The corporate assessment service market is projected to grow at a considerable CAGR of around 7% during the forecast period (2019-2025). The benefits that the corporate assessment solution provides such as flexibility, scalability, and better talent acquisition and retention over the traditional hiring process is one of the key factors to drive the growth of the global corporate assessment market. Today, in the increasingly competitive corporate world the corporate is ready to spend a handsome amount of money on the recruitment process in order to get the best fit for the job role. This is due to the fact that the selection of the best suitable employee can result in the increased productivity, cost-saving, and low retention rate of the best employees of the corporate. 

The key companies that are operating in the corporate assessment service market are offering a range of services that are required in different phases of employee recruitment process ranging from pre-hire, post-hire, talent development, training, and then promotion. The increasing utilization of advanced technologies such as AI and predictive analytics to offer actionable insights from the objective data is increasing the ability of the corporate assessment solutions. Although, the corporate assessment solutions offer several benefits to the organizations' high cost, connectivity problems, and improper utilization of the corporate assessment solutions are some of the major factors that may restrict corporate from using them, which in turn may hamper their market growth.

Segmental Outlook  

The corporate assessment service market is segmented on the basis of type, and application. Based on the type market is segmented into psychometric tests, aptitude tests, domain tests, in-person interviews, and others. Based on the type of corporate assessment, the psychometric test is anticipated to hold considerable market share during the forecast period. The rising use of this kind of test as an initial stage for the recruitment of frontline employees is a major factor contributing to its high market share. Based on application the market is segmented into the recruitment of frontline employees, recruitment of managers, internal assessment, and promotion. 

Recruitment of Frontline Employee will be considerable segment by Application

Based on the application, the recruitment of the frontline employee segment is anticipated to hold considerable market share during the forecast period. The increasing focus of the corporate towards hiring the best suitable employee for the job from a pool of applicants and effective and efficient management of large candidate pool is the key aspect to drive the growth of this segment. Based on factors application, the promotion of managers segment is anticipated to register a considerable growth rate. This is due to the fact that these solutions offer a fast, accurate, and reliable way to determine the managers for their promotion. 

Global Corporate Assessment Service Market Share by Application, 2018 (%)

Regional Outlook 

The global corporate assessment service market is further segmented on the basis of geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to hold a major market share in the global corporate assessment market during the forecast period. The high market share of the country can be attributed to the high investment in advanced technology by both the public and private sectors of the region. The US in North America is home to various multi-nationals that are highly focused on corporate assessment tools for the purpose of hiring the right candidates for their organization in order to increase their productivity. Therefore, the presence of multi-nationals in the country is further anticipated to drive its regional growth. North America is followed by Europe and the Asia Pacific is projected to be the fastest-growing market during the forecast period.

Global Corporate Assessment Service Market Growth, by Region 2019-2025

Asia-Pacific will augment with the significant growth rate in the market 

Asia-Pacific is anticipated to grow at a considerable CAGR during the forecast period. The increasing number of young jobseekers and entrepreneurs in the emerging countries of Asia-Pacific including India, China, and South Korea is a key aspect that is creating the demand for such kind of solutions in the region. Due to the presence of the huge number of applicants for a single job it becomes necessary to find the best fit for the job, therefore many companies in the region are actively adopting these solutions, which in turn driving the corporate assessment service market. The increasing inclination of the job seekers towards server-centric jobs is further promoting the market of corporate assessment in the region.

Market Players Outlook

The major companies operating incorporate assessment service market include Aon Plc, Kornferry, ComPsych Corp., Virgin Pulse, Inc., CEB Global, Central Test, Chandler Macleod Group, ComPsych Corp., Development Dimensions International, Inc., Eduquity Career Technologies (P) Ltd., Hogan Assessment Systems, Inc., and so on. The key players of the market are working on the development of a unique platform that can perform different functions at a single time. For this purpose, these players are actively adopting inorganic growth strategies such as mergers & acquisitions, collaboration, and partnerships to expand their product capabilities.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global corporate assessment service market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.