by Assessment services refer to evaluation of knowledge, skills, abilities, and other characteristics of individuals by utilizing tools such as psychometric tests, skills tests, and personality tests. Assessment helps in recruitment, training need identification, leadership potential identification, and career counseling. With growing competition for talent, organizations are increasingly relying on assessment services to identify best suitable candidates for roles.
The global Assessment Services Market is estimated to be valued at US$ 5.24 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Organizations are focusing on implementing stringent talent assessment processes to identify and recruit best suitable candidates for open roles. This is important considering rising competition for skilled workforce. Standardized assessment helps organizations shortlist candidates based on defined job requirements in an objective manner. It also evaluates soft skills, cultural fitment, and potential of candidates, which are difficult to assess from resumes and interviews alone. This is driving increasing adoption of assessment services globally.
SWOT Analysis
Strength: Assessment services provide accurate evaluation of skills, knowledge, abilities, and help identify training needs. They help institutions and organizations choose the right candidates.
Weakness: Over-reliance on standardized tests limits evaluation of real-life skills. Bias and subjectivity can creep in during evaluations.
Opportunity: Growing demand for skills-based hiring and evaluate employability skills. Customized online assessments catering to specific industry needs offer opportunities.
Threats: Alternative evaluation methods like simulations, portfolios and assignments gaining traction. Stricter data privacy laws threaten student information monetization.
Key Takeaways
The Global Assessment Services Market Size is expected to witness high growth.
Regional analysis comprises North America accounts for the largest share currently with the US being the major revenue generator. This is owing to a well-established education system and presence of leading assessment service providers. Asia Pacific is poised to grow at the fastest CAGR during the forecast period. This is attributed to growing demand from the education and corporate sectors in India, China, and other Southeast Asian countries where skill-based hiring is increasing.
Key players operating in the assessment services market are Korn Ferry, British Council, Aspiring Minds, AssessmentBay, Prometric, Brighter People, Mettl, Mercer, EdCIL, ISTQB. Assessment service providers specialize in skills, personality, certification, and psychometric tests for education, corporate, and government sectors. They offer customized online and offline assessments to help organizations with recruitment, placement, and training needs evaluation. The market is moderately fragmented with global players catering to multinational clients while regional ones focus on domestic opportunities. M&A activities are common as players look to expand geographically.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
