The Insight PartnersEmployment Screening Services market was valued at US$ 4,191.94 million in 2020 and is projected to reach US$ 6,390.09 million by 2028; it is expected to grow at a CAGR of 5.51% during 2021–2028.
Globalization has resulted in a large influx of job immigrants majorly in the highly advanced countries of the world in search of better standards of living as well as better job opportunities.
As per the statistics by the US Government, the total number of working immigrants in the age group from 16 to 65 increased to 5.7 million by the first half of 2014. There has been an increased influx of immigrants in lower-skilled jobs as well as highly professional jobs in the developed countries of the US, the UK, Germany, and Canada. Private households, textile, apparel and leather manufacturing; agriculture; information technology Sectors such as computer & electronic products and administrative & support services are witnessing a rising number of job immigrants. Mischievous immigrants pose a risk to the security of the organization and even the country sometimes. The countries witnessing a higher number of immigrations for seeking jobs have laid down various regulations and pre-requisites for the applicants. In 2017, about 29 million immigrants were working or looking for work in the US, making up about 17% of the total civilian labor force.
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Impact of COVID-19 Pandemic on Employment Screening Services Market
The consequent economic downturn, due to COVID-19 outbreak pandemic, has led to the rise in number of jobless candidates across the globe. For instance, in the US, the number of jobless candidates reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment was increased from 3.8% in February to 13.0% in May in the US. The rise in unemployment rate continued in April 2020 as well with 14.4%. However, post Q3 of 2020, the number of COVID-19 cases in the US started to fall, which is triggering the gradual normalization of economic activities in the country.
This resulted in the rise in demand for products and services across the region. Moreover, with the improved vaccine distribution and administration drives, the US witnessed a more than expected increase in job openings in February 2021. According to a data released by the Job Openings and Labor Turnover Survey (JOLTS), the number of job openings rose to 7.4 million in March 2021 from 7.1 million in February 2021. Nonetheless, the labor market has a long way to go before resuming its late-2019 status. The US hiring rate increased to 4% in February 2021 from 3.8% in February 2020 Thus, despite the steep decline in the first two quarters of 2020, the employment screening services market in North America started experiencing substantial growth as the economy of region started reviving back to normal, leading to the acceleration of hiring processes across industries.
Players operating in the employment screening services market are mainly focused on the development of advanced and efficient products.
• In 2021, Insperity, Inc., a leading provider of human resources and business efficiency solutions for America's best companies, announced a digital transformation partnership with Salesforce, a global leader in CRM.
• In 2020, Accurate Background, LLC, a leading provider of compliant background checks, substance and health screening, and Form I-9 verifications, reported that it has added new services to its COVID-19 Program to assist businesses in hiring and thriving during the pandemic.
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