Assessment Services Market Size to Reach USD 11.47 Billion In 2027 | Growing Demand for Evaluation of Skills for Better Employability is Key Factor Boosting Industry Growth, says Emergen Research

Key players operating in the assessment services market comprise Korn Ferry, Pearson VUE, IBM Corporation, TeamLease, Aon PLC, DDI, Mettl, Hogan Assessment Systems Inc., PSI Services LLC, and Talent Plus Inc.

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Vancouver, British Columbia, May 10, 2021 (GLOBE NEWSWIRE) -- The global assessment services market is projected to reach USD 11.47 Billion by 2027, according to a current analysis by Emergen Research. Recent trends of recruitment cells to conduct online aptitude tests to select potential candidates and increasing number of youth jobseekers are key factors boosting global market revenue growth. 

Assessment services are rapidly gaining traction due to significant increase in internet users, technological developments, and various platforms that offer employment and high-income opportunities. Increasing requirement of competition-conducting authorities to enroll specialist exam conducting companies and growing preference for online computer-based tests & exams by various sectors is boosting global market growth. High demand for psychometric, coding and attitude tests from higher education, K-12, government sectors, and corporates is surging revenue growth. Increasing number of competitive exams and certification tests, growing demand for employability skills, and growing preference of government and corporates for online computer-based tests is expected to further boost market growth. Moreover, growing usage of assessment services for conducting online hiring processes, and liberty of opting for evaluation tests, and certification tests from their home as per their convenience during the COVID-19 pandemic is augmenting growth of the global assessment services market. 

However, problems associated with connectivity and budget, and inadequate use of assessment tools are expected to hamper global market growth during the forecast period. 

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Some key highlights in the report:

  • The coding skills segment is expected to register fastest CAGR of 8.3% during the forecast period. Coding skills has become an essential factor in recruitment in IT and software firms for hiring programmer or software developer. Various evaluation tests for hiring a programmer include software test, coding test and online proctored code test. 
  • Among the service type, the recruitment & promotion segment accounted for largest share of 42% in 2019 and is expected to account for substantial revenue growth during the forecast period. Recruitment process aids in assessing job-specific skills of a candidate and promotion process helps in identifying competencies possessed by a high-performing employee. 
  • North America is accounted for largest market share in 2019 and is expected to account for robust revenue growth over the forecast period attributing to growing emphasis on customized assessment services for recruiting staff in educational institutes and professional organizations. 
  • The market in Asia Pacific is expected to register fastest CAGR of 8.5% during the forecast period due to increasing number of certification tests, rising youth labor pool, and growing need for skill assessments for better job opportunities.  
  • Key players operating in the assessment services market comprise Korn Ferry, Pearson VUE, IBM Corporation, TeamLease, Aon PLC, DDI, Mettl, Hogan Assessment Systems Inc., PSI Services LLC, and Talent Plus Inc.
  • In January 2020, SHL allied with IBM Corporation to offer talent assessment services to global businesses. 
  • Ford Motor conducts “One Ford” assessment to check if personal values and skills align with company’s values. It helps in assessing the candidate’s aptitude for performing in a particular team. 

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Emergen Research has segmented the global assessment services market on the basis of product type, services type, medium, sectors, and region:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

  • Psychometric Test
  • Aptitude Tests
  • Coding Tests
  • Others

Services Type Outlook (Revenue, USD Billion; 2017-2027)

  • Entrance Assessment Services
  • Recruitment & Promotion Assessment Services
  • Certification Assessment
  • Pre-Employment Assessment Service
  • Development Assessment Service

Medium Outlook (Revenue, USD Billion; 2017-2027)

  • Online
  • Offline

Sectors Outlook (Revenue, USD Billion; 2017-2027)

  • K-12
  • Higher Education
  • Corporate
  • Government

Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends:

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • MEA
    • Saudi Arabia
    • South Africa
    • UAE
    • Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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