments
Criteria Corp.; Hogan Assessments; Development Dimensions International, Inc.; Persona Labs; SHL; SIGMA Assessment Systems Inc.; Paradox, Inc.; TTI Success Insights; Aon plc.; and Mercer LLC are among the key players in the global personality assessment solutions market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In March 2021, Criteria announced that it acquired Australia based Alcami Interactive, one of the most on demand video interviewing platforms. Criteria will be offering its 4000+ customers with Alcami’s video interviewing service through its platform.
With several career paths available, students start preparing to figure out which career option would be their best fit and accordingly choose the higher education program. They are often confused about which bachelors’ program to pursue after high school. Most individuals are forced to make career decisions at a young age. For instance, in India, by 10th grade, students are supposed to choose one among the three streams from arts, commerce, and science. By 12th grade, they must decide which college to go to and which major to choose. These decisions put students on an irreversible path toward a career that they might fail in, and by the time they realize that job is not a good fit for them, it is already too late. Thus, students' personality assessments are an in-depth assessment of the test taker’s strengths, weaknesses, beliefs, and other personality traits that reveal crucial information about the individual’s psychological makeup. These questions help provide an understanding of the user’s psyche and categorize their characteristics. Therefore, there will always be a need for personality assessment solutions in the educational sector.
Impact of COVID-19 Pandemic on Personality Assessment Solutions Market:
The COVID-19 pandemic has been affecting most of the businesses globally. The continuous growth in the number of COVID-19 confirmed cases compelled governments to impose mass lockdowns, business shutdowns, and the restrictions on humans and goods transportation.
The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.
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In the beginning of 2020, after the imposition of nationwide lockdowns across the globe, many industries were not working. Due to less revenue income, the recruitment process was also hampered much in small & medium enterprises. Therefore, the demand for the personality assessment solutions was low in 2020. But in the large IT sector, irrespective of the COVID-19 pandemic, the hiring process was going significantly. From the mid of 2020, after the adoption of the digital platform by multiple businesses, the corporates have increasingly adopted technology-aided recruitment tools that can be leveraged remotely and ensure hiring and business continuity amid disruptions. The virtual model of recruitment is here to stay. There was a rush toward new-age technology-aided recruitment/HR tools in mid-2020, amid the COVID-19 pandemic. New-age recruitment tools will continue to be leveraged extensively and increasingly in the future.
Recruitment has always been an essential factor for any organizational growth. Recruitment is a complicated process involving screening, interviewing, assessing, and selecting suitable candidates for an organization. The increase in demand to enhance the recruitment process among end users and the rapid growth of technology-driven employee screening tools are factors anticipated to boost the adoption of personality assessment solutions for the recruitment process. Personality assessment provides the interviewer with standardized, valuable insights regarding how candidates behave in a work context and predict job performance and company fit. This assessment allows the interviewer to accurately assess essential personality traits of the candidate such as conscientiousness, openness, agreeableness, extraversion, stability, and other various characteristics, including sociability, leadership orientation, need for recognition, cooperation, dependability, consideration, efficiency, achievement striving, even-temperament, abstract thinking, self-confidence, and creative thinking. Personality assessment provides recruiters with objective insights that significantly improve candidate selection.
Further, the presence of a more significant number of developers increases the demand for personality assessment solutions. Berke Group, LLC; Thomas International Ltd; MeritTrac Services Pvt Ltd; AssessPeople Services Pvt. Ltd.; The Myers-Briggs Company; Hogan Assessment Systems, Inc.; and SHL are among the developers of personality assessment solutions for the recruitment process.
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Additionally, the use of personality assessment solutions has helped recruiters reduce hiring time and effort. Online personality assessment solution helps recruiters select candidates from the pre-determined questions already set by the solution developers, which saves a lot of time and hard work. Thus, it helps interviewers or recruiters in selecting the right candidate suitable for that job role. Therefore, the use of personality assessment solutions in the recruitment process is increasing rapidly.
Personality Assessment Solutions Market: Delivery Model Overview
Based on delivery model, the personality assessment solutions market is bifurcated into in-house and outsourced. In 2020, the outsourced segment led the market, accounting for a larger share in the market.
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