Assessment Services Market- Global Industry Analysis and Forecast (2023-2029)

Assessment Services Market size was valued US$ 7.61 Bn. in 2022 and is expected to reach US$ 12.47 Bn by 2029, at a CAGR of 7.3 % during forecast period.
Assessment Services Market Definition:
Assessment services are used by companies to evaluate a candidate based on different parameters. These evaluation helps companies to assess and train the employees. Consultants provide guidance on skill assessment for increasing employ-ability. Assessment services helps companies to identify, hire, and develop the best-fit talent for a given profile. Traditional assessment process is time-consuming and requires high cost.To know about the Research Methodology :- Request Free Sample Report

COVID-19 impact on market:

COVID-19 has the potential to have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. Our analysts, who are monitoring the situation throughout the world, believe that the market would provide producers with lucrative opportunities following the COVID-19 dilemma.
Assessment Services Market Dynamics:
Number of competitive examinations and certifications are increasing, importance of skill assessment for increasing employ-ability, and rising population of the young labor force are the factors attributed to the growth of the market during the forecast period. Job immigrants are increased due to globalization in the developed countries. The inflow of immigrants in lower-skilled jobs and highly professional jobs in the developed countries is an ever rising phenomenon.

The screening services for job immigrants are needed due to the new regulations being rolled out by new governments as candidates are mis-presenting their credentials. Also mobile workforce and increasing fraudulent activities are a few of the factors that are leading to a greater demand for efficient background checks by various organizations, driving the assessment services market. A rising number of young job seekers and entrepreneurs are one of the significant drivers for the market.

The opportunities to the industries to build more efficient profit valued business and employ-ability issues of the youth is estimated to create lucrative opportunities in the coming years.
However the online assessment services do not take any guarantee of the candidate’s potential or talent and increased data privacy issues with misleading representation by the candidates are the factors restraining the market. Related sectors with specific statistics are analyzed in the report.
Assessment Services Market Segment Analysis:
The online assessments services held a larger market share of USD 4.53 Billion in 2022 and are forecasted to have a CAGR of 7.7% in the e forecast period.

In the past few years as technology has started playing a role, MCQ based testing are increased. A screen based tests are very common now a days. Governments and corporate are preferring online exams and is anticipated for the growth of online assessment service segment of the market. Deploying technology is a very effective method for the recruitment process helping companies join with potential candidates through aptitude test. Online Medium of assessment services promote the candidates with aptitude and attitude which is essential in achieving the organizational goals, also it helps to evaluate the candidate’s legitimacy to the profile.

Online assessment enables organizations to decrease HR costs associated with training, onboarding, recruitment, and appointment via automated processes.
Assessment Services Market Regional Insights
The Asia Pacific region to achieve highest CAGR of 8.8% during the forecast period.

The surging number of competitive examinations and certification due to the huge population in the region and increasing requirement for skill assessment for employability in the region are driving the market in the region. Also number of job seekers and entrepreneurs are also driving the market in the region. India is expected to grow at a CAGR of 10.5% during the forecast period and held nearly 30 % market share of Asia Pacific region.

The assessment market in Europe generated a revenue of US$ 1.43 Bn in 2022 and expected to grow at a CAGR of xx% over the forecast period. The employability issues over the regions and key players providing the assessment services are different in different regions and are analyzed in detail in the report.

The objective of the report is to present a comprehensive analysis of Global Assessment Services Market including all the stakeholders of the industry. The past and current status of the industry with forecasted Market size and trends are presented in the report with the analysis of complicated study of key players that includes Market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the Market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding global market dynamics, structure by analyzing the Market segments and project the global market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.
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Global Assessment Services Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 7.61 Bn.


Forecast Period 2023 to 2029 CAGR:
7.3%
Market Size in 2029:
US $ 12.47 Bn.


 Segments Covered:
by Deployment
Online Medium
Offline Medium


by Assessment Application
Entrance Assessment Services
Recruitment & Promotion Assessment Services
Certification Assessment Services


by Product Type
Psychometric Test
Aptitude Tests
Coding Tests
Others


by Sectors
K-12
Higher Education
Corporate
Government


by End-users
Aerospace & Defense
Automotive & Transportation
Banking
Financial Services & Insurance
Building
Construction & Real Estate
Consumer Goods & Retail
Education
Energy & Utilities
Government & Public Sector
Healthcare & Life Science
Information Technology
Manufacturing, Media & Entertainment
Telecommunication
Travel & Hospitality



Global Assessment Services Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Assessment Services Market, Key Players are
1. AON
2. Korn Ferry
3.CEB
4.Psytech
5.Hogan Assessments
6. Aspiring Minds
7. TT Success Insight
8. Cubiks
9. Performanse
10. Talent Plus
11. Harrison assessments
12. AssessFirst
13. Chandler Macleod
14. TeamLease
15. IBM
16. DDI
17. NSEIT
18. Eduquity Career Technologies
19. Central Test
20. StrengthsAsia
21. MeritTrac
22. Mettl
23. Beisen

Frequently Asked Questions:

1. Which region has the largest share in Global Assessment Services Market?
Ans: Asia Pacific region helds the highest share in 2022.

2. What is the growth rate of Global Assessment Services Market?
Ans: The Global Assessment Services Market is growing at a CAGR of 7.3% during forecasting period 2023-2029.

3. What segments are covered in Global Assessment Services market?
Ans: Assessment Services Market is segmented into type, assessment application and region.

4. Who are the key players in Global Assessment Services market?
Ans: The important key players in the global market are – Korn Ferry, CEB, Psytech, Hogan Assessments, Aspiring Minds, TT Success Insight, Cubiks Performanse, Talent Plus, Harrison assessments, AssessFirst, Chandler Macleod, TeamLease

5. What is the study period of this market?
Ans: The Global Assessment Services Market is studied from 2022 to 2029.