The size of the global assessment services market is anticipated to grow at a revenue CAGR of 7.1% from 2017 to 2028, reaching USD 12.26 billion. The demand for assessment services to recruit individuals is being driven by an increase in the number of young job seekers and businesses, among other key factors, and this is propelling the global assessment services market revenue growth. These services refer to the use of online and offline platforms to find, communicate with, and evaluate fresh prospects before hiring them.
The market is seeing revenue growth due to reasons such as increased demand for assessment services from competition-conducting authorities to enroll in specialized exam-conducting firms and rising desire among governments and corporations to put applicants through online exams. Other significant factors influencing the growth of the global assessment services market’s revenue include an increase in the number of courses offered in the education sector, a shift in preference toward online testing and assessment due to the steady digitization trend, and a focus on reducing the use of paper for testing at the domestic and international levels without the need for travel and at the convenience and time of the applicants.
Through automated processes, comprehensive reporting, and little to no need to hire specialists to administer and deliver training or offer continuing education, corporate e-Learning enables firms to save HR expenses related to training, onboarding, recruitment, retention, and appointment. Online testing entails using the Internet to administer quizzes or tests, with candidates evaluated using a fully automated system. The desire for online tests among corporations and governments in various nations is anticipated to significantly contribute to market revenue growth.
Some Key Highlights from the Report
Players profiled in the global market report include Korn Ferry, AON PLC, IBM Corporation, Pearson Vue, TeamLease, Aspiring Minds, PSI Services LLC, Hogan Assessments, Talent Plus Inc., and Cubiks.
During the projected period, the certification assessment services industry is anticipated to experience considerable revenue growth. Reviewing various accreditations, including professional certifications, academic degrees, and product certifications among others are required for certification assessment services. Services for certification assessment are typically used in professional settings and by educational institutions. With the aid of this service, organizations can confirm that the certifications offered by an individual are genuine.
Due to a growing emphasis on finding and promoting applicants from all over the world, the online segment accounted for the greatest revenue share in 2020. As opposed to physically attending classes at a set time, online lessons can be accessed whenever it suits the student. Additionally, it has been demonstrated that associates learn roughly five times more with the aid of online training, or e-Learning, in a shorter amount of training time.
In 2020, the corporate segment held a sizably big revenue share in the global market. The corporate sector relies heavily on assessment services since it always makes considerable investments in the finest methods for selecting the best candidates for open positions. The employee hiring program, training and engagement tests for the projects, administrative assessments, appraisals and designation evaluations, and other internal development assessments all fall under the category of assessment services in the corporate sector.
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Psychometric Tests
- Aptitude Tests
- Coding Tests
Assessment Service Type Outlook (Revenue, USD Billion; 2018-2028)
- Entrance Assessment Services
- Recruitment & Promotion Assessment Services
- Certification Assessment Services
- Pre-employment Assessment Services
- Development Assessment Services
Medium Outlook (Revenue, USD Billion; 2018-2028)
Sectors Outlook (Revenue, USD Billion; 2018-2028)
- Higher Education
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- the Asia Pacific
- Latin America
- Middle East & Africa