Market Research

$6.25 Billion, Employment Screening Services Market is Emerging with 4.8% of CAGR by 2025 – Sterling Talent Solutions, Triton, Verity Screening Solutions, GoodHire, Insperity

Jul 6, 2020 5:19 AM ET
iCrowd Newswire – Jul 6, 2020

The research report provides a big picture on “Employment Screening Services market” 2025, on a global basis, offering a forecast and statistic in terms of revenue during the forecast period. This report covers detailed segmentation, complete R & D history, and explanatory analysis including the latest news. Furthermore, the study explains the future opportunities and a sketch of key players involved in the “Employment Screening Services hike in terms of revenue.

Employment screening services market in global is expected to grow from US$ 4.12 Bn in 2018 to US$ 6.25 Bn by the year 2027. This represents a CAGR of 4.8% from the year 2019 to 2027.

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Strategic Insights

The market players present in the employment screening services market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:

2019: Accurate Background, LLC announced an integration with AvatarFleet’s A-Suite driver recruiting and compliance management software. The integration would use the company’s API to make background screening services available in AvatarFleet’s software.

2019: In October 2019, Sterling Talent Solutions partnered with the LinkedIn talent hub. LinkedIn will serve as an integration partner on the applicant tracking system, and this would enable customers to source, manage, and hire in an integrated platform. Further, the partnership would help to ease the process of candidate hiring.

2018: In October 2018, AuthBridge Research Services Private Limited acquired Footprints Collateral Services Company, the acquisition enables both the company to offer employee background screening solutions to its customers.

The employment landscape has transformed radically after the financial crisis of 2008. The global upsurge in Internet users and the groundbreaking changes in the human resource management industry have created a rich atmosphere for screening service to propagate. A large number of industries across the globe are currently stimulated by the candidate-driven employment market where companies are keen to decrease the time-to-hire ratios. Since hiring delays impacts an organization both in terms of time and cost. Companies are these days competing for the best candidates and therefore are putting more emphasis on crafting a positive onboarding experience, which also includes the background screening process of employees.

Besides this, international recruitment has also created a large number of new opportunities for organizations in different sectors. However, hiring workers/employees from overseas can creates some crucial legal and logistical difficulty in hiring departments. Organizations with high incomes spend an excessive amount of money on employing and onboarding processes. To deploy best practices in the hiring and onboarding program, companies conduct an exhaustive background screening. Background screening cost much lesser to companies when compared to the expense of drug abuse in the workplace and the potentially disastrous costs of fraud

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Keywords:    Employment screening services market, Employment screening services, Employment screening services market 2020, Employment screening services market 2027