The global corporate assessment services market accounted for US$ 2.71 Bn in 2018 and is expected to grow at a CAGR of 6.5% over the forecast period 2019-2027. The global corporate assessment services would account for US$ 4.69 Bn by 2027.
Globalization has resulted in elevation in the number of job immigrants, mainly in the world’s developed countries. As per the statistics more than 44.5 Mn immigrants resided in the US in 2017. There has been an increased influx of immigrants in lower-skilled jobs and highly professional jobs in the developed countries such as the UK, the US, Canada, and Germany. Apparel, textile, leather, agriculture, IT, etc., are the sectors that are witnessing increasing number of job immigrants.
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A few leading companies operating in this corporate assessment services market are AON PLC, Aspiring Minds, Birkman International, Inc., Development Dimensions International, Inc., HireVue, Korn Ferry, IBM Corporation, Mettl Online Assessment, and SHL among others.
As per a survey conducted by Society for Human Resource Management (SHRM), a wide-ranging corporate assessment services such as screening service for job immigrants are needed due to the new regulations being rolled out by new governments, technological advancements for quicker and more efficient background check, rise in the willingness of applicants to misrepresent their credentials, and increasing competition among applicants due to the scarcity of jobs after the period of recession. Further, escalation in the number of job immigrants and mobile workforce due to growing globalization as well as the increasing fraudulent activities by candidates are a few of the factors that are leading to a greater demand for efficient background check by various organizations, which is driving the corporate assessment services market.
The corporate assessment services market is segmented into product, application, hiring phase, and hiring level. Further, based on the product, the corporate assessment services market is broadly categorized into cognitive, personality, knowledge, performance, company fit, and others. Based on the application, the corporate assessment services market is segmented into campus recruitment, entrance assessment services, promotion assessment services, and certification assessment services. On the basis of the hiring phase, the corporate assessment services market is segmented into pre-hire and post-hire. Based on the hiring level, the corporate assessment services market is segmented into executive, entry level, professional, and others.
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The overall global corporate assessment services market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global corporate assessment services market. It also provides an overview and forecast for the corporate assessment services market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators 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 consultants such as valuation experts, research analysts, and key opinion leaders specializing in the corporate assessment market industry.
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