Candidate Skills Assessment Market Size Projected to Reach New Heights | Growing at 11.6% CAGR | Latest Research Report
Rapidly changing job market, talent shortage and quality hiring decisions are driving the growth of candidate skills assessment market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 23, 2023 /EINPresswire.com/ — With a CAGR of 11.6% from 2021 to 2030, the global market for candidate skills assessments is expected to increase from its current value of $ 1.93 billion in 2020 to reach $ 5.64 billion by 2030.
User awareness of the areas that require improvement is facilitated by candidate competence evaluation. Additionally, it is expected that in the next years, the candidate skills assessment market share would be driven by rising government and corporate preference for online exams as well as rising need from competition-conducting authorities to recruit specialized exam-conducting organizations.
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Organizations are recognizing the criticality of hiring the right talent to drive their success. As a result, there is a growing emphasis on candidate skills assessment to ensure accurate evaluation of candidates’ abilities, competencies, and potential fit for the job role. The demand for robust and reliable skills assessment solutions is driven by the need for effective talent acquisition and retention.
The shift towards remote work and the digital transformation of recruitment processes have accelerated the adoption of online candidate skills assessment tools. These tools enable recruiters to evaluate candidates remotely, irrespective of geographical boundaries, saving time and resources. The ability to conduct assessments virtually has become crucial in the face of distributed teams and remote hiring practices.
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The availability of advanced analytics and machine learning capabilities has empowered organizations to leverage data-driven insights in their hiring decisions. Candidate skills assessment solutions capture and analyze vast amounts of data, allowing recruiters to make informed decisions based on objective assessments, predictive analytics, and benchmarking against desired skill profiles. This data-driven approach improves the accuracy and effectiveness of hiring processes.
The rapid pace of technological advancements and evolving job requirements have led to significant skill gaps in the job market. To address this challenge, organizations are investing in reskilling and upskilling initiatives. Candidate skills assessment solutions play a crucial role in identifying skill gaps, assessing training needs, and supporting targeted reskilling efforts, ensuring a competent and adaptable workforce.
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To enhance candidate engagement and assess practical skills, gamification and simulation-based assessments are gaining popularity. These interactive assessment methods provide candidates with a realistic job preview and measure their ability to apply skills in simulated scenarios. Such innovative assessment approaches not only provide a more engaging experience but also offer reliable indicators of candidates’ capabilities and potential job performance.
Organizations are increasingly recognizing the importance of diversity and inclusion in building high-performing teams. Candidate skills assessment solutions are evolving to mitigate biases and ensure fair evaluation of candidates from diverse backgrounds. By using standardized and objective assessment methods, organizations can reduce unconscious biases and promote equal opportunities in the hiring process.
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The key players profiled in the candidate skills assessment analysis are Athena Assessment Inc., Berke, Devskiller, eSkill, HackerRank, HireVue, iMocha, Kandio, Mercer Mettl Assessments, and The Predictive Index. These players have adopted various strategies to increase their candidate skills assessment market penetration and strengthen their position in the industry.
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Allied Analytics LLP
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