The global Assessment Services Market is estimated to be valued at US$ 14.83 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview
Assessment services are used by companies to evaluate job applicants and current employees. It helps employers in screening of the candidates based on their skills, qualifications and personality. Common assessments tools include psychometric tests, coding challenges, games simulations and video interviews.
Market key trends
One of the key trends in the assessment services market is the growing adoption of adaptive assessment and artificial intelligence. Adaptive assessment allows personalized evaluation by adjusting difficulty of questions based on candidate's responses. It provides comprehensive analysis of skills in less time. AI is being used for proctoring exams remotely to prevent cheating and also for analyzing interview responses, resumes to hire best fitting candidates. Gamification of assessments is another trend where core job skills are evaluated through simulations and games to evaluate real-time decision making of candidates in interactive scenarios. This helps in assessing soft skills and suitability of candidates for roles.
Segment Analysis
The global assessment services market is segmented on the basis of type, delivery mode, enterprise size and industry vertical. The skills assessment segment is expected to dominate the market during the forecast period due to increasing focus of organizations on evaluating skills and competencies of candidates to select best suitable talent.
Key Takeaways
The global Assessment Services Market Demand is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing focus of organizations on employing technically skilled and competent workforce.
Regional Analysis:
North America is expected to dominate the assessment services market during the forecast period. This is attributed to presence of major assessment service providers and early adoption of technologies in the region. Asia Pacific region is expected to grow at the fastest pace due to rising number of startups and increasing investments in people assessment practices in countries like India and China.
Key Players:
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.
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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.
