At 7.8% CAGR, South & Central America Employment Screening Services Market is Projected to be Worth US$ 239.30 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the South & Central America employment screening services market was valued at US$ 131.35 million in 2022 and is expected to reach US$ 239.30 million by 2030, registering a CAGR of 7.8% from 2022 to 2030. Adoption of blockchain and other advanced technologies in employee screening and increase in job immigrants amid globalization are among the critical factors attributed to the South & Central America employment screening services market expansion.              

Companies in the employee screening services market can offer personalized services tailored to the needs of today's tech-savvy businesses with the integration of blockchain in their applications. Blockchain technology is developing quickly with a rise in the use cases and demand areas of blockchain. Adopting blockchain technology enables companies to meet regulatory concerns and customer demands. The technology helps reduce documentation and compliance costs.

Integrating blockchain technology into employee screening solutions and services benefits employers through secured payroll, protected employee data, eliminating candidate-record verification, and streamlining onboarding. The technology has the potential to help recruiters authenticate candidate credentials in a highly secure way and reduce the probability of certificates and accolades being faked or altered. Blockchain can be viewed as an unhackable ledger system capable of storing data on employees and assisting in creating comprehensive employee profiles. It can check performance, job history, and a variety of other information that will aid in assessing whether or not a candidate is a good fit for the organization. This technology will be able to improve the overall operating system and applications used by background screening companies. It will not only improve performance but also offer better, faster, and more accurate outcomes if the infrastructure is properly supported and exploited. Blockchain technology helps overcome challenges associated with detecting such alterations during the screening process. Moreover, implementing blockchain allows recruiters to secure candidate details and access verified data from one platform, which saves the money spent in the screening process. Hence, the growing adoption of blockchain technology is an emerging trend in the employment screening services market.  

On the contrary, concerns related to confidentiality of candidate data and lack of uniformity hampers the growth of South & Central America employment screening services market. 

Based on services, the South & Central America employment screening services market is categorized into background check, verification, and medical & drug testing. The verification segment held 55.4% market share in 2022, amassing US$ 72.71 million. It is projected to garner US$ 135.40 million by 2030 to register 8.1% CAGR during 2022–2030.

In terms of application, the South & Central America 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 27.7% share of South & Central America employment screening services market in 2022, amassing US$ 36.44 million. It is projected to garner US$ 92.23 million by 2030 to expand at 12.3% CAGR from 2022 to 2030.

Based on organization size, the South & Central America employment screening services market is bifurcated into SMEs and large enterprises. The large enterprises segment held 71.5% market share in 2022, amassing US$ 93.89 million. It is projected to garner US$ 180.75 million by 2030 to register 8.5% CAGR between 2022 and 2030.

Based on country, the South & Central America employment screening services market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 57.8% share of South & Central America employment screening services market in 2022. It was assessed at US$ 75.89 million in 2022 and is likely to hit US$ 147.64 million by 2030, exhibiting a CAGR of 8.7% during 2022–2030.            

Key players operating in the South & Central America employment screening services market are First Advantage Corp, HireRight LLC, Sterling Check Corp, Pinkerton Consulting & Investigations Inc, and Triton Inc, among others. 

• In January 2023, Sterling Check Corp acquired Socrates Ltd, which has expanded the company's global presence in Latin America to serve the rapidly growing regional hiring needs of both multinational and local clients.
• In July 2021, HireRight and SmartRecruiters worked together to develop a new Background Screening Integration service. The company offers a streamlined ordering interface from within SmartRecruit to help simplify hiring workflows, boosting organizational efficiency and improving the candidate experience.

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