Global Assessment Services Market Size to Reach USD 23.28 Billion in 2030 | Increasing Younger Labor Force Size and Number of Competitive Examinations and Certifications are Some of the Key Factors Driving Industry Demand, Says Emergen Research

VANCOUVER, BC, March 7, 2022 /PRNewswire/ -- The global assessment services market size reached USD 12.32 Billion in 2021 and is expected to register a CAGR of 62.5% during the forecast period, according to latest analysis by Emergen Research. Rising preference among governments and corporates to opt for online exams is a key factor expected to continue to drive global assessment services market revenue growth over the forecast period.

Drivers:

Majority of corporate assessment services include lessons and exercises for professional development of employees. These services help employees to develop new skills and improve performance. Assessment services are used to train new employees, improve skills of existing employees for the same job and promote positions, which require different skill sets. Assessment services help employees be up to date with changing job requirements, both inside and outside conditions of the market. It also allows employees to understand how their performance positively impacts organization-wide goals.  

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Restraints:

Technology is not always guaranteed to perform seamlessly, and poor Internet connectivity or associated problems, power outages, and slow Internet speed among others. Internet connectivity is a major concern, especially in remote and rural areas. In case of concurrent number of exams, Internet connectivity can be a hurdle for smooth execution of online exams. Due to poor connection speed, it can be time-consuming and frustrating for candidates. Also, it can cause incomplete submission due to loss of connection, which may be the result of a sudden interruption in connectivity.

Growth Projections:

The global assessment services market is expected to register a CAGR of 7.3% over the forecast period and revenue is projected to increase from USD 12.32 Billion in 2021 to USD 23.28 Billion in 2030. Rising need to stay updated among youth and working professionals with modern-day technology is driving assessment services market revenue growth. Employees are opting for an online course to see if they achieved knowledge enough to assure their job security. One of the notable developments of online learning and testing is that employees can take exams according to their schedule and convenience. It also helps to relieve some of the stress related to exams.

COVID-19 Impact Analysis:

The COVID-19 pandemic resulted in lengthy shutdown of schools, colleges, and offices, among others. Companies were forced to adopt online assessment solutions to continue functioning. However, the trend of online examinations is continuing even after lockdowns were lifted. Companies are also launching more innovative solutions to monitor online tests in real-time.

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Current Trends and Innovations:

Use of remote invigilation is revolutionizing the assessment services market. Benefits of remote invigilation include significantly reduced administration overheads, ability to cater to students in any country globally, and enhanced security. Exams can also be provided with increased frequency so that there are multiple shorter tests instead of once or twice a year.

Geographical Outlook:

Assessment services market in North America accounted for a significantly robust revenue share in 2021, attributed to an increasing focus on tests and custom-made assessment services to support selection and staffing services for educational institutions and professional organizations. Assessing people as part of the recruitment process is a vital step in determining whether the prospective candidate best fits the role and organization. These assessments services enable service providers to source the right workforce for a company's human resources requirements as well as candidates in educational institutes and organizations.

Strategic Initiatives:

Some major companies included in the global market report are Korn Ferry, Pearson Education Inc., Aon Plc, TeamLease, Development Dimensions International, Inc., Mercer LLC, PSI Services LLC, Hogan Assessments, Talent Plus Inc., and IBM Corporation.

• In September 2021, Mercer | Mettl launched an integrated virtual platform to conduct end-to-end campus drives online. The platform allows companies to replicate the step by step process of a usual campus hiring drive by shifting it online.

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Emergen Research has segmented global assessment services market on the basis of product type, service type, medium, sectors, and region:

• Product Type Outlook (Revenue, USD Billion; 2019–2030)
• Psychometric Test
• Aptitude Tests
• Coding Tests
• Others
• Service Type Outlook (Revenue, USD Billion; 2019–2030)
• Entrance Assessment Services
• Recruitment & Promotion Assessment Services
• Certification Assessment
• Pre-Employment Assessment Service
• Development Assessment Service
• Medium Outlook (Revenue, USD Billion; 2019–2030)
• Online
• Offline
• Sectors Outlook (Revenue, USD Billion; 2019–2030)
• K-12
• Higher Education
• Corporate
• Government

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• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Benelux
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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