The corporate assessment services market size is projected to reach US$ 6.32 billion by 2031 from US$ 3.76 billion in 2023. The market is expected to register a CAGR of 6.7% in 2023–2031. Rising demand for skill evaluation to improve employability is likely to remain a key corporate assessment services market trend.
One of the key factors driving the market expansion is the increasing number of young people looking for work as well as the rising number of businesses globally. The majority of business assessment services include employee training and professional development, which will increase demand for corporate assessment services. Additionally, the market demand for these services is rising as they assist businesses in cutting down on HR expenses linked to, among other things, recruiting, onboarding, training, and retention.
Corporate assessment services give both the company and its financial components with meaningful and actionable insights about the firm's previous performance, as well as a road map for its future performance that takes into consideration risks and opportunities in the business plan. The services assist companies in determining the areas of strength and growth for each individual, enabling them to design specialized development programs that maximize employees' potential for advancement. It also aids in the development of suitable succession plans and the identification of possible successors for important leadership roles inside organizations.
Traditional recruitment methods require excessive paperwork and time, as well as huge capital, beginning from job posting to the employment. In contrast, online recruitment helps in streamlining the entire recruitment process. Most online recruitment sites use automation tools to filter resumes for qualified applicants within minutes. It helps evaluate initial selections according to the criteria specified in the advertisement and alerts the employer when an applicant’s resume meets the criteria, thereby saving significant time when compared with the traditional recruitment methods. Hence, the growing demand for online recruitment is rising the need for corporate assessment services, which is further fueling the market growth.
The cognitive assessment evaluates a candidate's capacity for quick learning, problem-solving, understanding original concepts, and goal-achieving. The tools enable the business to evaluate decision-making and critical thinking abilities in addition to logical reasoning. Cognitive or psychological assessments help organizations predict the performance of individuals in knowledge-based or vocational tasks across several industries. Thus, the growing adoption of cognitive assessment is expected to create an opportunity for the growth of the corporate assessment services market in the forecasted period.
Key segments that contributed to the derivation of the Corporate Assessment Services Market analysis are product, application, hiring phase, and hiring level.
The geographic scope of the Corporate Assessment Services Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America is anticipated to witness significant growth in the corporate assessment services market. The market in this region is segmented into the US, Canada, and Mexico. One of the key factors driving market expansion in the region is a greater emphasis on tests and tailored corporate assessment services to support selection and staffing for educational institutions and professional organizations. A candidate's suitability for the position and the organization can be determined through an individual assessment conducted as part of the hiring process. These corporate assessment services help firms locate the top candidates for their businesses and educational institutions, increasing their demand in the region.
The regional trends and factors influencing the Corporate Assessment Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Corporate Assessment Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.76 billion |
| Market Size by 2031 | US$ 6.32 billion |
| Global CAGR (2023 - 2031) | 6.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Corporate Assessment Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Corporate Assessment Services Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Corporate Assessment Services Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Corporate Assessment Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global Corporate Assessment Services Market was estimated to be US$ 3.76 billion in 2023 and is expected to grow at a CAGR of 6.7% during the forecast period 2023 - 2031.
Growing Demand for Online Recruitment is the major factors that propel the global Corporate Assessment Services Market.
Rising demand for skill evaluation to improve employability is anticipated to play a significant role in the global Corporate Assessment Services Market in the coming years.
The key players holding majority shares in the global Corporate Assessment Services Market are Mercer LLC, KORN FERRY, AON, BIRKMAN INTERNATIONAL, INC., SHL, Harrison Assessments, Hays, Talogy, Inc., HireVue, Inc., and Arctic Shores Limited.
The global Corporate Assessment Services Market is expected to reach US$ 6.32 billion by 2031.