Verification Segment to Dominate APAC Employment Screening Services during 2020-2028 - ResearchAndMarkets.com

The "Asia Pacific Employment Screening Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Services, End-User Industry, and Organization Size" report has been added to ResearchAndMarkets.com's offering.

According to a new market research study on "APAC Employment Screening Services to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Services, End-user Industry, and Organization size," is expected to reach US$ 1283.72 million by 2028 from US$ 955.23 million in 2021.

The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the APAC employment screening services along with the drivers and restraints pertaining to the market growth.

Increase in the mobile workforce and job immigrants owing to globalization are the major factor driving the growth of the APAC employment screening services. However, lack of defined regulations in certain countries hinder the growth of APAC employment screening services.

The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated, which leads to the greater risk infection spread. Many global brands and technological companies are headquartered in the region. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation.

The COVID-19 pandemic, according to the Asia-Pacific Employment and Social Outlook 2020, would have wiped out 81 million workers by 2020. As per the quarterly data available for 2020, employment levels fell in virtually all economies, compared to those in 2019. Working hours in Asia and the Pacific countries fell by 15.2% in the second quarter and 10.7% in the third quarter of 2020, compared to pre-crisis levels.

Working-hour losses are also contributed to the fact that millions of people left the labor force or lost their jobs due to plummeted growth of enterprises. Thus, the employment screening service providers experienced adversely effects in APAC countries during the first three quarters of 2020. However, with the gradual opening of economic activity across the region, the demand for skilled workforce has begun to rise across all industries from the end of 2020, thereby contributing to the employment screening services market growth.

The market for employment screening services is segmented into services, End-user, organization size, and country. Based on services the employment screening services market has been segmented on the basis of service into background screening, verification, and medical and drug testing.

The verification segment dominated the employment screening services market in 2020. Based on background screening services the employment screening services market has been segmented into credit check, criminal record. Based on verification services the employment screening services market has been segmented into qualification, employment history verification, reference, others. Based on End-user industry the employment screening services market has been segmented into IT & telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others.

The IT & telecom segment dominated the employment screening services market in 2020. Based on organization size the employment screening services market has been segmented into large-size enterprise and SMEs. The large-size enterprise segment dominated the employment screening services market in 2020.

AUTHBRIDGE RESEARCH SERVICES PRIVATE LIMITED; CAPITA PLC; FIRST ADVANTAGE; HIRERIGHT, LLC; PINKERTON CONSULTING & INVESTIGATIONS, INC; STERLING TALENT SOLUTIONS are among the leading companies in the APAC employment screening services.

The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Accurate Background, LLC, a leading provider of compliant background checks, substance and health screening, and Form I-9 verifications, reported today that it has added new services to its COVID-19 Program to assist businesses in hiring and thriving during the pandemic.

The report segments the APAC Employment Screening Services as follows:

APAC Employment Screening Services - By Services

• Background Screening
• Credit Check
• Criminal Record
• Verification
• Qualification
• Employment History Verification
• Reference
• Others
• Medical & Drug Testing

APAC Employment Screening Services - By End-user Industry

• IT & Telecom
• BFSI
• Government Agencies
• Travel & Hospitality
• Manufacturing
• Retail
• Healthcare
• Others

APAC Employment Screening Services - By Organization Size

• SMEs
• Large Enterprises

APAC Employment Screening Services - By Country

• China
• India
• Australia
• Japan
• Rest of APAC

Reasons to buy:

• To understand the APAC employment screening services landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC employment screening services
• Efficiently plan M&A and partnership deals in APAC employment screening services by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC employment screening services
• Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region

Companies Mentioned

• Authbridge Research Services Private Limited
• Capita Plc
• First Advantage
• Hireright, Llc
• Pinkerton Consulting & Investigations, Inc
• Sterling Talent Solutions

For more information about this report visit https://www.researchandmarkets.com/r/5p1cj0

View source version on businesswire.com: https://www.businesswire.com/news/home/20211001005534/en/