Talent Assessment Market Size, Share, Growth and Industry Analysis by Type (Pre-Hire Assessment, And, Post-Hire Assessment) By Application (Entrance Assessment Services, Recruitment & Promotion Assessment Services, Certification Assessment Services), Regional Forecast To 2031

Updated On: 01 April 2024

Talent Assessment Market REPORT OVERVIEW

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The global talent assessment market size was USD 21200 million in 2022 and market is projected to touch USD 47674 million by 2031 at a CAGR of 9.4% during the forecast period.

Talent assessment is a process where that companies use it in order to find and identify which particular candidate has the capability and who would perform the best. This is done in order to recruit and place the right person for the right role and responsibility. It also considers certain factors such as job performance and retainability. There are many methods of talent assessment.

Recruitment and hiring of people are continuous processes and it takes place in every company occasionally. For this talent, assessment is very much necessary. There has been a significant increase in the number of internet users. This is considered one of the latest trends in the market. In addition, there has been an increase in the preference for online test, assessments, and, competitive exams.  These factors have contributed in the global talent assessment market growth.

COVID-19 impact: Global Recession during the Pandemic Period Decreased the Market Growth

The period of pandemic brought an economic crisis to the entire world. The world economy collapsed and all the industries were negatively affected. Many reasons such as irregular supply of logistics and raw materials, and, unavailability of raw materials became the major restrains of the market development. All of this was due to lockdowns and strict social distancing norms. During the pandemic of COVID-19 there was a severe global recession. People were fired from their jobs. As a result, many people lost their means of livelihood. Companies did this in order to survive during the pandemic. Hence, talent assessment was not of much use as companies did not hire employees during that period. This brought down the market growth.

LATEST TRENDS

"Significant Increase in Internet Users and Technological Developments to Increase the Market Growth"

In this era of modernization, everything is moving towards digitalization. Job and income opportunities are also easy to find on internet. In the recent times the number of people using internet services has drastically increased. Many high earning opportunities are posted online. Even the process of recruitment, talent assessment, and hiring is done on the internet. Access to internet and other technological advancements have made it possible for people to apply for jobs much conveniently. With a prominent increase in the internet users and also with several technological advancements the global talent assessment market share has increased.

Talent Assessment Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Pre-hire assessment, and, post-hire Assessment.The pre-hire assessment segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Entrance assessment  services, recruitment & promotion assessment services,certification assessment services. The entrance assessment services segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Increasing Preference for Online Computer Based Tests and Assessments to Fasten the Market Growth"

With the increase in the platforms offering high income-opportunities and employment, people are preferring online computer-based tests and assessments. This has a lot of advantage and is one important factor developing the market growth.

With the increase in online platforms for talent assessment people from different regions can connect with each other. Their hiring can also be done at their own comfort. After the period of pandemic many companies still prefer to use talent assessment services online. Companies have the liberty for opting for evaluation tests and also certification test online. This can be considered as an important factor promoting the global talent assessment market share.

"Increasing demand for competitive exams and skill development to Propel the Market Growth "

Companies hire those candidates who have high-income generating skills. Candidates therefore opt to take up courses and competitive exams to enhance their skills and ability. This has increased the demand for talent assessment market all over the world.

There is a high demand for coding, attitude tests from higher education institutions, psychometric courses, K-12 government sectors occupations, and, corporates. Other factors such as surge in employability skills, and the development of interest in government and corporate jobs has further pushed the market growth.

RESTRAINING FACTOR

"Inadequate Use of Assessment Tools to Bring Down the Market Growth"

While conducting talent assessment tests, the usage of assessment tools might not be adequate. The inadequate use of assessment tools can under assess or over assess the skills of the employees. As a result, the employees can become a misfit to the organization. Poor connectivity while conducting talent assessments can become an important barrier. Also, some companies find it difficult to conduct talent assessments as it can be costly which could be out of their budgets. These factors hamper the market growth.

Talent Assessment Market Regional Insights

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"North America to Dominate the Market in The Upcoming Years"

North America is the region that dominates the market in the upcoming years. Asia Pacific is the next largest share holder of the market. Many factors have contributed in making North America the largest shareholder of the market. Rapid technological developments, high rate of recruitment and hiring, increasing demand for skill-enhancements, competitive exams, higher preference for online based talent assessments are some of the important factors that made North America the leading region in the market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Mercer (U.S.)
• PSI (U.S.)
• AON (U.K.)
• IBM (U.S.)
• CEB (U.S.)
• DDI (U.S.)

Report Coverage

The report provides an insight into the global talent assessment industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with regional insights. Market dynamic forces during the forecast period have also been discussed for a better understanding of the market situation. This report is very useful for forecasting the future of this technology.