Candidate Skills Assessment Market Share, Size, Trends, Industry Analysis Report, By Components (Software, Services); By Deployment Model (On-Premise, Cloud); By Product (Aptitude/Psychometric Test, Personality Test, Coding Test, Others); By End-Use; By Region; Segment Forecast, 2022 - 2030
- Published Date:Mar-2022
- Pages: 118
- Format: PDF
- Report ID: PM2332
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global candidate skills assessment market was valued at USD 2.08 billion in 2021 and is expected to grow at a CAGR of 11.5% during the forecast period. Candidate skills assessment enables educational & corporate organizations to assess and analyze the candidate’s skills, experiences, proficiency, and preference for career development.
Know more about this report: request for sample pages
Furthermore, it enables the organization to identify the key areas for growth and performance, career development and provides applicants with a job role related to their skills. It also helps the organizations to check the candor of the applicant's resumes. For instance, according to criteria pre-employment testing, over 78% of the resumes are false & misleading, and over 46% have direct lies in them. Thus, by the use of the candidate skills assessment market, organizations can actually verify the qualification of their applicants.
Moreover, the increasing technological advancements in pre-employment screening services are anticipated to fuel industry growth. However, the lack of security standards coupled with the high cost associated with the candidate skills evaluation is anticipated to hinder the growth of the industry.
Following the global crisis, the industry has seen progressive growth on the back of augmented digital transformation. Amid the pandemic, the increasing investment in skills assessment technology for the better understanding of employees on a cultural & emotional scale is anticipated to boost the growth of the industry.
On account of the increasing demand for skilled labor during the pandemic, the demand for candidate skills assessment market is witnessing huge growth. Furthermore, the rising trend of work from home culture is projected to present huge growth opportunities to the global industry. Additionally, the increasing implementation of various skills enhancement campaigns by government bodies across nations is anticipated to drive industry growth.
Know more about this report: request for sample pages
Industry Dynamics
Growth Drivers
The growing demand for transparency and efficiency in the hiring process of companies is anticipated to drive the growth of the industry globally. This demand for transparency across the hiring process can be attributed to human behavior and cultural trends, making candidates like transparent companies more.
Additionally, organizations that offer applicants more visibility into the hiring process have an advantage over their competition as over 35% of the well-informed candidates are less likely to be disappointed with their experience. Thus, enabling the organization to retain and attract more talented candidates.
According to Glassdoor, 96% of the job seekers say that it’s important for a company to embrace transparency as the younger applicants are highly selective regarding the work culture. Furthermore, various nations are starting to create candidate experience platforms, helping to improve morale and to reduce work-related stress.
These factors are anticipated to drive the growth of the industry globally. Moreover, the adoption of innovative technology such as AI, sentiment analytics, and simulations by skills assessment software & service providers is anticipated to boost the growth of the global industry.
Report Segmentation
The market is primarily segmented on the basis of component, deployment model, product, end-use, and region.
|
By Component |
By Deployment Model |
By Product |
By End-Use |
By Region |
|
|
|
|
|
Know more about this report: request for sample pages
Insight by Component
The software segment is recorded to hold the largest revenue share and is expected to lead the market in the forecasting years. The huge share of the segment can be attributed to the growing number of vendors offering candidate skills assessment software. For instance, companies such as Jane AI, MapRecruit, and ThriveMap offer tools incorporated with innovative technologies such as AI that help HRs to determine whether the applicants are suitable for a job via sentiment analysis and simulations.
As emotional intelligence competencies relate to the success of candidates in the workplace. Thus, the availability of innovative software solutions is anticipated to drive the growth of the segment around the world. The service segment is projected to have the highest growth rate over the forecast period. The increasing demand for candidate skills assessment market services across the developed and developing nations is likely to fuel the segment growth worldwide. Furthermore, the rapid growth in the number of vendors offering skills evaluation services is anticipated to drive the growth of the segment in the near future.
Geographic Overview
North America accounted for the highest shares in the global market in 2021. The rapid technological advancements in North America coupled with the high adoption of technologies such as cloud computing, AI, sentiment analytics, and others are anticipated to drive the market.
Furthermore, the rising competition between software & service providers in the U.S. is anticipated to present huge growth opportunities. Additionally, major skills assessment software & service vendors are offering more security of data by ensuring greater outreach and quick access. The presence of a large skilled candidate pool in the U.S. & Canada is expected to propel the market growth because skill assessment tools help the organizations to choose the best option for the job role.
Moreover, the Asia Pacific is anticipated to exhibit the highest CAGR over the forecasting years. The increasing use of skills assessment tools to assess the candidates coupled with the rising demand for skilled labor in the emerging nations is anticipated to drive the growth of the market.
Furthermore, the increasing number of information technology companies in emerging nations is anticipated to present huge market growth opportunities. Emerging nations such as India, China, and Japan, among others, are driving the market development.
Additionally, the increasing number of scammers that provide misleading resumes for a job application is anticipated to drive the adoption of candidate skills assessment software and services. The recent developments in the market are anticipated to offer lucrative market growth opportunities.
For instance, in October 2021, NTA (National Testing Agency) launched NAT (National Aptitude Test) 2021, an ability profiling exam for students of age 13-25. This aims to guide the students towards the most suitable skill training & institution. NAT is the agency that conducts national medical & engineering exams in India, NEET & JEE Main.
Competitive Insight
Some of the major players operating in the global market include Athena Assessment Inc., Berke, Devskiller, eSkill, HackerRank, HireVue, iMocha, Kandio, Mercer LLC, and The Predictive Index.
Candidate Skills Assessment Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 2.08 billion |
|
Revenue forecast in 2030 |
USD 5.34 billion |
|
CAGR |
11.5% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Component, By Deployment Model, By Product, By End-Use, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Athena Assessment Inc., Berke, Devskiller, eSkill, HackerRank, HireVue, iMocha, Kandio, Mercer LLC, and The Predictive Index |
