Assessment Services Market REPORT OVERVIEW
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The global assessment services market size is expected to grow from USD 21810 Million in 2021 and market is projected to touch USD 39870 Million by 2028, at a compound annual growth rate (CAGR) of 9.0% during the forecast period.
Assessment Services are used by corporate companies to train and assess workforce and offer solutions to evaluate employee on various factors. It supports companies to categorize, employ, and advance the best-fit talent for a specified work. The organization functioning in the corporate market are proposing services for several stages of a recruitment lifecycle, which contains pre-hire, post-hire, and talent improvement and training. The companies providing corporate assessment solutions are using advanced technologies such as AI and predictive analytics to improve information from the objective data. It offers several advantages over the outdated recruitment process, such as more flexibility, scalability, improved talent development and retention.
Assessment services are promptly gaining traction due to substantial growth in internet users, technological improvements, and various platforms that offer occupation and openings. Growing requirement of conducting consultants, conducting exams, and growing inclination for virtual exams by various segments is enhancing global market growth. The increasing demand from directing consultants to register assessment conducting enterprises and the increasing preference amongst the governments and corporates to opt for virtual exams is expected to drive assessment services market in the coming years. Organizing technology is creating the recruitment process more operative and also helping to connect with prospective candidates by aptitude exams.
COVID-19 Impact: Halt on Production and Supply Chain Disruption to Impede Sales
The COVID-19 Pandemic has enforced lockdown and travel restrictions. Companies to implement digital partnership and business. Companies that were delaying their digital renovation are rapidly shifting their procedures to innovative tools. This will increase the demand for assessment components such as software and services. Major players in the market are leveraging this pandemic driven digital transformation to save revenues. Since assessment & training software can be delivered without physical interaction, COVID-19 has had little impact on the market. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and decline in future sales of their products.
"Growing Need for Assessment for Employability to Bolster Market Progress"
Majority of assessment facilities comprises trainings and instructions for personnel for their professional growth. Focused on professional growth by assessment services benefits personnel to improve their talents and performance. These services are used as preparation to lodge new workforces, teach existing staffs with new skillsets necessary for their current projects, and to support employees into positions needing diverse skillsets.
Assessment facilities guarantee that staffs are up-to-date with progressing job descriptions of the relevant industry. It allows staffs to appreciate how their performance influences goals of the organizations. Moreover, cloud services are anticipated to play a significant role in altering the security assessment. It helps companies to estimate their present security position and then support it to their preferred cyber safety goals and policies eventually provide strong security the business critical applications.
Assessment Services Market Segmentation
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- By Type Analysis
By type, the market is segmented into online medium and offline medium.
The online medium segment is expected to lead owing to growing attention of businesses to source and sponsor applicants with mandatory aptitude. Online mode of courses can be accessed anytime as per one’s ease as opposed to attending classes physically at a proposed time. Additionally, online training or e-learning aid the connections to learn nearly five times faster within a shorter span of training time. These factors are likely to influence the growth of the industry.
- By Application Analysis
Based on the application, the market is classified into entrance assessment services, recruitment & promotion assessment services, and certification assessment services.
The certification assessment services segment is expected to be the leader because the it involves revising different types of authorizations such as academic grades, professional documentation, and product qualifications. It is typically applied for specialized purpose and educational institutions. Companies can determine that certification provided by an individual are reliable by using these services.
"Technological Advancement to Facilitate Industry Progress"
With the developments in mobile technologies, assessment service vendors are emerging mobile based assessment solutions and incorporating advanced digital tools. Due to this innovation the demand will increase in the forecast period. With the increasing population, digitalization in the industrialized procedures, there is growth in the amount of laptops, smartphones, PCs, point-of-sale and tablets stations. This upsurge in various smart devices is creating a huge number of endpoints in systems. Therefore, there is a requirement for security assessments due to increasing number of endpoint devices.
