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Asia Pacific Employment Screening Services Market is expected to reach US$ 2,204.24 million by 2028

Asia Pacific Employment Screening Services Market is growing at a CAGR of 12.4% to reach US$ 2,204.24 million by 2028 from US$ 1,230.02 million in 2023 by Services, Enterprise Size, and End-Use Industry.

By The Insight Partners

According to our latest market study on “Asia Pacific Employment Screening Services Market Forecast to 2028 – COVID-19 Impact and Analysis – by Services, Enterprise Size, and End-Use Industry,” the market is expected to grow from US$ 1,230.02 million in 2023 to US$ 2,204.24 million by 2028; it is estimated to register a CAGR of 12.4% from 2023 to 2028.

The employment screening service is a crucial part of the recruitment process. As a result, small and medium enterprises (SMEs) as well as large-size companies are investing hefty amounts in employee screening and verification processes. Several companies are gradually moving from an in-house verification process to more reliable third-party vendors. These vendors offer pre-hiring and post-hiring screening services. However, appointing a third party for these screening processes makes employers vulnerable to data breaches. Therefore, end-user enterprises are becoming highly conscious of the security of employee information and regulatory concerns related to the same. Moreover, previous cases of employee data breach concerns compel end-user companies to invest more in the protection of employee data. Players operating in the employment screening services market in Asia Pacific are required to show their data breach protection and information security capabilities to enter and sustain the market. They are also required to demonstrate compliance with domestic and international privacy laws. There had been several alarming data breach incidents in the last few decades.

Further, from the demand side perspective, the employee screening process significantly reduces time and cost for the organization. By opting for employment screening services, organizations can save time in the long run as these services offer them clarity on responsibilities that should be taken to ensure the appropriate candidates are hired in the right way, which, in turn, increases efficiency and work quality. The employment screening services market is further flourishing due to the growing demand for time-efficient selection systems owing to the rising number of job applicants. The integration of big data technology is further expected to create new opportunities for the employment screening services market players during the forecast period.

Impact of COVID-19 Pandemic on Asia Pacific Employment Screening Services Market

Governments of Asia Pacific countries imposed stringent regulations such as travel restrictions, social distancing, and trade bans. Such stringent regulations applied by various governments of Asia Pacific countries had a moderate impact on the employment screening services market. The employment background screening witnessed a sharp drop in demand for services, leading to lower revenue generation for the service providers. According to the Organization for Economic Co-operation and Development (OECD), the COVID-19 pandemic affected major economies such as China, India, Australia, and Japan, which experienced inflation. As per the quarterly data available for 2020, employment levels fell in all economies compared to 2019. In Asia Pacific, many people left the labor force or lost their jobs due to stagnancy in business activities. Thus, the employment screening service providers experienced adverse effects of the COVID-19 pandemic in Asia Pacific countries during the first three quarters of 2020. However, with the gradual revival of economic activities across the region, the demand for a skilled workforce grew across all industries from the end of 2020, which contributed to the employment screening services market growth.

The report segments the Asia Pacific employment screening services market as follows:

Based on services, the Asia Pacific employment screening services market is segmented into educational qualification verification, employee history verification, credit check, criminal record, medical & drug testing, reference check, driving history, and identity verification. The employment history verification segment held the largest market share in 2022. Several applicants mention false work experience in their resumes to get a hold of the applied job. Employment verification history software and services help the employer collect all the relevant information required from the previous HR and payroll departments. The parameters mainly verified by the recruiter include the date of joining and exiting, designation, gaps in employment, the reason for termination, compensation, unrevealed false names, and other personal information.

The employment history verification service enables a recruiter to scrutinize the candidate for a specific job, reduces employee turnover, facilitates training and termination costs, and creates a robust workforce. Hiring is an expensive and time-taking process. Thus, conducting an employment history verification is beneficial for any organization before hiring any employee. These factors are thereby increasing the demand for the  employment reference check services. Contributing to the growth of the employment screening services market.

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