At 13.1% CAGR, Asia Pacific Employment Screening Services Market is Projected to be Worth US$ 2,994.33 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific employment screening services market was valued at US$ 1,116.36 million in 2022 and is expected to reach US$ 2,994.33 million by 2030, registering a CAGR of 13.1% from 2022 to 2030. Need to mitigate risks associated with fraudulent activities of applicants and introduction of big data are among the critical factors attributed to the Asia Pacific 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 the true value of an employee that has been recruited. 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 victims 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.

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 and lack of uniformity hampers the growth of Asia Pacific employment screening services market. 

Based on services, the Asia Pacific employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held 53.5% market share in 2022, amassing US$ 597.20 million. It is projected to garner US$ 1,643.34 million by 2030 to register 13.5% CAGR during 2022–2030.

In terms of application, the Asia Pacific employment screening services market is segmented into IT and Telecom, BFSI, government agencies, travel and hospitality, manufacturing, retail, healthcare, and others. The IT and Telecom segment held 30.0% share of Asia Pacific employment screening services market in 2022, amassing US$ 334.77 million. It is projected to garner US$ 1,190.13 million by 2030 to expand at 17.2% CAGR from 2022 to 2030.

Based on organization size, the Asia Pacific employment screening services market is bifurcated into SMEs and large enterprises. The large enterprises segment held 69.0% market share in 2022, amassing US$ 770.00 million. It is projected to garner US$ 2,187.76 million by 2030 to register 13.9% CAGR between 2022 and 2030.

Based on country, the Asia Pacific employment screening services market has been categorized into China, India, Australia, Japan, and the Rest of Asia Pacific. Our regional analysis states that China captured 41.7% share of Asia Pacific employment screening services market in 2022. It was assessed at US$ 465.03 million in 2022 and is likely to hit US$ 1,345.83 million by 2030, exhibiting a CAGR of 14.2% during 2022–2030.            

Key players operating in the Asia Pacific employment screening services market are Accurate Background; A-Check America, Inc.; AuthBridge; Capita Plc; DataFlow LLC; First Advantage Corp; HireRight LLC; Sterling Check Corp; Pinkerton Consulting & Investigations Inc; and Triton Inc, among others.

• In December 2021, First Advantage Corporation announced a tech integration agreement signing with Xref Ltd, a human resources technology company; both companies have similar clients, and combining platforms will help both companies grow. 

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