Yahoo Finance Employment Screening Services Global Market Report 2022: Ukraine-Russia War Impact
Major players in the employment screening services market are Automatic Data Processing Inc, Capita plc, CareerBuilder, Experian PLC, First Advantage, HireRight, Insperity Inc. , Paychex Inc. , Paycor, Reed Screening, Sterling, Triton, Verity Screening Solutions, GoodHire, and Employee Crossings.
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Employment Screening Services Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371380/?utm_source=GNW
The global employment screening services market is expected to grow from $4.12 billion in 2021 to $4.49 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The employment screening services market is expected to reach $6.31 billion in 2026 at a CAGR of 8.9%.
The employment screening services market consists of sales of employment screening services by entities (organizations, sole traders, and partnerships) that are used by companies who are hiring to examine the prospective hires fit for the job along with safety risks. An employment screening service is a process of examining a candidate and verifying their behavior, credentials, criminal history and so on to protect a business from a fraudulent employee.
The main services of the employment screening services market are background screening, verification, driver management, and medical and drug testing.Background screening refers to the process of investigating the backgrounds of potential employees to help companies make informed decisions regarding prospective job applicants.
The various verification done are qualification, employment history verification, reference, and other verification.The background screening offered is credit checks and criminal records.
The various applications are healthcare, IT/technology/media, financial services, staffing, retail, industrial, travel and hospitality, government and education, transportation, and other applications.
North America was the largest region in the employment screening services market in 2021. The regions covered in employment screening services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising need to reduce fraudulent activities done by employees is expected to propel the growth of the employment screening services market going forward.Fraudulent activities refer to deliberate acts with the intention of obtaining an unauthorized benefit, such as money or property.
The rising need to reduce fraudulent activities by newly hired employees with the intent of preventing financial and reputation loss to the organization.For instance, according to a 2021 study carried out by Experian, an Australia-based data analytics company more than 45% of businesses in India have seen an increase in fraud amid the pandemic.
Therefore, the growth in the automotive industry is driving the growth of the employment screening services market.
Technological advancements are the key trend gaining popularity in the employment screening services market.Major companies operating in the market are developing technologically advanced offerings to streamline customer and candidate experience.
For instance, in May 2021, HireRight, a US-based group background screening company launched HireRight’s Applicant Center offering its vaccination history questionnaire.This service allows employers to receive candidate or employee vaccination records quickly and conveniently.
The service features a series of four questionnaires namely the vaccination history questionnaire, respirator medical questionnaire, tuberculosis exposure questionnaire, and the covid-19 vaccination questionnaire.This service offers employers the ability to efficiently screen the health records of employees.
The questionnaire is based on the guidelines of various government regulatory bodies.
In March 2020, Accurate Background a US-based company that provides background screening services acquired CareerBuilder Employment Screening for an undisclosed amount.Through this acquisition, Accurate Background strengthen its position in the market by offering client-focused technologically advanced solutions and better customer service and candidate experience.
Further, the acquisition is expected to strengthen Accurate Background’s automated pre-and post-employment screening services. CareerBuilder Employment Screening, LLC is a US-based company offering background screening and drug-testing services and technology.
The countries covered in the employment screening services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The employment screening services market research report is one of a series of new reports that provides employment screening services market statistics, including employment screening services industry global market size, regional shares, competitors with a employment screening services market share, detailed employment screening services market segments, market trends and opportunities, and any further data you may need to thrive in the employment screening services industry. This employment screening services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371380/?utm_source=GNW
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