What Transformation Has the Employment Screening Services Market Undergone?
The employment screening services market has seen considerable growth due to a variety of factors.
• In the past few years, the size of the employment screening services market has been expanding at a consistent rate. Its size will increase from $4.73 billion in 2024 to an estimated $4.96 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.9%.
The surge during the historical period can be tied back to heightened worries regarding workplace security, regulatory compliance obligations, the global proliferation of the workforce, the quest for quality and appropriate talent, and an elevated number of false declarations in resumes.
How Will The Employment Screening Services Market Size Evolve In The Foreseeable Future?
The employment screening services market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the employment screening services market is predicted to witness a significant upswing in the coming years, ballooning up to $7.19 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 9.7%.
This substantial growth in the forecast period can be linked to the increased focus on background checks in remote work settings, the introduction of sophisticated screening tech, an escalating importance placed on diversity and inclusion screening, the burgeoning gig economy and freelance sector, and the proliferating demand for remote hiring practices. Several key trends are projected to shape the forecast period, including the incorporation of artificial intelligence into screening mechanisms, the procedures of continuous tracking and post-hire examinations, an amplified emphasis on enhancing candidate experience, using biometric identifications for verifying identities, and the application of blockchain technology for safe and transparent credential verification.
Which Key Drivers Are Propelling The Employment Screening Services Market's Growth?
The burgeoning necessity to curtail fraudulent acts perpetrated by employees is anticipated to boost the expansion of the employment screening services market. Such fraudulent activities involve wilful actions intended to secure an unauthorized advantage like money or property. There is an escalating need to cut back these activities carried out by new employees to avoid both fiscal and reputational harm to the company. For example, consumers reported a loss exceeding $10 billion to fraud in 2023, according to the Federal Trade Commission, a government agency in the US, in February 2024. This was the inaugural occasion that such losses had hit this mark, indicating a 14% rise from the reported losses in 2022. Hence, the mounting necessity to curb fraudulent activities executed by employees is facilitating the growth of the employment screening services market.
What Are The Key Segments Within The Global Employment Screening Services Market?
The employment screening services market covered in this report is segmented –
1) By Services: Background Screening, Verification, Driver Management, Medical And Drug Testing
2) By Verification: Qualification, Employment History Verification, Reference, Other Verifications
3) By Background Screening: Credit Check, Criminal Record
4) By Application: Healthcare, IT Or Technology Or Media, Financial Services, Staffing, Retail, Industrial, Travel And Hospitality, Government And Education, Transportation, Other Applications
Subsegments:
1) By Background Screening: Criminal Record Checks, Employment History Verification, Education Verification, Credit History Checks
2) By Verification: Identity Verification, Professional License Verification, Reference Checks
3) By Driver Management: Motor Vehicle Record Checks, Driver Qualification File Management, Fleet Safety Compliance Services
4) By Medical And Drug Testing: Pre-Employment Drug Testing, Random Drug Testing, Health Screening Services
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How Are New Trends Impacting The Size Of The Employment Screening Services Market?
Companies that dominate the event management software market are coming up with novel solutions like criminal monitoring tools, with the aim to go beyond what their clients require. This criminal monitoring tool is conceived to perpetually enhance workforce honesty and security, establishing fresh benchmarks in the process. It provides insights in real time and boosts the competitive edge for its clients as well as their personnel. For example, in April 2023, Brand Kraken, a company from the US that offers human resource services, revealed its latest criminal monitoring tool. It is a thorough global platform for pre-employment background checks and drug screenings. It is designed to constantly monitor criminal activities, going beyond the initial background checks, with its primary aim being to exceed what employers and employees need while ensuring workforce honesty and security. The motivation behind this launch was to provide a solution that is both innovative and superior.
Who Are the Key Players in the Employment Screening Services Market?
Major companies operating in the employment screening services market include:
• Automatic Data Processing Inc.
• Capita plc
• CareerBuilder LLC
• Experian plc
• First Advantage Corporation
• HireRight LLC
• Sterling Talent Solutions Corp.
• GoodHire LLC
• InfoMart Inc.
• Accurate Background LLC
• Pre-employ. com Inc.
• IntelliCorp Records Inc.
• Backgrounds Online Inc.
• Corporate Screening Services Inc.
• Shield Screening LLC
• A-Check Global Inc.
• Universal Background Screening Inc.
• ClearStar Inc.
• Trusted Employees & Partners LLC
• DataCheck Inc.
• Advanced Research Systems Inc.
• Edge Information Management Inc.
• Orange Tree Employment Screening LLC
• General Information Services Inc.
• Verified Credentials LLC
• Background Investigation Bureau
• RiskAware LLC
• Proforma Screening Solutions LLC
• Peopletrail LLC
• Backgrounds Plus Inc.
What are the Regional Insights into the Employment Screening Services Market?
North America was the largest region in the employment screening services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the employment screening services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
