Global Assessment Services Market Expected to Reach $12.47 Billion by 2029, Driven by Rising Job Competition and Skill Demands
Market Overview:
The global assessment services market is projected to reach $12.47 billion by 2029, growing at a CAGR of 7.3% during the forecast period (2023-2029). This growth is fueled by several factors, including:
- Increasing number of competitive examinations and certifications
- Growing importance of skill assessment for employability
- Rising young labor force population
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Report Scope:
This report offers a comprehensive analysis of the global assessment services market, covering the period 2022-2029. It provides insights into the market size, growth rate, segmentation, key players, and regional trends.
Research Methodology:
The report utilizes a combination of primary and secondary research methodologies. Primary research involves interviews with industry experts, while secondary research involves analyzing existing reports, publications, and databases.
Market Dynamics:
The key drivers of the assessment services market include:
- Growing demand for assessments in various sectors, including education, corporate, and government
- Increasing job competition and globalization leading to a need for efficient screening and selection processes
- Rise in online assessment services offering convenience and cost-effectiveness
However, factors like online assessment limitations in evaluating potential and data privacy concerns may hinder the market growth.
Market Segmentation:
The assessment services market is segmented by:
- Deployment: Online and offline mediums
- Assessment Application: Entrance, recruitment & promotion, and certification assessments
- Product Type: Psychometric tests, aptitude tests, coding tests, and others
- Sector: K-12, higher education, corporate, and government
- End-user: Various industries like aerospace & defense, healthcare & life science, and information technology
Regional Insights:
The Asia Pacific region is expected to witness the highest growth rate (8.8%) due to its large population, increasing number of job seekers, and growing emphasis on skill development.
Key Players:
1. AON
2. Korn Ferry
3.CEB
4.Psytech
5.Hogan Assessments
6. Aspiring Minds
7. TT Success Insight
8. Cubiks
9. Performanse
10. Talent Plus
11. Harrison assessments
12. AssessFirst
13. Chandler Macleod
14. TeamLease
15. IBM
16. DDI
17. NSEIT
18. Eduquity Career Technologies
19. Central Test
20. StrengthsAsia
21. MeritTrac
22. Mettl
23. Beisen
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