According to our latest study on "Employment Screening Services Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Deployment, Enterprise Size, Industry Vertical," the employment screening services market size was valued at US$ US$ 5.82 billion in 2023 and is expected to reach US$ 9.88 billion by 2031; it is estimated to record a CAGR of 6.8% from 2023 to 2031.
The employment screening services market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The Europe employment screening services market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, UK dominated the employment screening services market share. Employers in the UK emphasize running certain checks on job applicants to ensure that new candidates they select are allowed to work in the UK. Employers generally run a criminal record check for employees. This is known as a Disclosure and Barring Service (DBS) check. In the UK, criminal background checks are available in four different levels: basic, standard, enhanced, and enhanced with barred lists. Each one offers different levels of information. Criminal records (aka DBS check), employment history, reference checks, right to work, education history/references, UK/international sanctions, and DVLA checks are among the most common employment screening services run on UK employees and contractors. According to the Office for National Statistics (ONS), the UK's labor participation rate in April-June 2023 stood at 76%, indicating a large portion of the population actively seeking employment. In such a scenario, conducting screening checks becomes essential for companies to mitigate risks and make informed hiring decisions
Employment screening services such as background checks are legal in Germany, given that they are conducted in compliance with federal data protection laws. German employee data protection rules follow an extensively stringent regime. German law strictly emphasizes obtaining valid employee consent. The employees are required to receive information regarding principles and the level and drive of the data collection and processing. Germany is considered to be the manufacturing hub in Europe, owing to the presence of large automotive manufacturers across the country. Organizations in the country are explicitly engaging themselves in various strategic decisions to enhance the adoption of employment screening services. For instance, in March 2022, with the demand for employment screening growing across Germany, global background screening and identity services firm Sterling launched a dedicated online resource for the country. The dedicated website provides employers across the country with access to regional language content to inform their employment screening strategies, including best practice advice and FAQs.
Key Findings of Employment Screening Services Market Study:
The employment screening services market is segmented into service, application and organization size. Based on service, the employment screening services market is segmented into background screening, verification, and medical and drug testing. In terms of organization size, the employment screening services market is segmented into small and medium-sized enterprises and large enterprises. Based on application, the market is segmented into IT and telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others.
Based on application, the employment screening services market has been segmented into IT & telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others. The IT & telecom segment held the largest employment screening services market share. Employees of IT companies are involved in hardware and software development and repairs; moreover, they are involved in providing data network support. As a result, they often have access to sensitive client information and intellectual property. Thus, IT firms need to conduct a proper employment screening on their employees to check their criminal records, qualifications, employment records, etc. The telecom industry continues to grow at an exponential pace in several developed and developing countries. With data management being a key part of this industry, employers in this industry emphasize shortlisting the finest employees who are skilled, knowledgeable, and dedicated to work, with strong moral principles. As a result, the industry generates a huge demand for employment screening services and solutions
BFSI is a highly regulated sector with strict guidelines governing operations. The regulations precisely dictate the rules and eligibility for employees hired by financial companies. Background verifications ensure that the employers hiring in banking institutions adhere to such guidelines as to prevent any potential legal issues. employees working in banks have access to sensitive financial data of customers. Background verifications ensure that those entrusted with such data are trustworthy enough to maintain the confidentiality of such data. The US Federal Deposit Insurance Corporation guides the development of effective criminal background checks for bank employees. Further, it encourages these checks as an efficient risk management process to ensure and verify the information provided by prospective candidates. In addition, a bank's reputation is one of its most valuable assets. Negative incidents, especially those involving internal fraud or breaches of trust, can severely damage an institution's credibility. Background checks help protect the organization's reputation by ensuring that employees adhere to the highest standards of conduct, thereby maintaining the trust of all the stakeholders.
Acuity International; HireRight LLC; ADP, Inc.; Pinkerton Consulting and Investigations Inc; GoodHire; Capita Plc; KPMG Assurance and Consulting Services LLP; Verity Screening Solutions; ezyHire; Triton Inc; Revealbackground.com; First Advantage; Zeremark; DataFlow Group; Cisive; Accurate Background, LLC; Reed Group; AuthBridge; Paychex, Inc.; and Insperity Inc are among the key players profiled in the employment screening services market report. Several other major players were studied and analyzed during the employment screening services market analysis to get a holistic view of the market and its ecosystem. The employment screening services market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current employment screening services market trends and their foreseeable impact during the forecast period.
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