employment screening services Market

The employment screening services market size is expected US$ 5.38 billion in 2022 and is expected to reach US$ 12.62 billion by 2030; it is estimated to record a CAGR of 11.2% from 2022 to 2030.

The Asia Pacific employment screening services market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In terms of revenue, China dominated the APAC employment screening services market share followed by Japan.

China is one of the most developed and largest economies in Asia Pacific. The background check of applicants is a regular practice in the country. However, the majority of the checks are subject to the consent of applicants. The growth of the employment screening services market in China is majorly attributed to a rapid hiring pace in the transportation and utilities, and services sectors. Beijing-based companies account for the highest recruitment, while the companies from Chengdu are the slowest. Standard tests conducted by companies in China during the process of recruitment include qualification and employment history, credit checks, and medical tests, whereas criminal background verification and drug addiction tests are performed in exceptional scenarios.

The Chinese government is taking several steps to enhance public security across the country. For example, in February 2022, the Ministry of Public Security released the working rules for public security departments to handle criminal record checks (working rules). From December 2021, these rules allowed employers to check the criminal records of their potential new employees. Such government initiatives propel employment screening services market growth in China.

Based on organization size, the global employment screening services market has been segmented into small- and medium-sized enterprises and large enterprises. Large enterprises segment is estimated to hold largest employment screening services market share by 2030. Large enterprises have higher productivity and have the most significant employment shares. Employee screening services help these employers get a clear idea of candidates irrespective of the data shared by them during the interview process. While hiring candidates, companies look into their past and select them based on their qualifications. Today, large enterprises worldwide have recognized the importance of employee screening services due to the growing instances of fake data from job applicants. As per the Society of Human Resource Management study, more than 50% of applications received include inaccuracies in past employment history and educational background. Thus, it is crucial to carry out employee screening tests to reduce such candidates from the applicant pool. Hello Verify India, Private Limited provides strong background screening services to help large enterprises build successful relationships with their applicants based on safety and trust

The definitions of small and medium-sized enterprises (SMEs) usually vary with countries. However, these enterprises are often categorized based on multiple factors, including the number of employees, the yearly turnover, or the value of assets of the enterprises. Small enterprises are generally defined as those with 1-100 employees, and medium-sized enterprises with 100-250 employees. SMEs play an important role in advancing economies as they account for nearly 50% of employment and most jobs created. However, sometimes, they may not be as productive as large enterprises. Selection and recruitment practices are the primary factors that describe the success and sustainability of SMEs. Human resource practitioners believe that an organization's development and growth depend on an efficient and effective culture of screening people with a broader range of core competencies, preferred attitudes, skills, knowledge patterns, and experiences. According to a study by AuthBridge Research Services Private Limited, candidates for SMEs are more likely to fail a background check than those for a multinational corporation (MNC). As per the study, SMEs are 50% more likely to hire poor candidates than MNCs. Thus, to reduce the chances of wrong hiring, SMEs are highly focused on adopting employee screening services for the background verification of candidates.

A-Check America, Inc.; HireRight LLC; Pinkerton Corporate Risk Management; Capita Plc; Verity Screening Solutions LLC; Triton; First Advantage; DataFlow Group; Sterling Talent Solutions; Accurate Background; AuthBridge; Insperity; and GoodHire are among the key players profiled in the employment screening services market report. The employment screening services market report also provides detailed market insights, which help the key players strategize their growth. The employment screening services market forecast can help stakeholders in this marketplace plan their growth strategies.

The overall employment screening services market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the employment screening services market analysis. The report includes growth prospects in light of current employment screening services market trends and driving factors influencing the market. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the employment screening services market.