Global Assessment Services Market size was valued US$ XX Bn. in 2019 and is expected to reach US$ 10.84 Bn by 2027, at a CAGR of 7.3 % during forecast period.
Global Assessment Services Market Definition:
Assessment services are used by companies to evaluate a candidate based on different parameters. These evaluation helps companies to assess and train the employees. Consultants provide guidance on skill assessment for increasing employability.
Assessment services helps companies to identify, hire, and develop the best-fit talent for a given profile. Traditional assessment process is time-consuming and requires high cost.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Assessment Services Market Dynamics:
Number of competitive examinations and certifications are increasing, importance of skill assessment for increasing employability, and rising population of the young labor force are the factors attributed to the growth of the market during the forecast period. Job immigrants are increased due to globalization in the developed countries. The inflow of immigrants in lower-skilled jobs and highly professional jobs in the developed countries is an ever rising phenomenon. The screening services for job immigrants are needed due to the new regulations being rolled out by new governments as candidates are mispresenting their credentials. Also mobile workforce and increasing fraudulent activities are a few of the factors that are leading to a greater demand for efficient background checks by various organizations, driving the assessment services market. A rising number of young jobseekers and entrepreneurs are one of the significant drivers for the market.
The opportunities to the industries to build more efficient profit valued business and employability issues of the youth is estimated to create lucrative opportunities in the coming years.
However the online assessment services do not take any guarantee of the candidate’s potential or talent and increased data privacy issues with misleading representation by the candidates are the factors restraining the market. Related sectors with specific statistics are analyzed in the report.
Global Assessment Services Market, Segmentation Analysis:
The online assessments services held a larger market share of USD 4.21 Billion in 2018 and are forecasted to have a CAGR of 7.7% in the e forecast period.
In the past few years as technology has started playing a role, MCQ based testing are increased. A screen based tests are very common now a days. Governments and corporates are preferring online exams and is anticipated for the growth of online assessment service segment of the market. Deploying technology is a very effective method for the recruitment process helping companies join with potential candidates through aptitude test. Online Medium of assessment services promote the candidates with aptitude and attitude which is essential in achieving the organizational goals, also it helps to evaluate the candidate’s legitimacy to the profile.
Online assessment enables organizations to decrease HR costs associated with training, onboarding, recruitment, and appointment via automated processes.
The Asia Pacific region to achieve highest CAGR of 8.8% during the forecast period.
The surging number of competitive examinations and certification due to the huge population in the region and increasing requirement for skill assessment for employability in the region are driving the market in the region. Also number of job seekers and entrepreneurs are also driving the market in the region. India is expected to grow at a CAGR of 10.5% during the forecast period and held nearly 30 % market share of Asia Pacific region.
The assessment market in Europe generated a revenue of US$ 1.43 Bn in 2019 and expected to grow at a CAGR of XX% over the forecast period. The employability issues over the regions and key players providing the assessment services are different in different regions and are analyzed in detail in the report.
The objective of the report is to present a comprehensive analysis of Global Assessment Services Market including all the stakeholders of the industry. The past and current status of the industry with forecasted Market size and trends are presented in the report with the analysis of complicated study of key players that includes Market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the Market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Assessment Services Market dynamics, structure by analyzing the Market segments and project the Global Assessment Services Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Assessment Services Market make the report investor’s guide.
The Scope of Global Assessment Services Market:
Global Assessment Services Market, By Type:
• Online Medium
• Offline Medium
Global Assessment Services Market, By Assessment Application:
• Entrance Assessment Services
• Recruitment & Promotion Assessment Services
• Certification Assessment Services
Global Assessment Services Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Assessment Services Market, key players
• Korn Ferry
• Hogan Assessments
• Aspiring Minds
• TT Success Insight
• Talent Plus
• Harrison assessments
• Chandler Macleod
• Eduquity Career Technologies
• Central Test
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