Employment Screening Services Market 2025 – Global Analysis and Forecasts by Services (Background Screening, Verification, Medical Testing, and Electronic Auditing & Verification); and Application (Financial Services, Government Agencies, Transportation, Industrial, Information Technology)
Employment Screening Services market is expected to grow to US$ 5.46 billion by 2025 from US$ 3.74 billion in 2016. Higher standards of living, higher job opportunities, access to modern amenities and services are the few major factors that have contributed in the migration of rural population to the urban areas around the world. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. Also, as urbanization has increased, there have been increasing need for creation of jobs in the urban areas. The number of applicants applying for a job in any organization has increased to very high numbers.
Globalization has resulted in large influx of job immigrants majorly in the highly advanced countries of the world in search of better standards of living as well as better job opportunities. As per the statistics by US Government, the total number of working immigrants in the age group from 16 to 65 increased to 5.7 million by the first half of 2014. There has been increased influx of immigrants in lower-skilled jobs as well as highly professional jobs in the developed countries of US, UK, Germany and Canada. Private households; textile, apparel and leather manufacturing; agriculture; information technology, computer & electronic products and administrative & support services are the sectors that have witnesses rising number of job immigrants. Mischievous immigrants pose a risk to the security of the organization and even country sometimes. The countries witnessing higher number of immigrations for seeking jobs have laid down various regulations and pre-requisites for the applicants.
Employment Screening Services market by services is segmented into background screening, verification, medical testing, electronic auditing & verification. Increase in mobile workforce and job immigrants as an after effect of globalization, rising fraudulent activities by applicants and the need to mitigate such activities are some of the factors that are proving to be highly conducive to the growth of employment screening services market. The market for car wash machines is highly fragmented market with the top ten companies accounting for approximately 20% of the market share. Less entry barriers to enter the business has favored the influx of many small companies into this business.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Employment Screening Services industry.