Report : Europe Employment Screening Services Market Forecast to 2030 - Regional Analysis - by Services [Background Check (Credit Check and Criminal Record), Verification (Qualification, Employment History Verification, Reference, and Others), and Medical & Drug Testing], Application (IT and Telecom, BFSI, Government Agencies, Travel and Hospitality, Manufacturing, Retail, Healthcare, and Others), and Organization Size (SMEs and Large Enterprises)
At 11.8% CAGR, Europe Employment Screening Services Market is Projected to be Worth US$ 3,077.16 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe employment screening services market was valued at US$ 1,261.52 million in 2022 and is expected to reach US$ 3,077.16 million by 2030, registering a CAGR of 11.8% from 2022 to 2030. Introduction of big data and demand for enterprise-level software are among the critical factors attributed to the Europe employment screening services market expansion.
Big data refers to data that contains greater variety, arriving in increasing volumes and with more velocity. The internet has been one of the prime factors driving the application of big data in the employment screening services market. The internet has made it easy for social networking sites, search engines, marketers, and other sources to collect vast information about employees. Companies can use information collected from big data to create employee wellness programs, improve their healthcare policies, and improve internal promotions. Further, big data benefits employers because the rapid accumulation of information about an applicant accelerates the hiring process by providing hiring managers with a more thorough picture of the candidate's various qualities, or lack thereof, early on. In business, faster is always preferable as long as accuracy can be guaranteed. Thus, big data plays a significant role in hiring the right candidates.
Big Data offers merged information that lowers the possibility of bias in employment judgments and helps employers make better decisions in recruitment, appraisal, and performance evaluations. When paired with state-of-the-art techniques, big data can improve the selection of a suitable candidate, intensify the ability to recognize talent from across borders, help overcome implicit and explicit bias in the work area, and nurture equality in access to jobs. Big data, bringing in considerable opportunities in recruitment and employee screening processes, can be a powerful tool for employers to make decisions.
On the contrary, concerns related to confidentiality of candidate data and lack of uniformity hampers the growth of Europe employment screening services market.
Based on services, the Europe employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held 50.9% market share in 2022, amassing US$ 641.92 million. It is projected to garner US$ 1,605.01 million by 2030 to register 12.1% CAGR during 2022–2030.
In terms of application, the Europe employment screening services market is segmented into IT and Telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. The IT and Telecom segment held 30.8% share of Europe employment screening services market in 2022, amassing US$ 388.62 million. It is projected to garner US$ 1,243.12 million by 2030 to expand at 15.6% CAGR from 2022 to 2030.
Based on organization size, the Europe employment screening services market is bifurcated into SMEs and large enterprises. The large enterprises segment held 67.1% market share in 2022, amassing US$ 846.15 million. It is projected to garner US$ 2,176.96 million by 2030 to register 12.5% CAGR between 2022 and 2030.
Based on country, the Europe employment screening services market has been categorized into the UK, France, Germany, Italy, Spain, and the Rest of Europe. Our regional analysis states that the UK captured 37.8% share of Europe employment screening services market in 2022. It was assessed at US$ 477.10 million in 2022 and is likely to hit US$ 1,211.14 million by 2030, exhibiting a CAGR of 12.4% during 2022–2030.
Key players operating in the Europe employment screening services market are Accurate Background, Capita Plc, DataFlow LLC, First Advantage Corp, HireRight LLC, Sterling Check Corp, Pinkerton Consulting & Investigations Inc, and Triton Inc, among others.
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