by The global Assessment Services Market is estimated to be valued at US$ 14.83 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Assessment services help organizations recruit and hire skilled workforce and evaluate employee performances. These services provide customized assessment tools and assist organizations in key decision making related to employee hiring, placement, promotion and training & development.
Market key trends:
One of the major trends in the assessment services market is the growing adoption of online and remote proctoring assessments. With the Covid-19 pandemic requiring social distancing, several organizations adopted virtual and digital means for conducting recruitment assessments. This has boosted the demand for online and remote proctoring software and tools. Various assessment service providers are focusing on developing advanced online assessment platforms with features like live streaming, automated testing environment and remote monitoring of test takers. This allows organizations to evaluate candidates and monitor exam integrity from any location.
Market Key Trends:
The global assessment services market is witnessing high growth owing to growing demand for candidate screening and recruitment tools across enterprises. Assessment services help evaluate job applicants based on cognitive abilities, technical skills, personality traits and other attributes to identify the most suitable candidates. With technological advancements, assessments are increasingly being conducted online which provides flexibility and scale. Customizable digital tools further aid in evaluating soft skills and cultural fit virtually. Remote working trends accelerated due to the pandemic have also boosted demand for online assessment solutions.
SWOT Analysis
Strengths: Assessment services offer scientific and structured methods for screening and selection of candidates based on job roles. This improves hiring efficiency and quality.
Weaknesses: over-reliance on standardized testing tools may miss out important soft skills and cultural fit aspects. Assessment outcomes can be biased without careful design and administration.
Opportunities: Growth in online training and evaluation models. Expanding offerings to include talent management and development services.
Threats: Competition from alternate recruiting tools and job boards. Regulatory challenges of using psychometric tools and personal data.
Key Takeaways
The global Assessment Services Market Insights is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing digital transformation across enterprises.
Market size: The assessment services market size was valued at US$ 14.83 billion in 2023 and is expected to reach US$ 31.76 billion by 2030 as organizations upgrade their candidate screening and talent management processes.
Regional analysis: North America currently dominates the market owing to stringent recruitment standards and early adoption of advanced assessment solutions by US-based enterprises. Asia Pacific is expected to witness fastest growth on account of expanding corporates, rising education levels and urgent talent needs in countries like India and China.
Key players: Key players operating in the assessment services market are CEB, now part of Gartner, SHL, Hogan Assessments, Talent Q, a part of Korn Ferry, Cognizant, IBM Corporation, Pearson PLC, Mercer LLC, Deloitte, Korn Ferry, PwC, Prometric, DDI (Development Dimensions International), Mettl, Cubiks. These players are focusing on customization, technologies and global footprint to tap the existing and emerging opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
