The global Candidate Skills Assessment market size is expected to reach USD 5.34 billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing demand for transparency throughout the hiring process, coupled with the growing penetration of pre-employment screening tests, is anticipated to drive the growth of the global market. In addition, the growing technological advancement in pre-employment evaluation services is further likely to offer huge market growth opportunities worldwide. Additionally, the increasing internet penetration across emerging nations such as India, China, and Japan, among others, is also projected to fuel the growth of the market across the globe.
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Based on the deployment type, the cloud segment is dominating the global market and is anticipated to lead the market over the forecasting period. The growth of the segment can be attributed to the features offered by cloud deployments, such as no capital investment, high scalability, flexibility, and a reduced requirement on IT expertise.
Whereas the on-premises segment is showing the highest growth rate in the global market owing to this deployment model is majorly adopted by large organizations that have data centers located on-premises. This model is suitable for highly regulated technology companies, government organizations, and others.
The adoption of skills evaluation by various employment-oriented online services such as LinkedIn and others is anticipated to offer huge market growth opportunities. For instance, in September 2019, LinkedIn, the social networking service for employees & employers across the globe, launched a skill evaluation program that enables the applicants to beef up their credentials for better job hunting. On the side of the recruiter, they can use the data to filter out applicants when sourcing candidates for a job opening. Thereby, these factors may act as a catalyzing factor for the market demand in the approaching years.
Market participants such as HireVue, Athena Assessment Inc., Mercer LLC, Devskiller, eSkill, HackerRank, iMocha, Kandio, Berke ®, and The Predictive Index are some of the key players operating in the global market.
There are various market vendors introducing their innovations across the global market to reinforce their geographical footprints. Further, the companies are initiating collaborative initiatives in order to increase their market share. For instance, in December 2021, MaGE (Manipal Global Education Services)- a leading provider of marketing & business solutions in higher education, introduced MedAce, a digital learning & evaluation resource for medical students. MedAce is developed on the backbone of the CBME integrated curriculum & includes case-based evaluation and learning.
Polaris Market Research has segmented the candidate skills assessment market report on the basis of component, deployment model, product, end-use, and region:
Candidate Skills Assessment, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Candidate Skills Assessment, Deployment Model Outlook (Revenue - USD Billion, 2018 - 2030)
Candidate Skills Assessment, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Candidate Skills Assessment, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Candidate Skills Assessment, Regional Outlook (Revenue - USD Billion, 2018 - 2030)