The personality assessment solution market size is projected to reach US$ 18.20 billion by 2031 from US$ 7.54 billion in 2023. The market is expected to register a CAGR of 11.7% during 2023–2031. The growing adoption of personality assessment solutions for the recruitment process and the requirement of personality assessment solutions in the educational sector for career guidance support are likely to be the key drivers and trends of the market.
The personality assessment solution market is experiencing significant growth globally. This growth is attributed to factors such as the growing adoption of personality assessment solutions for the recruitment process and the requirement of personality assessment solutions in the educational sector for career guidance support. Moreover, the several number benefits of personality assessment solutions and the escalating adoption of cloud-based personality assessment solutions are anticipated to drive the market growth in the coming years.
Personality assessment is considered the measurement of personal characteristics. Assessment is the last result of collecting information intended to advance psychological theory and research and to raise the probability that wise decisions will be complete in applied settings in selecting the most promising people from a group of job applicants.
The growing adoption of personality assessment solutions for recruitment is indeed driving the personality assessment solution market. Personality assessments can enhance hiring decisions by providing insights into candidates' traits, behaviors, and work styles. They help match candidates to job roles effectively, improving employee retention and performance. Further, several companies in the market are offering personality assessment solutions for recruitment purposes for example, Maki, Mercer LLC, Hogan, etc.
Personality assessment can be used for many reasons, including evaluating theories, diagnosing psychological issues, examining personality changes, screening job prospects, conducting risk evaluation in forensics, demonstrating competence, developing clinical psychology, and providing occupational and relationship counseling. Further, personality assessments comprise various benefits such as helping the analyzer to recognize proper behavior, support both Internal And External Communication, Discover New Life Objectives, Cultivating A Better Understanding Of Relationships, Develop The Ability To Accept, Find Like-minded Individuals, etc.
Key segments that contributed to the derivation of the personality assessment solution market analysis are the delivery model and end-user.
The geographic scope of the personality assessment solution market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the personality assessment solution market. High technology adoption trends in various industries in the North American region have fuelled the growth of the personality assessment solution market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American personality assessment solution market growth. The growing adoption of personality assessment solutions for the recruitment process and the requirement of personality assessment solutions in the educational sector for career guidance support in the region. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of personality assessment solution market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the personality assessment solution market.
The regional trends and factors influencing the Personality Assessment Solution Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Personality Assessment Solution 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$ 7.54 Billion |
| Market Size by 2031 | US$ 18.20 Billion |
| Global CAGR (2023 - 2031) | 11.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Delivery Model
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Personality Assessment Solution 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 Personality Assessment Solution Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The personality assessment solution market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the personality assessment solution market are listed below:
The “Personality Assessment Solution Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The expected CAGR of the personality assessment solution market is 11.7%.
The global personality assessment solution market is expected to reach US$ 18.20 billion by 2031.
The key players holding majority shares in the global personality assessment solution market are Criteria Corp., Hogan Assessments, Development Dimensions International, Inc., Persona Labs, SHL, SIGMA Assessment Systems Inc., Paradox, Inc., TTI Success Insights, Aon plc, Mercer LLC.
The escalating adoption of cloud based personality assessment solutions is anticipated to drive the market in the forecast period.
The growing adoption of personality assessment solutions for the recruitment process and the requirement of personality assessment solutions in the educational sector for career guidance support are some of the factors driving the personality assessment solution market.
North America is anticipated to dominate the personality assessment solution market in 2023.