Dublin, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The "The US Employment Screening Market: Analysis By Service, By Industry Vertical, Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
Employment screening is the procedure of discovering and confirming a person's earlier records, which is generally carried out before the person is hired. It is series of assessment tests that allow the employer to screen potential candidates from the pool and find the best match. These tools consist of different tests, varying in shape and size that assess candidates’ skills, knowledge, cognitive abilities and individual behavior. Employment screening technology helps companies meet their legal, legislative, and financial obligations by founding an objective standard for securing employment. Employment screening helps businesses confirm that their new or prospective hires are the right fit for the job. In 2021, the US employment screening market was valued at US$1.78 billion, and is probable to reach US$2.58 billion by 2027.
Growing demand for time efficient selection systems owing to rising number of job applicants, also secular tailwinds in the labor market including increased workforce mobility, remote work, higher employee churn, and the sizable freelance workforce, would impact demand for the US employment screening market in the coming years. The US employment screening market is projected to grow at a CAGR of 6.42%, during the forecast period of 2022-2027.
Market Segmentation Analysis:
By Services: The report splits the US employment screening market into three services: Verification, Background Screening and Drug Testing. Verification segment is further divided into Employment History, Education, References, and Other. Background screening segment is further segmented into criminal record and Credit Check. Verification segment held more than 55% of the market share in 2021. A Verification process can help certify that the candidate's listed work experience is valid and adequate, and can also reveal the reasons a candidate left their previous positions is one of the major factors that encouraged verification in the US employment screening industry.
The background screening segment is expected to increase at the highest CAGR of above 7% over the period of 2022-2027. Online platforms make it easier for consumers and companies to opt for background screening, bolstering demand for industry services.
By Industry Vertical: According to the report, the US employment screening market is segregated into eight industry vertical: IT & Telecom, Manufacturing, Retail, Banking, Financial services & Insurance, Healthcare, Travel & Hospitality, Government Agencies and Other. IT & Telecom industry accounted for above 28% share in the US employment screening market in 2021, as the candidates applying in IT & telecom industry are bound to display a high discrepancy in their resumes, paved favorable conditions for the growth of IT & Telecom employment screening market.
Market Dynamics
Growth Drivers
- Surge in Drug Consumption
- Rapid Urbanization
- Dominating Millennial and Younger Population
- Rising Number of Start-ups
- Growing Share of Immigrants in the Total US Population
- Improved Regulatory Compliance
- Increased Number of Job Applications
Challenges
- Discrimination Concerns
- Candidate's Information Compromised
Market Trends
- Introduction of Several Drug Testing Methods
- Increasing Popularity of Human Resource Technology
- Leveraging Artificial Intelligence (AI) and Machine Learning
- Escalating Importance of Social Media in Employment Screening
- Increasing Use of Contingent and Flexible Workforces
Key Topics Covered:
1. Executive Summary
2. Introduction
3. The US Market Analysis
4. Impact of COVID-19
5. Market Dynamics
6. Competitive Landscape
7. Company Profiles
Companies Mentioned
- Accurate Background, Inc.
- First Advantage Corporation
- Sterling Backcheck
- Checkr, Inc.
- Automatic Data Processing Inc., (ADP LLC)
- HireRight Holdings Corporation
- Paychex, Inc.
- Employment Screening Resources
- Infomart Inc.
- Trusted Employees
- A Good Employee
- Justifacts Credential Verification, Inc.
- Verified Credentials, LLC
For more information about this report visit https://www.researchandmarkets.com/r/qsdbmb
