The Assessment Services Market is estimated to be valued at US$ 14.83 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Assessment services help organizations in evaluating job applicants based on skills, personality, cognitive abilities, and other professional traits. The services involve administering aptitude, personality, and performance tests to measure candidates against the job requirements. Assessment helps employers identify the right fit for the job opening and potentially increase hiring success rates.
Market Overview:
Assessment services evaluate candidates for employment suitability, promotion potential, management talent identification, and development needs. Soft skills assessment is gaining prominence as organizations are focusing on measuring attributes like leadership, collaboration, communication and problem-solving abilities of candidates. The services streamline hiring processes and improve workforce quality.
Market key trends:
Rising demand for measuring soft skills of candidates is a key trend driving the assessment services market growth. Soft skills evaluation helps employers hire individuals with the right interpersonal and behavioral competencies for optimizing team dynamics and productivity. Additionally, introducing games-based and simulations-based assessments is gaining traction. These new-age evaluation methods provide immersive and engaging experiences to candidates while assessing complex competencies in realistic workplace scenarios. They offer more objective insights around soft skills compared to paper-based tests. Furthermore, growing adoption of online and mobile assessments is expected to support the market expansion during the forecast period.
Porter's Analysis
Threat of new entrants: Low barrier to entry for new players providing assessment services but competing with large established players is difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative options in the market.
Bargaining power of suppliers: Suppliers face moderate to low bargaining power due to presence of substitutable services and products in the market.
Threat of new substitutes: Threat from new substitute assessment methods like gamification is increasing competitive rivalry.
Competitive rivalry: Intense competition between existing players to gain market share.
SWOT Analysis
Strength: Large client base, global presence, expertise in psychometric testing and assessment. Weakness: High employee attrition, vulnerability to technology disruptions.
Opportunity: Growing demand for online assessment services, assessment as a service model. Threats: Stringent regulations, data privacy and security issues.
Key Takeaways
The global Assessment Services Market Insights is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand for online assessment tools and solutions among organizations for recruitment and development purposes.
Regionally, North America is expected to dominate the global market, with increasing adoption of assessment services by organizations for large-scale assessments. The Asia Pacific region is projected to exhibit the fastest growth during the forecast period.
Key players operating in the assessment services market are CEB, now part of Gartner, SHL, Hogan Assessments, Talent Q, a part of Korn Ferry, Cognizant, IBM Corporation, Pearson PLC, Mercer LLC, Deloitte, Korn Ferry, PwC, Prometric, DDI (Development Dimensions International), Mettl, Cubiks. These players are focusing on partnerships, mergers, acquisitions and new product launches to gain competitive advantage in the market.
The increasing demand from competition-conducting authorities to enroll specialist exam-conducting companies and the rising preference among the governments and corporates to opt for online exams is anticipated to drive assessment services market over the coming years.
Deploying technology is making the recruitment method more effective and also helping them join with potential candidates through aptitude tests.A comprehensive overview of the competitive landscape of the Assessment Services market that examines the market position of leading companies like Korn Ferry, AON PLC, IBM Corporation, Pearson VUE, TeamLease, DDI, PSI Services LLC, Hogan Assessments, Talent Plus Inc., Cubiks, Aspiring Minds, TTI Success Insights, AssessFirst, Mettl, Prometric Inc., Chandler Macleod, MeritTrac, and Psytech International, others have been studied elaborately in the study.To view a sample of the Assessment Services Market Report, visit: https://www.reportsanddata.com/sample-enquiry-form/1512Scope of the Report:The report on the Assessment Services Market offers an extensive analysis of the global sector, based on a region-wise segmentation.
The research predicts that the market will get significant return on investment, and record a sizeable year-on-year growth rate over the forecast years until 2026.The research gives an accurate breakdown of the Assessment Services market and provides market estimations for the market size, sales, production capacity, profit margin, and other critical parameters.
The market study also sheds light on the industry fragments, as well as driving factors affecting the growth of the industry.
The industry is speculated to be affected by significant changes in the governing regulatory framework and other government policies.Elaborating on the Assessment Services market with respect to the geographical landscape:The research study includes an industry- as well as economy-wide analysis of the geographical landscape of the Assessment Services market, categorized based on regions as North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
The geographical coverage in the report highlights the contribution of each region to the global industry by assessing the market standing of leading companies.Crucial insights based on the sales generated by each zone as well as the registered market share have been mentioned in the research document.
Emergen Research’s latest document, titled ‘Global Assessment Services Market - Forecast to 2027,’ is one of the most sought-after market reports involving an in-depth analysis of the global Assessment Services market.
The report’s authors have offered necessary details on the latest Assessment Services market trends and the crucial parameters impacting both short-term and long-term market growth.
Its panoramic view of the Assessment Services industry entails useful insights into the estimated Assessment Services market size, revenue share, and sales & distribution networks.The global assessment services market is projected to be worth USD 11.47 Billion by 2027, according to a current analysis by Emergen Research.
The assessment services market is projected to observe a high demand by the year 2027.
The growing necessity of competition-conducting authorities’ associated with tests, such as TOEFL and PAPI 3, to sign up specialist exam-conducting firms and growing inclination among the various sectors to opt online computer-based tests drives the market growth.Market Drivers:The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years.
The report studies the extensive business expansion plans and advancements in R activities and product portfolio.
