Assessment Services Market Emerging Trend, Analysis & Competition Tracking – Global Market Insights 2021 to 2028
Surge in demand for skill assessment for better employability is one of the significant factors driving market revenue growth
VANCOUVER, BC, CANADA, March 14, 2022 /EINPresswire.com/ — The global assessment services market size reached USD 12.32 Billion in 2021 and is expected to register a revenue CAGR of 7.3% during the forecast period, according to latest analysis by Emergen Research. Increasing number of competitive examinations and certifications and rising need for skill assessment for increasing employability are some key factors driving global assessment services market revenue growth.
Rising necessity among competition-conducting bodies associated with tests such as TOEFL and PAPI 3 to sign up specialist exam-conducting firms and growing inclination among various sectors to opt for online computer-based tests are other key factors driving revenue growth of the global market. Focus on professional development through assessment services helps employees to develop their skills and improve performance. These services are used as part of training to accommodate new employees, educate current employees and impart new skills for the same job, and promote employees into positions requiring different skill sets.
The report sheds light on the current as well as upcoming market trends. The report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Assessment Services market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.
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Increasing younger labor force is a key factor propelling market growth. Corporates and governments emphasize on screening for a candidate to be put through evaluation tests to suit organizational requirements. According to data published by the US Bureau of Labor Statistics, the youth labor force expands considerably between April and July each year. Large numbers of high school and college students usually seek summer jobs during this period, and several graduates step into the labor market to search for or commence permanent occupations. In the summer of 2020, the youth labor force increased by 19.8% – equivalent to 3.6 million individuals – to an overall 21.5 million labor force in July compared to 18.8 million in 2019.
Report Objective:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report: Korn Ferry, Pearson Education Inc., Aon Plc, TeamLease, Development Dimensions International, Inc., Mercer LLC, PSI Services LLC, Hogan Assessments, Talent Plus Inc., and IBM Corporation.
The all-inclusive report on the Global Assessment Services Market demonstrates that the global Assessment Services market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the Assessment Services market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.
Emergen Research has segmented the global assessment services market on the basis of product type, service type, medium, sectors, and region:
Product Type Outlook (Revenue, USD Billion; 2019–2030)
Psychometric Test
Aptitude Tests
Coding Tests
Others
Service Type Outlook (Revenue, USD Billion; 2019–2030)
Entrance Assessment Services
Recruitment & Promotion Assessment Services
Certification Assessment
Pre-Employment Assessment Service
Development Assessment Service
Medium Outlook (Revenue, USD Billion; 2019–2030)
Online
Offline
Sectors Outlook (Revenue, USD Billion; 2019–2030)
K-12
Higher Education
Corporate
Government
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The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key point summary of the report:
The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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About Us:
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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