PUBLISHER: Allied Market Research | PRODUCT CODE: 1414830
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414830
According to a new report published by Allied Market Research, titled, "Candidate Skills Assessment Market," The candidate skills assessment market was valued at $2.3 billion in 2022, and is estimated to reach $7.4 billion by 2032, growing at a CAGR of 12.6% from 2023 to 2032.
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. The rise in need for efficiency and transparency in hiring process is driving candidate skills assessment software technology to produce high volume of job applications, to save time, to evaluate objectively, and to improve candidate experience in terms of testing and hiring environment. In addition, rise in pre-employment screening test adoption is increasing the use of candidate skills assessment software as the software helps in efficient talent identification, reducing hiring time, saving costs, objective evaluation, job roles customization, improving hiring quality and others. Furthermore, lack of security standards and high cost are key factors hampering the growth of the candidate skills assessment market. This is attributed to the fact that employees are concerned about the security of their personal data and the lack of universally accepted standards for candidate skills assessment technology reduces trust among the users and companies. Moreover, technological advancement in pre-employment assessment services is providing an opportunity for candidate skills assessment market growth during the forecast period. The incorporation of artificial intelligence (AI) in candidate skills assessment software can help in automating scoring and grading and predictive analytics. In addition, adaptive learning algorithms if setted in candidate skills assessment software can help in personalized assessments and continuous improvement. Hence, these advancing technologies are providing a golden opportunity for candidate skills assessment market growth during the forecast period.
The candidate skills assessment market is segmented based on component, deployment mode, product type, end-user, process and region. In terms of component, the market is divided into software and service. By deployment mode the market is divided into on-premise and cloud. By product type, the market is divided into aptitude/psychometric test, personality test, leadership assessments/testing (including 360 assessments) and others. By end-user, the market is divided into corporate and education. By process, the market is divided into diagnosis and assessment. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.
The report analyzes the profiles of key players operating in the candidate skills assessment market such as The Predictive Index., HighMatch, Mercer Mettl Assessments, eSkill, Devskiller, HackerRank, iMocha, Kandio, Athena Assessment Inc., and HireVue. These players have adopted various strategies to increase their market penetration and strengthen their position in the building information modeling market.
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