Report : Europe Employment Screening Services Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Services (Background Check, Verification, and Medical & Drug Testing), End-User Industry (IT & Telecom, BFSI, Government Agencies, Travel & Hospitality, Manufacturing, Retail, Healthcare, and Others), and Organization Size (SMEs and Large Enterprise)
At 11.3% CAGR, the Europe Employment Screening Services Market is speculated to be worth US$ 2,344.62 million by 2028, says Business Market Insights
According to Business Market Insights research, the Europe employment screening services market was valued at US$ 1,374.77 million in 2023 and is expected to reach US$ 2,344.62 million by 2028, registering a CAGR of 11.3% from 2023 to 2028. Demand for time efficient selection systems owing to rising number of job applicants, increase in job immigrants amid globalization, and need to mitigate risks associated with fraudulent activities of applicants are the critical factors attributed to the Europe employment screening services market expansion.
The cost of hiring an employee is determined by their salaries, recruiting expenses, incentives, administrative expenses, etc., which, in combination, indicate a true value of an employee that has been recruited. As per the statistics, the resumes of ~51% of the job applicants are misleading as they reflect inaccuracies in their job performance, educational achievement, and employment. the Department for Education in the UK launched a service to mitigate higher education fraud. The service was commissioned by the Department for Education to proactively address problems concerning fraud institutions. Fraudulent declarations in job applications put employers at risk if they select such applicants. For example, an employee with a criminal background can be a threat to their colleagues and may jeopardize the company's security. If they harm their coworkers, the victim can claim that the employee in question had the propensity to cause this type of harm, which the employer should have discovered before hiring. The claim, if proven in the victim’s favor, the employer becomes liable for negligent hiring damages, which can result in steep costs to the company. According to data from the SHRM, the average settlement cost of negligent hiring is ~US$ 1 million for organizations worldwide. Moreover, workplace insecurity is cited as one of the primary reasons for high job turnover in organizations, which may lead to a further cost of recruitment for the employer. Further, false claims in job applications regarding historical job performance or educational qualification expose an organization to potential monetary loss and reputation damage. A bad hire may result in losses incurred by restarting the process of a candidate search. As a result, organizations look for solutions to mitigate the risks associated with fraudulent job applications, which helps them stay compliant with regulatory measures. Background checks before hiring enable organizations to uncover false information on resumes.
On the contrary, concerns related to confidentiality of candidate data hampers the Europe Employment Screening Services Market.
Based on services, the Europe employment screening services market is segmented into background check, verification, and medical & drug testing. The verification segment held 51.0% share of Europe Employment Screening Services Market in 2023, amassing US$ 701.18 million. It is projected to garner US$ 1,209.03 million by 2028 to expand at 11.5% CAGR during 2023–2028.
Based on end-user industry, the Europe employment screening services market is segmented into IT & Telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others. The IT & Telecom segment held 30.7% share of Europe Employment Screening Services Market in 2023, amassing US$ 421.67 million. It is projected to garner US$ 703.27 million by 2028 to expand at 10.8% CAGR during 2023–2028.
Based on organization size, the Europe employment screening services market is segmented into SMEs and large enterprise. The large enterprise segment held 66.8% share of Europe Employment Screening Services Market in 2023, amassing US$ 918.23 million. It is projected to garner US$ 1,532.69 million by 2028 to expand at 10.8% CAGR during 2023–2028.
Based on country, the Europe employment screening services market has been categorized into France, Germany, the UK, Italy, Spain, and the Rest of Europe. Our regional analysis states that the UK captured 38.0% share of Europe Employment Screening Services Market in 2023. It was assessed at US$ 521.97 million in 2023 and is likely to hit US$ 907.60 million by 2028, exhibiting a CAGR of 11.7% during the forecast period.
Key players dominating the Europe employment screening services market are Capita Plc; DataFlow LLC; First Advantage Corp; HireRight holdings Corp; Pinkerton Consulting & Investigations Inc; and Sterling Check Corp, among others.
- In 2020, The DataFlow Group announced a new partnership with recruitment solutions provider Meed Consultants. This partnership further complements their white glove service for applicants looking for work in Africa, the Middle East, and the UK.
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