According to the new research report on " Employment Screening Services Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the employment screening services market size is expected to reach US$ 12.62 million by 2030 and register a CAGR of 11.2% from 2022 to 2030.
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. Each European country has a different experience and understanding of employment screening, along with specific cultural expectations regarding the practice. Different language preferences across EU countries further complicate the screening landscape within Europe. According to a recent study published by HireRight, employment screening services have positively impacted job applicant discrepancies, while the number of such incidences is sharply falling in the current scenario. Though government policies differ from country to country in Europe, a few of their laws are similar, which aids in the detection of falsified information placed during recruitment. Employment history verification accounted for a maximum share among all verifications run by European employers, followed by educational verification and criminal & other public record authentication. Moreover, several firms across Europe are launching employment screening websites. For example, in March 2022, Sterling, a background screening and identity services firm, launched an online resource for employment screening.
Employers in the UK emphasize on running certain checks on job applicants to ensure that new candidates they select are allowed to work in the UK. The country has been experiencing a downfall in job applications after Brexit, which has restrained the employment screening services market growth in the UK. However, UK-based companies are expected to receive a larger number of job applications in the coming years owing to higher wages offered by employers. Further, with the normalization of economic activities after the pandemic, the country has experienced a rise in demand for human resources. Thus, an upsurge in employment favors the employment screening services market growth in the UK.
Key Findings of Study:
Based on application, the employment screening services market has been segmented into IT and telecom sector, BFSI sector, government agencies, travel and hospitality sector, manufacturing sector, retail sector, healthcare sector, and others. The IT and telecom segment held the largest employment screening services market share in 2022. 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, knowledgable, and dedicated to work, with strong moral principles. As a result, the industry generates a huge demand for employment screening services and solutions.
Companies in the BFSI sector are more stringent than other private-sector firms regarding pre-employment screening. The employee turnover in the BFSI sector has been rising in recent years, as the employees face employment cut-outs due to accountability in every part of their operations. As any middle or top management employee has access to confidential information about customers' financial records, it is essential for these companies to properly scrutinize a candidate's background, criminal records, and employment history, among others. BFSI is a highly regulated sector. The regulations precisely dictate the rules and eligibility for employees hired by financial companies. For instance, 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. The BFSI sector is also affected by stringent internal controls, efficiency initiatives, and cost reduction initiatives, resulting in a high turnover rate. A higher turnover rate increases demand for newer applicants. Several employers from this sector opt for employment screening services to scrutinize the applicant's candidature easily and smoothly. Among employee screening priorities are educational, public database, residential address, and credential checks.
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. 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 report 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. The report includes employment screening services market forecast by services, application, organization size, and geography from 2022 to 2030.
Contact UsContact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id:
sales@premiummarketinsights.com