Artificial Intelligence And Machine Learning Are Fueling Growth Of Assessment Services Market
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| Assessment Services Market |
The global Assessment Services Market is estimated to be valued at US$ 14.83 Bn in 2022 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Assessment services help companies evaluate candidates for recruitment based on attributes like critical thinking, decision making, problem solving etc. Employers use these tools to hire best talent aligned with organizational goals and culture. Services include cognitive ability tests, personality tests, situational judgement tests, remote proctoring and AI powered video interviews.
Market key trends:
The growing adoption of data-driven talent selection strategies coupled with developments in AI and machine learning is driving demand for assessment services. Use of algorithms and neural networks powered by big data helps analyze candidate attributes and person-organization fit more objectively. Virtual assessments are also gaining popularity due to convenience of remote proctoring. Predictive analytics provides insights into attrition risks, skills gaps and training needs. Integration of AR/VR technologies is further enhancing candidate experience and assessment accuracy. Customized solutions tailored for specific roles and industries is another notable trend in this market.
Segment Analysis
The assessment services market is segmented into online assessment and offline assessment. The online assessment segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is mainly because online assessment helps evaluate candidates efficiently at a lower cost and provides flexibility in terms of time and location to candidates.
Key Takeaways
The global Assessment Services Market Insights is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand for efficient candidate screening and recruitment processes.
Regional analysis
North America dominated the global market in 2022 and is expected to continue dominating during the forecast period. This is due to the presence of major players along with high adoption of advanced assessment methods in the region. Asia Pacific is expected to be the fastest growing region due to growing industries and increasing focus on employing best talents.
Key players
Key players operating in the assessment services market are CEB, now part of Gartner, SHL, Hogan Assessments, Talent Q, a part of Korn Ferry, Cognizant, IBM Corporation, Pearson PLC, Mercer LLC, Deloitte, Korn Ferry, PwC, Prometric, DDI (Development Dimensions International), Mettl, Cubiks. The major players are focusing on various organic and inorganic growth strategies such as new product launches, partnerships, and expansions to increase their market share and remain competitive in the global market.
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