DUBLIN–(BUSINESS WIRE)–The “US Employment Screening Market (by Service, & Industry Vertical): Insights and Forecast (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The US employment screening market is undergoing significant changes, driven by various factors, including the rising demand for time-efficient selection systems, the growth of the freelance workforce, increased workforce mobility, and the surge in job applicants. In 2023, the market is expected to reach a value of US$2.01 billion, with a compound annual growth rate (CAGR) of 6.44% during the forecast period.
This comprehensive report provides valuable insights into the dynamics, trends, and challenges shaping the US employment screening market.
Segmentation Overview: The report offers a detailed analysis of the US employment screening market through two key segments:
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Services: The services segment is further divided into three categories: Verification, Background Screening, and Drug Testing. Verification, particularly Employment History, Education, References, and Others, holds the largest market share. Background screening is also gaining traction, with online platforms facilitating easier access to these services.
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Industry Verticals: The market is bifurcated into eight industry segments, including IT & Telecom, Manufacturing, Retail, Banking, Financial services & Insurance, Healthcare, Travel & Hospitality, Government Agencies, and Others. IT & Telecom leads the market due to the high level of discrepancies in candidates’ resumes within this industry, driving the demand for employment screening.
Top Impacting Factors:
Growth Drivers:
- Surge in Drug Consumption
- Dominating Millennial and Younger Population
- Rising Number of Start-ups
- Growing Share of Immigrants in the Total US Population
Challenges:
- Discrimination Concerns
- Candidate’s Information Compromised
Trends:
- Introduction of Several Drug Testing Methods
- Increasing Popularity of Human Resource Technology
- Leveraging Artificial Intelligence (AI) and Machine Learning
- Growing Importance of Social Media in Employment Screening
Driver: Rising Number of Start-ups
The US is witnessing a boom in small businesses, which are significantly contributing to job creation. Start-up companies are leveraging technology and remote work opportunities, resulting in a surge in job applications. This trend is driving the demand for employment screening services.
Challenge: Discrimination Concerns
Discrimination in employment practices is a major concern. Laws protect job candidates from unfavorable treatment based on various factors. Employers must be cautious to avoid discrimination when using background reports. Discrimination concerns pose challenges to the growth of the employment screening market.
Trend: Growing Importance of Social Media in Employment Screening
Social media screening is becoming increasingly important in assessing candidates’ suitability for job roles. It provides insights into candidates’ personalities, preferences, interests, and activities. This trend is especially relevant in the era of remote work and virtual interactions.
Analysis of Key Players
The US employment screening market is characterized by a fragmented landscape with numerous players dominating the industry. Key players include First Advantage Corporation, Sterling Backcheck, Accurate Background, Inc., ADP LLC, Checkr, Inc., and more.
The “US Employment Screening Market (by Service, & Industry Vertical): Insights and Forecast (2022-2027)” report provides a comprehensive overview of the market’s dynamics, challenges, and growth drivers.
For more information about this report visit https://www.researchandmarkets.com/r/vsu7rn
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