Corporate Assessment Services Market Growth and Forecast 2031

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.

Corporate Assessment Services Market Analysis

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 Market Overview

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.

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Corporate Assessment Services Market: Strategic Insights

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Corporate Assessment Services Market Drivers and Opportunities

Growing Demand for Online Recruitment

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.

Growing Adoption of Cognitive Assessment

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.

Corporate Assessment Services Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Corporate Assessment Services Market analysis are product, application, hiring phase, and hiring level.

• Based on product, the corporate assessment services market is segmented into cognitive, personality, knowledge, performance, company fit, and others. The on-premise segment held a larger market share in 2023.
• Based on application, the market is segmented into campus recruitment, entrance assessment services, recruitment & promotion assessment services, and certification assessment services. The large enterprises segment held a larger market share in 2023.
• Based on hiring phase, the market is segmented into pre-hire, and post-hire. The automotive segment is anticipated to witness significant growth in the forecasted period.
• Based on hiring level, the market is segmented into executive, entry level, professional, and others. The automotive segment is anticipated to witness significant growth in the forecasted period.

Corporate Assessment Services Market Share Analysis by Geography

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.

Corporate Assessment Services Market Regional Insights

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.

Corporate Assessment Services Market Report Scope

Corporate Assessment Services Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Mercer LLC
2. KORN FERRY
3. AON
4. BIRKMAN INTERNATIONAL, INC.
5. SHL
6. Harrison Assessments

Disclaimer: The companies listed above are not ranked in any particular order.

Corporate Assessment Services Market News and Recent Developments

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:

• Mercer, a global leader in redefining the world of work and a business of Marsh McLennan, announced that it reached an agreement to acquire The Talent Enterprise (TTE), a leading psychometric and talent assessment technology company based in the United Arab Emirates. Subject to regulatory approval, the acquisition will expand Mercer’s workforce and HR transformation capabilities, at a time when businesses are growing their workforces and need skilled talent.  (Source: Mercer, Press Release, 2023)
• Pearson announced that it had completed the acquisition of Personnel Decisions Research Institutes, LLC (‘PDRI’), a trusted provider of workforce assessment services. PDRI has significant expertise in providing assessment solutions to the U.S. federal government, one of the largest employers in the U.S. with more than 4 million employees. This acquisition further expands Pearson’s portfolio, accelerating the Company’s strategy to capture new market opportunities and grow its presence with large employers. (Source: Pearson, Press Release, 2022)

Corporate Assessment Services Market Report Coverage and Deliverables

The “Corporate Assessment Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles