Pune, April 06, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Corporate Assessment Service Market had a valuation of USD 2.50 billion in 2022 and is projected to attain a worth of USD 4.37 billion by 2030, with a compound annual growth rate (CAGR) of 7.2% anticipated during the forecast period spanning 2023 to 2030.
Market Overview
Corporate assessment services refer to the evaluation and measurement of various aspects of an organization, including employee skills, performance, and potential. These services are designed to help organizations identify strengths and weaknesses within their workforce, develop strategies to enhance productivity and efficiency, and achieve their business goals. As the business landscape becomes more competitive, organizations are seeking new ways to improve their workforce efficiency and productivity.
Market Analysis
The corporate assessment service market is poised for significant growth in the coming years due to a range of factors, including the increasing demand for employee training and development programs, the rising adoption of online assessment services, and the growing emphasis on talent management and succession planning. Organizations that leverage these services can gain a competitive edge by identifying and developing their high-potential employees, improving workforce efficiency and productivity, and achieving their business goals.
Key Company Profiles Listed in this Report Are:
The major key players are AON Plc, Arctic Shores Limited, Aspiring Minds, Birkman International, Inc., Development Dimensions International, Inc., HireVue, Korn Ferry, IBM Corporation, Mettl Online Assessment, SHL & More.
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Impact of Russia-Ukraine Conflict
Despite the challenges posed by the Russia-Ukraine conflict, the corporate assessment service market is expected to continue growing over the long term. The demand for talent management, performance evaluation, and career development services is expected to remain strong, as organizations seek to improve their workforce efficiency and productivity. However, the short-term impact of the conflict on the market remains uncertain, and providers may need to adjust their strategies to navigate the current geopolitical landscape.
Key Regional Developments
The corporate assessment service market has been experiencing steady growth in recent years, driven by a growing emphasis on customized testing and evaluation services to support selection and staffing services in North America. The region has accounted for the biggest revenue share in the market, owing to the increasing demand for individual evaluation as part of the recruitment process, which has become critical in identifying the best candidates for the job and the company. With the rise of the gig economy, the need for accurate and reliable assessment services has become increasingly important for both businesses and individuals.
Corporate Assessment Service Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.50 Bn |
| Market Size by 2030 | US$ 4.37 Bn |
| CAGR | CAGR of 7.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Product (Psychometric Tests, Aptitude Tests, Coding Tests, Job Specific Functional Tests, Others) • By Application (Campus Recruitment, Entrance Assessment Services, Recruitment & Promotion Assessment Services, Certification Assessment Services) • By Hiring Phase (Pre-Hire and Post-Hire) • By Hiring Level (Executive, Entry Level, Professional, Other) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Corporate Assessment Service Market Study
- The psychometric tests segment is projected to continue its dominance in the market. These tests are designed to evaluate a range of cognitive, emotional, and behavioral traits in job candidates, providing employers with valuable insights into their potential job performance and suitability for a given role.
- The campus recruitment segment is expected to continue its growth trajectory in the market. As companies seek to stay competitive and innovative, the use of assessments in campus recruitment will remain a critical strategy for identifying and hiring top talent.
Recent Developments Related to Corporate Assessment Service Market
- The United Arab Emirates (UAE) Ministry of Health and Prevention (MoHAP) recently announced the launch of a new 3D digital metaverse assessment service. The service will leverage advanced digital technologies such as virtual and augmented reality to provide patients with a more immersive and interactive assessment experience. The assessments can be conducted remotely, which will allow patients to receive care from the comfort of their own homes.
- IBM has recently launched a new security assessment service that focuses on business risk. The service is designed to help organizations identify and prioritize security risks based on their potential impact on business operations, financial performance, and reputation. This will allow businesses to make informed decisions about which security risks to address first, and allocate resources accordingly.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Corporate Assessment Service Market Segmentation, By Product
9. Corporate Assessment Service Market Segmentation, By Application
10. Corporate Assessment Service Market Segmentation, By Hiring Phase
11. Corporate Assessment Service Market Segmentation, By Hiring Level
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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