North America Employment Screening Services Market, Forecast to 2028; Expected to Cross $3.24 Billion with the Verification Segment Dominating - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 30, 2021--
The “North America Employment Screening Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Services, End-User Industry, and Organization Size” report has been added to ResearchAndMarkets.com’s offering.
According to the study, the market is expected to reach US$ 3,249.28 million by 2028 from US$ 2,090.23 million in 2021. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028.
This report provides trends prevailing in the North America employment screening services along with the drivers and restraints pertaining to the market growth. Increase in the mobile workforce and job immigrants owing to globalization are the major factor driving the growth of the North America employment screening services. However, lack of defined regulations in certain countries hinder the growth of North America employment screening services.
It is becoming apparent with the COVID-19 pandemic spreading across the United States significant challenges are faced by all industries. Thus, any impact on industries directly affects the economic development of North America. The US is the world’s worst-affected country by the COVID-19 outbreak. The consequent economic downturn has led to the rise in number of jobless candidates by more than 14 million in the country, which reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment increased from 3.8% in February to 13% in May in the US; the rise in unemployment rate continued in April as well with 14.4%.
However, post Q3 2020, the number of COVID-19 cases in the US started declining, thus triggering gradual normalization of economic activities in the country. This resulted in rise in demand of 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 data released by the Job Openings and Labor Turnover Survey (JOLTS), in 2021, the number of job openings rose to 7.4 million in March from 7.1 million in February.
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 from 3.8% in February 2021, 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.
The leading companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Accurate Background, LLC, a leading provider of compliant background checks, substance and health screening, and Form I-9 verifications, reported today that it has added new services to its COVID-19 Program to assist businesses in hiring and thriving during the pandemic.
The market for employment screening services is segmented into services, end-user, organization size, and country.
- Based on services the employment screening services market has been segmented on the basis of service into background screening, verification, and medical and drug testing. The verification segment dominated the employment screening services market in 2020.
- Based on background screening services the employment screening services market has been segmented into credit check, criminal record. Based on verification services the employment screening services market has been segmented into qualification, employment history verification, reference, others.
- Based on End-user industry the employment screening services market has been segmented into IT & telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others. The IT & telecom segment dominated the employment screening services market in 2020.
- Based on organization size the employment screening services market has been segmented into large-size enterprise and SMEs. The large-size enterprise segment dominated the employment screening services market in 2020.
- Accurate Background, LLC
- A-Check America, Inc.
- Capita plc
- First Advantage
- Hireright, LLC
- Insperity, Inc.
- Pinkerton Consulting & Investigations, Inc.
- Sterling Talent Solutions
- Triton Inc.
- Verity Screening Solutions
For more information about this report visit https://www.researchandmarkets.com/r/b61gy6
View source version on businesswire.com:https://www.businesswire.com/news/home/20211230005090/en/
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INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES
SOURCE: Research and Markets
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PUB: 12/30/2021 05:17 AM/DISC: 12/30/2021 05:17 AM