Corporate Assessment Services Market Drivers and Opportunities [2021-2031]
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
Market Size Value in US$ 2,715.56 Million in 2018 Market Size Value by US$ 4,690.01 Million by 2027 Growth rate CAGR of 6.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Corporate Assessment Services Market: Strategic Insights
| Market Size Value in | US$ 2,715.56 Million in 2018 |
| Market Size Value by | US$ 4,690.01 Million by 2027 |
| Growth rate | CAGR of 6.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application ; Hiring Phase ; Hiring Level
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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