Candidate Skills Assessment Market to Reach $7.4 Billion, Globally, by 2032 at 12.6% CAGR: Allied Market Research

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Dec 12, 2023, 10:30 ET

Rise in need for efficiency and transparency in hiring process, surge in adoption of pre-employment screening test, and increase in internet users are significant factors that drive the growth of candidate skills assessment market.

NEW CASTLE, Del., Dec. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Candidate Skills Assessment Market by Component (Software and Service), Deployment Mode (On-premise and Cloud), Product type [Aptitude/Psychometric Test, Personality Test, Leadership Assessments/testing (including 360 Assessments), and Others], End-User (Corporate, and Education), and Process (Diagnosis and Assessment): Global Opportunity Analysis and Industry Forecast, 2022–2032"

According to the report, the global candidate skills assessment industry generated $2.3 billion in 2022, and is anticipated to generate $7.4 billion by 2032, witnessing a CAGR of 12.6% from 2022 to 2032.

Prime determinants of growth

The key factors such as rise in need for efficiency and transparency in hiring process, surge in adoption of pre-employment screening test and increase in internet users are driving the growth of candidate skills assessment market. Furthermore, lack of security standards and high cost are key factors hampering the growth of candidate skills assessment market. Moreover, technological advancement in pre-employment assessment services is providing an opportunity for candidate skills assessment market growth during the forecast period.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size in 2022	$2.3 Billion
Market Size in 2032	$7.4 Billion
CAGR	12.6 %
No. of Pages in Report	463
Segments covered	Component, Deployment Mode, Product type, End-User, Process and Region.
Drivers	Rise in need for efficiency and transparency in hiring process. Surge in adoption of pre-employment screening test. Increase in internet users.
Opportunities	Technological advancement in pre-employment assessment services
Restraints	Lack of security standards and high cost.

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COVID-19 Scenario

Due to the COVID-19 pandemic and the subsequent global lockdowns, the candidate skills assessment market faced a downturn.
However, as the global situation started ameliorating, the demand for candidate skills assessment software was restored back. This, in turn, presented various growth opportunities for companies operating in the candidate skills assessment market.

The software segment to maintain its leadership status throughout the forecast period

By component, the software segment held the highest market share in 2022, accounting for two third of the global candidate skills assessment market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large number of candidate skills assessment software providers available in the market. However, the service segment is projected to manifest the highest CAGR of 14.4% from 2022 to 2032. This is attributed to the growing demand for skills assessment service and gradually increasing candidate skills assessment service providers.

The on-premise segment to maintain its leadership status throughout the forecast period

By deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of share in the global candidate skills assessment market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the large use of on-premise candidate skills assessment software used by companies. However, the cloud segment is projected to manifest the highest CAGR of 14.1% from 2022 to 2032. This is attributed to the increasing movement of skills assessment-based software from on-premise environment to cloud environment.

The aptitude/psychometric segment to maintain its lead position during the forecast period

By product type, the aptitude/psychometric segment held the largest share in 2022, thus contributing to more than two-fifths of share in the candidate skills assessment market. This is attributed to the high use of aptitude/psychometric test in corporate, education, and government sectors to judge the candidates. However, the leadership assessment/testing (including 360 assessments) segment is expected to portray the largest CAGR of 17.2 % from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to growing shift toward entire personality assessment of candidate apart from their knowledge and aptitude, in order to judge whether the candidate has leadership ability or not, he is mentally able or not to survive the difficult situations.

The corporate segment to maintain its lead position during the forecast period

By end use, corporate segment held the largest share in 2022, thus contributing to more than two thirds of share in the candidate skills assessment market. This is attributed to the large use skills assessment test by the corporate sector for hiring candidates. However, the education sector is expected to portray the largest CAGR of 15.1% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing digitalization and increasing curiosity among young generation to discover various educating and source-full applications to educate themselves.

The assessment segment to maintain its lead position during the forecast period

By process, the assessment segment held the largest market share in 2022, thus contributing to nearly three fourths of share in the candidate skills assessment market. This is attributed to the high use of assessment process to analyze and select the candidates for different jobs based on their abilities and skills. However, the diagnosis segment is expected to portray the largest CAGR of 15.4% from 2022 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the growing demand for problem solving techniques in the real-time situation.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global candidate skills assessment market revenue, in the region. This is attributed to the increasing rise of competition between service providers. In addition, key players in the region are providing more security for data by ensuring quick access and greater outreach. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.2% from 2022 to 2032, and is likely to dominate the market during the forecast period, owing to the large number of technological start-ups and large investment of IT companies growing in the region.

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Leading Market Players: -

The Predictive Index.
HighMatch
Mercer Mettl Assessments
eSkill
Devskiller
HackerRank
iMocha
Kandio
Athena Assessment Inc.
HireVue

The report provides a detailed analysis of these key players of the global candidate skills assessment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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