Surging demand for skill assessment for better employability is one of the significant factors influencing the market growth. Market Size – USD 6,547.1 Million in 2019, Market Growth – CAGR of 7.2%, Market Trends –A rapid growth in the youth labour force population.
The global assessment services market size was valued at USD 6,547.1 Million in 2019 and is forecasted to reach USD 11.47 Billion by 2027 at a CAGR of 7.2%. The assessment services market is observing a high demand from K-12, higher education, corporate, and government sectors for the psychometric test, aptitude test, and coding tests.
A new market assessment report on Assessment Services Market brings to light a detailed statistics on the dramatic shift in the competitive landscape and business environment of the Assessment Services Market for the forecast period 2020 – 2027. The comprehensive study offers an overview of the current state of development of the business as well as predicts the course of progress across different regions. A large number of factors including the major driving forces, threats and opportunities are taken into account to present an analytical picture of the industry portrayed in the report.
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Key Highlights From The Report
In January 2020, SHL, a company involved in providing assessment services, entered into a strategic alliance with IBM Corporation for offering talent assessments services to businesses worldwide.
Ford Motor, a leading automotive manufacturer, conducts the “One Ford” assessment, a psychometric test, to ascertain whether the personal values and skills are in alignment with the company’s values. The test is intended to assess a candidate’s aptitude to perform in a team while achieving work excellence.
Evaluating the coding skills of programmers has emerged as an essential procedure in recruitment in the IT and software firms. These types of assessment tests are generally done to hire a software developer or programmer. The different screening method of hiring a programmer are coding test or programming test, online code test or software test, and an online proctored code test.
The MCCEE is a screening examination that evaluates the basic medical knowledge and problem solving of a candidate at a level similar to a minimally skilled medical student carrying out his or her medical study in Canada and about to go for supervised practice.
K-12 sector indicates the companies which are specialized catering to the 12 years, Kindergarten to 12th grade. Byju’s Think & Learn is a K-12 based online platform that offers plenty of courses focusing on India’s K-12 students. The company provides improved learning service through online next-level intuitive graphical programs and enhanced self-assessment services.
The market in the Asia Pacific region, led by China, is projected to grow at the fastest rate of 8.5% in the period 2020-2027, attributed to a growing number of competitive certifications tests, the increasing necessity for skill assessment for better employability, and the rising labor force population in the region.
Key market participants comprise Korn Ferry, Pearson VUE, IBM Corporation, TeamLease, Aon PLC, DDI, Mettl, Hogan Assessment Systems Inc., PSI Services LLC, and Talent Plus Inc., among others.
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Segments Covered in the report
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Psychometric Test
Aptitude Tests
Coding Tests
Others
Services Type Outlook (Revenue, USD Billion; 2017-2027)
Entrance Assessment Services
Recruitment & Promotion Assessment Services
Certification Assessment
Pre-Employment Assessment Service
Development Assessment Service
Medium Outlook (Revenue, USD Billion; 2017-2027)
Online
Offline
Sectors Outlook (Revenue, USD Billion; 2017-2027)
K-12
Higher Education
Corporate
Government
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Assessment Services Market Segmentation & Impact Analysis
4.1. Assessment Services Market Material Segmentation Analysis
4.2. Industrial Outlook
Chapter 5. Assessment Services Market By Product Type Insights & Trends, Revenue (USD Million)
Chapter 6. Assessment Services Market By Service Type Insights & Trends Revenue (USD Million)
Chapter 7. Assessment Services Market By Medium Insights & Trends Revenue (USD Million)
Chapter 8. Assessment Services Market By Sectors Insights & Trends Revenue (USD Million)
Chapter 9. Assessment Services Market Regional Outlook
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
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