The growth of the employment screening services market is attributed to the demand for time efficient selection systems owing to rising number of job applicants. The 21st century has witnessed a huge influx of population in the urban cities of developed and developing economies in search of a better life. Higher living standards, higher job opportunities, and access to modern amenities and services are a few major factors that have contributed to the migration of rural population to the urban areas across the world. Thus, there was a rise in disposable incomes of consumers. According to the World Bank, today, over 50% of the population lives in urban areas worldwide. By 2045, the world’s urban population would increase by 1.5 times and reach 6 billion. As urbanization has increased and will continue to grow in the coming years, the need for the job creation in urban areas would also grow at full throttle. A competitive region enables its industries and firms to create job opportunities, raise productivity, and increase incomes of citizens.


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Employment Screening Services Market – Company Profiles
Accurate Background, LLC
AuthBridge Research Services Private Limited
A-Check America, Inc.
DataFlow Group
Capita PLC
First Advantage
HireRight, LLC
Pinkerton Consulting & Investigations, Inc.
Sterling Talent Solutions
Triton Inc.
Verity Screening Solutions
GoodHire
Insperity, Inc.
Furthermore, the number of applicants applying for a job in any organization has increased to very high numbers. Selecting the most suitable candidate for a particular profile has become more tedious, and the conventional methods of conducting interviews for job screening are time consuming and inefficient. Thus, the demand for efficient and quicker employee screening systems is increasing by end-use organizations.


Impact of COVID-19 Pandemic on Employment Screening Services Market
The consequent economic downturn, due to COVID-19 outbreak pandemic, has led to the rise in number of jobless candidates across the globe. For instance, in the US, the number of jobless candidates reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment was increased from 3.8% in February to 13.0% in May in the US. The rise in unemployment rate continued in April 2020 as well with 14.4%. However, post Q3 of 2020, the number of COVID-19 cases in the US started to fall, which is triggering the gradual normalization of economic activities in the country. This resulted in the rise in demand for products and services across the region. Moreover, with the improved vaccine distribution and administration drives, the US witnessed a more than expected increase in job openings in February 2021. According to a data released by the Job Openings and Labor Turnover Survey (JOLTS), the number of job openings rose to 7.4 million in March 2021 from 7.1 million in February 2021. Nonetheless, the labor market has a long way to go before resuming its late-2019 status. The US hiring rate increased to 4% in February 2021 from 3.8% in February 2020 Thus, despite the steep decline in the first two quarters of 2020, the employment screening services market in North America started experiencing substantial growth as the economy of region started reviving back to normal, leading to the acceleration of hiring processes across industries.


Lucrative Regions in Employment Screening Services Market

Services-Based Insights
Based on services, the employment screening services market is segmented into background check, verification, and medical & drug testing. The verification segment held the largest market share in 2020.
End-Use Industry-Based Insights
Based on end-use industry, the employment screening services market is segmented into IT & telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others. The manufacturing segment is projected to register the highest CAGR during the forecast period.


Organization Size-Based Insights
By organization size, the employment screening services market is bifurcated into SMEs and large enterprises. The SMEs segment is projected to register a higher CAGR during the forecast period.


The employment screening services market has been segmented as follows:
Employment Screening Services Market – by Services
Background Screening
Verification
Driver Management
Medical & Drug Testing
Employment Screening Services Market – by Background Screening
Credit Check
Criminal Record
Employment Screening Services Market – by Verification
Qualification
Employment History Verification
Reference
Others
Employment Screening Services Market – by End-Use Industry
IT & Telecom
BFSI
Government Agencies
Travel & Hospitality
Manufacturing
Retail
Healthcare
Others
Employment Screening Services Market – by Organization Size
Large Enterprises
SMEs
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