Global employment screening services market is valued USD 3.52 Billion in 2018 and is projected is to exhibit 7.2% CAGR during the forecast period. The market is projected to be around USD 6.37 billion by 2026. The market is driven by the increasing regulatory compliance for employment across the globe.
Employment screening services include process of investigating the backgrounds of potential employees for the employer. This procedure is used to verify the accuracy of an applicant’s claims and to discover any workers compensation claims, possible criminal history and employer sanctions.
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Enhanced quality of workforce, advantages of employment screening in understanding the candidature of the employer, and improved regulatory compliance can be the key factors attributing to the growth of employment screening services market in the coming years. However, discrimination concerns and loss of privacy of data are expected to restraint the market growth to a certain extent in the coming years.
Emergence of new technologies, application of big data in employment screening and increasing usage of employment screening services by financial firms are expected to offer significant growth opportunities in the coming years. Furthermore, many MNCs across the globe have been using employment screening process before confirming the employment of an individual. Similar trend is anticipated to fuel the market growth in the coming years.
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North America holds the major market share of the global employment screening services market due to focus of key market players on strengthening their presence in the US. These companies have been taking up various organic and inorganic growth strategies to enhance its presence in the US.
The global employment screening services market is segmented into service, application, and region. On the basis of the service the market is further bifurcated into Education & employment verification, Criminal background checks, Drug & health screening, Credit history checks, and others. The market based on application is segmented into Government agencies, banking & financial sector, IT and others. Based on the geography the market is further segregated into North America, Latin America, Middle East & Africa, Europe and Asia Pacific.
The key players associated with the global employment screening services market include CareerBuilder, LLC, Capita PLC, Experian PLC, ADP, LLC, First Advantage, Insperity,Inc, HireRight, LLC, Paycor, Inc, REED, and Paychex, Inc, among others.
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