Global Assessment Services Market | Expected to Reach US$ 12.47 Bn by 2029 | Key Players: TeamLease, NSEIT, Eduquity Career Technologies
Global Assessment Services Market to Reach US$ 12.47 Bn by 2029 at a CAGR of 7.3%
Market Overview
The global assessment services market is expected to reach US$ 12.47 billion by 2029, growing at a CAGR of 7.3% from 2022 to 2029. The market is driven by the increasing number of competitive examinations and certifications, the importance of skill assessment for employability, and the rising population of the young labor force.
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Market Introduction
Assessment services are used by companies to evaluate candidates based on different parameters. These evaluations help companies to assess and train their employees. Additionally, consultants provide guidance on skill assessment for increasing employability. Assessment services help companies identify, hire, and develop the best-fit talent for a given role.
Market Dynamics
Several factors are driving the growth of the assessment services market, including:
- The increasing number of competitive examinations and certifications
- The growing importance of skill assessment for employability
- The rising population of the young labor force
- Globalization leading to an increase in job immigration
- The need for efficient background checks due to new government regulations and a mobile workforce
- The increasing number of young job seekers and entrepreneurs
Market Segmentation
The assessment services market is segmented by deployment, assessment application, product type, sector, and end-user.
- By deployment: Online and offline
- By assessment application: Entrance assessment services, recruitment & promotion assessment services, and certification assessment services
- By product type: Psychometric tests, aptitude tests, coding tests, and others
- By sector: K-12, higher education, corporate, and government
- By end-user: Various industries including aerospace & defense, automotive & transportation, banking, and many more
Market Players
1. AON
2. Korn Ferry
3.CEB
4.Psytech
5.Hogan Assessments
6. Aspiring Minds
7. TT Success Insight
8. Cubiks
9. Performanse
10. Talent Plus
11. Harrison assessments
12. AssessFirst
13. Chandler Macleod
14. TeamLease
15. IBM
16. DDI
17. NSEIT
18. Eduquity Career Technologies
19. Central Test
20. StrengthsAsia
21. MeritTrac
22. Mettl
23. Beisen
Regional Insights
The Asia Pacific region is expected to hold the highest market share and achieve the fastest CAGR of 8.8% during the forecast period. This growth is attributed to the large population, the increasing requirement for skill assessment for employability, and the high number of job seekers and entrepreneurs in the region.
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