What Is The Current and Historic Market Size Analysis Of The Employment Criminal Background Check Services Market?
The employment criminal background check services market has seen considerable growth due to a variety of factors.
• Recent years have seen a rapid expansion in the market size of employment criminal background check services. This market is projected to expand from $3.9 billion in 2024 to $4.31 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.6%.
Factors such as growing workforce participation, security anxieties, awareness about data privacy, the need to reduce litigation risk, verifying education and credential, along with drug testing compliance have fueled growth during the historical period.
What Are The Predictions for The Employment Criminal Background Check Services Market in the Coming Years?
The employment criminal background check services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for employment criminal background check services is projected to witness significant growth. The market size is forecasted to expand to $6.38 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.3%.
Factors such as verification of remote workforce, AI and automation, integration with cybersecurity, utilization of biometric verification, and social media screening are attributed to the growth in this projected period. Noteworthy trends for the forecast period comprise decision-making powered by AI, verification based on blockchain, verification of biometric identity, integration with the HR tech ecosystem, and the increasing demand for remote screening solutions.
Which Drivers Are Accelerating Growth In The Employment Criminal Background Check Services Market?
The escalation of security concerns are predicted to fuel the expansion of the employment criminal background check services sector. These concerns relate to potential hazards, thefts, internet risks, or threats to the privacy, reliability, or access to information, systems, or resources. This rise is owing to the increased consciousness of personal and organizational data susceptibility caused by significant data leaks, enhancing worries about data security and confidentiality. Employment criminal background checks are critical for reducing security dangers, establishing a secure and compliant work environment, safeguarding assets and reputation, and cultivating faith among staff and customers. For example, as per the US Department of Commerce, employee theft expenses are increasing at a rate of 15% yearly as of January 2024. Moreover, in 2022, according to the Ponemon Institute, an educational organization in the US, the mean cost of an inside attack by an employee is $17.19 million, a 47% rise over the past two years. As a result, the growing prevalence of remote working practices is contributing to the growth of the employment criminal background check services sector.
What Are The Core Segments Of The Global Employment Criminal Background Check Services Market?
The employment criminal background check services market covered in this report is segmented –
1) By Product Type: Criminal Background Checks, Education And Employment Verification, Credit History Checks, Drug And Health Screening
2) By Component: On-Premise, Cloud-Based
3) By Application: Financial Services, Information Technology (IT) Or Technology Or Media, Government, Staffing, Healthcare, Retail, Industrial, Other Applications
Subsegments:
1) By Criminal Background Checks: National Criminal Checks, County Criminal Checks, Statewide Criminal Checks, Federal Criminal Checks, International Criminal Checks
2) By Education And Employment Verification: Academic Records Verification, Employment History Verification, Professional Certification Verification, Reference Checks
3) By Credit History Checks: Credit Report Checks, Credit Score Checks, Identity Verification
4) By Drug And Health Screening: Drug Testing (Urine, Blood, Hair, Saliva), Alcohol Testing, Health Assessment (Physicals), Medical Record Checks
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How Are New Trends Impacting The Size Of The Employment Criminal Background Check Services Market?
Top-tier corporations in the job criminal background check services market are innovating and launching digital identity verification platforms to gain a substantial competitive advantage. These platforms authenticate an individual's identity online using methods like document examination and biometric data verification. For instance, HireRight, a leading background screening company based in the US, announced the launch of Global ID, a digital identity verification platform, in December 2023. This solution empowers users to manage their identities and data securely. It enables users to obtain confirmations that safeguard privacy during crucial online operations such as job applications, accommodation rentals, and monetary transfers. Global ID functions on a self-sovereign identity structure, which revolves around using confirmations as evidence of validated information without disclosing personal details. Additionally, it assigns a unique GlobaliD Name for digital identity depiction, allowing users to establish a reliable reputation without divulging personal information.
Who Are the Key Players In The Employment Criminal Background Check Services Market?
Major companies operating in the employment criminal background check services market are:
• KPMG International Limited
• Automatic Data Processing Inc.
• Capita plc.
• Transunion LLC
• Triton International Inc.
• First Advantage Corp.
• HireRight LLC
• Sterling Check Corp.
• CareerBuilder LLC
• Certn Inc.
• Checkr Inc.
• Global HR Research LLC
• Accurate Background LLC
• PreCheck Inc.
• Justifacts Credential Verification Inc.
• ClearStar Inc.
• InfoMart Inc.
• IntelliCorp Records Inc.
• Inflection Risk Solutions LLC
• CV Check Ltd.
• Millow Inc.
• National Crime Search LLC
• Peopletrail Screening Solutions LLC
• SpringVerify Inc.
• VeriFirst Background Screening LLC
What Are The Regional Insights Into The Employment Criminal Background Check Services Market?
North America was the largest region in the employment criminal background check services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the employment criminal background check services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
