Europe Personality Assessment Solutions Market

Market Introduction

The personality assessment solutions market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. Over the last decade, the job market in Europe has embraced many trends in employment operations, from the importance of continuous professional learning to the evolution of recruitment tools. The concept of traditional work is no longer the same with rise in the millennial population, emergence of new technologies, and growth of gig economy. In addition, the UK exit from the European Union (EU) on March 29, 2017, has created confusion for HR teams and employees. BREXIT has made people hesitant to seek new jobs until they get the sense of secured professional future. As a result, it is becoming more challenging for recruiters to find talent. Thus, recruitment teams are demanding more creative ways to attract potential candidates. Understanding job requirements and being able to adapt to evolving skill gaps is critical in today's dynamic world for addressing and minimizing skills mismatch. Citizens, businesses, training providers, career guidance counsellors, and policymakers all benefit from it. Evidence of such skills is useful not just in developing or modifying educational and training programs, but also in assisting individuals in making educational, training, and career decisions that will help them develop and match their talents to labor market demands and quickly changing workplaces. According to the EU, examining online job portals on real time is essential for developing the labor market in the region. These portals have evolved into essential recruitment and job-search platforms in recent decades, facilitating skill matching. A thorough examination of this data can reveal job-specific and other abilities required in various occupations in various countries or areas. It also helps developing required skill gaps by methodically examining the other qualities of the employment on offer, which is far more difficult to do with the traditional sources. Thus, online portals are helping to evolve both the candidates and employers based on market requirements. Thus, with the growing online recruitment, the demand for personality assessment solutions is also growing for selecting right candidates. Therefore, the demand for personality assessment solutions market is growing significantly.

In 2020, the impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict and longer lockdown periods or social isolation. However, Western European countries such as Germany, France, Russia, the United Kingdom, and others have seen a comparatively modest decrease in their growth activities because of the robust healthcare system. To protect its citizens from the virus, the European government has made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. Further, in 2021, the offices are operating fluently with the uplifting of lockdown and ongoing vaccination process. In starting of 2020, the economic activity in many sectors having ground to a near standstill, many businesses are struggling to uphold their financial obligations. And with uncertainty looming large, many companies are considering adjustments in their workforce. This could put millions of jobs at risk through reductions in hours or pay, temporary furloughs, or permanent layoffs. For instance, according to McKinsey & Company data of April 2020, the COVID-19 crisis could leave up to 59 million jobs at risk in Europe, a staggering 26% of total employment in the 27 member countries of the European Union plus the United Kingdom. Further, in mid-2020 and 2021, the businesses have adopted the online requirement process due to remote working, resulting in the high adoption of personality assessment solutions. Therefore, COVID-19 somehow has a positive impact on market growth..

Market Overview and Dynamics

The personality assessment solutions market in Europe is expected to grow from US$ 6,255.34 million by 2028 from US$ 2,825.98 million in 2021. The market is estimated to grow at a CAGR of 12.0% from 2021 to 2028. Recruitment has always been an essential factor for any organizational growth. Recruitment is a complicated process involving screening, interviewing, assessing, and selecting suitable candidates for an organization. The increase in demand to enhance the recruitment process among end users and the rapid growth of technology-driven employee screening tools are factors anticipated to boost the adoption of personality assessment solutions for the recruitment process. Personality assessment provides the interviewer with standardized, valuable insights regarding how candidates behave in a work context and predict job performance and company fit. This assessment allows the interviewer to accurately assess essential personality traits of the candidate such as conscientiousness, openness, agreeableness, extraversion, stability, and other various characteristics, including sociability, leadership orientation, need for recognition, cooperation, dependability, consideration, efficiency, achievement striving, even-temperament, abstract thinking, self-confidence, and creative thinking. Personality assessment provides recruiters with objective insights that significantly improve candidate selection. Further, the presence of a more significant number of developers increases the demand for market growth. Berke Group, LLC; Thomas International Ltd; MeritTrac Services Pvt Ltd; AssessPeople Services Pvt. Ltd.; The Myers-Briggs Company; Hogan Assessment Systems, Inc.; and SHL are among the developers of personality assessment solutions for the recruitment process. Additionally, the use of personality assessment solutions has helped recruiters reduce hiring time and effort. Online personality assessment solution helps recruiters select candidates from the pre-determined questions already set by the solution developers, which saves a lot of time and hard work. Thus, it helps interviewers or recruiters in selecting the right candidate suitable for that job role. Therefore, the use of personality assessment solutions in the recruitment process is increasing rapidly.

Key Market Segments

In terms of delivery type, the outsourced segment accounted for the largest share of the Europe personality assessment solutions market in 2020. In terms of end-user, the corporate/enterprise segment accounted for the largest share of the Europe personality assessment solutions market in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the personality assessment solutions market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Criteria Corp; Hogan Assessments; Development Dimensions International, Inc.; Persona Labs; SHL; TTI Success Insights; Aon plc.; Mercer LLC; and SIGMA Assessment Systems Inc. among others.

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• To understand the Europe personality assessment solutions market landscape and identify market segments that are most likely to guarantee a strong return
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe personality assessment solutions market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.

Europe Personality Assessment Solutions Market Segmentation

Europe Personality Assessment Solutions Market – By Delivery Model

• In-House
• Outsourced

Europe Personality Assessment Solutions Market – By End-User

• Corporate/Enterprise

• BFSI
• Hospitality
• IT & Telecom
• Media & Entertainment
• Healthcare & Pharmaceutical
• Others

• Academic/Education
• Government

Europe Personality Assessment Solutions Market – By Country

• U.K.
• Germany
• France
• Italy
• Russia
• Rest of Europe

Europe Personality Assessment Solutions Market – Companies Mentioned

• Criteria Corp                                                                                              
• Hogan Assessments                                                                                  
• Development Dimensions International, Inc.                                      
• Persona Labs                                                                                              
• SHL                                                                                                                             
• TTI Success Insights                
• Aon plc.          
• Mercer LLC
• SIGMA Assessment Systems Inc.            

Europe Personality Assessment Solutions Market Strategic Insights

Europe Personality Assessment Solutions Market Segmentation Analysis

Europe Personality Assessment Solutions Market Report Highlights

Europe Personality Assessment Solutions Report Scope

Europe Personality Assessment Solutions Market Country and Regional Insights