"Increasing Adoption of Cloud Security to Magnify Market Growth"
The better feature of cloud services, administrations can develop a conventional cloud security manner to guard data and users, and can also effectively navigate the flowing landscape of cloud computing security with the support of cloud security assessment. Nowadays, examples of company directed threats and cyber-attacks have augmented significantly, which is one of the major factors driving the growth of the assessment services market. Necessity for agreement and government guidelines are also expected to fuel the assessment services market growth during the forecast period.
"High Costs to Impede Market Progress"
One of the basic factors that impede growth of the global assessment services market is restricted to budget concerns, connectivity problems, and improper consumption of assessment tools. With restricted budgets, companies are not able to own the essential hardware and software tools. These are mandatory to implement the corporate training; with which it is easy to invite staffs who are eager to learn in a digitally advanced learning atmosphere.
Assessment Services Market REGIONAL INSIGHTS
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"Presence of Prominent Service Providers to Bolster Growth in North America"
Regionally, the market is grouped into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the assessment services market share. This is mainly due to the substantial existence of service providers in the market that are providing numerous services to companies in the region across several end-user businesses. The significant growth in the number of data breaches through several businesses enhance the companies to implement strong assessment facilities. Furthermore, cyber threats in the region, especially in the U.S. are increasing rapidly owing to the increasing number of connected devices in the region.
Asia-Pacific is the second-largest market shareholder owing to an increasing number of competitive exams and certifications, and an increasing prerequisite for skill assessment for increasing employability in the region. Factors such as rising number of certification tests youth employment pool, and increasing need for skill assessments for better job opportunities. Thriving digital economies in these regions such as India, China, Singapore, and South Korea are central to the surging growth. The improvement in mobile health tools has appeared as a natural addition of the new generation of system.
KEY INDUSTRY PLAYERS
"Companies Adopt Technologically Advanced Production Techniques to Improve Market Position"
Competitive landscape of the global assessment services market is fragmented with few key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product collection and gain a robust stability in the global market. The market appears to be moderately focused with the major players implementing strategies such as product improvement, strategic businesses, among others to stay competitive in the market.
List of Market Players Profiled
- AON (U.K.)
- CEB (U.S.)
- IBM (U.S.)
- Pearson Vue (U.S.)
- PSI (U.S.)
- Tata Consultancy Services (India)
- Prometric (U.S.)
- Korn Ferry (U.S.)
- Mercer (U.S.)
- Hogan Assessments (U.S.)
- DDI (U.S.)
- Aspiring Minds (India)
- Yardstick (Canada)
- Chandler Macleod (Australia)
- TeamLease (India)
- NSEIT (India)
- April 2020: Optiv Security, a security solutions integrator that mainly provides end-to-end cybersecurity resolutions, and Palo Alto Networks have arrived into a strategic collaboration to resolve protect and accessible remotely requirements for clients using Palo Alto Networks Prisma Access.
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments. For this study, Reports and Data has segmented the assessment services market based on product type, assessment service type, medium, sector, and region.
|Market Size Value In||US$ 21810 Million in 2021|
|Market Size Value By||US$ 39870 Million by 2028|
|Growth Rate||CAGR of 9% from 2021 to 2028|
|Historical Data Available||Yes|
|Segments Covered||Type and Application|
Frequently Asked Questions
What value is the assessment services market size expected to touch by 2028?
Based on our research, the service assessment market size is projected to touch USD 39870 million by 2028.
What CAGR is the assessment services market size expected to exhibit by 2028?
The assessment services market size is expected to exhibit a CAGR of 9.0% by 2028.
Which are the driving factors of the assessment services market?
Technological advancements and increasing adoption of cloud security are the factors driving the assessment services market.
Which are the top companies operating in the assessment services market?
AON, CEB, IBM, Pearson Vue, PSI, Tata Consultancy Services, Prometric, Korn Ferry, Mercer, Hogan Assessments, DDI, Aspiring Minds, Yardstick, Chandler Macleod, TeamLease, NSEIT are the top companies operating in the assessment services market.