Assessment Services Market Size Worth USD 23.28 Billion in 2030

 

Surge in demand for skill assessment for better employability is one of the significant factors driving market revenue growth

The global assessment services market size reached USD 12.32 Billion in 2021 and is expected to register a revenue CAGR of 7.3% during the forecast period, according to latest analysis by Emergen Research. Increasing number of competitive examinations and certifications and rising need for skill assessment for increasing employability are some key factors driving global assessment services market revenue growth.

Rising necessity among competition-conducting bodies associated with tests such as TOEFL and PAPI 3 to sign up specialist exam-conducting firms and growing inclination among various sectors to opt for online computer-based tests are other key factors driving revenue growth of the global market. Focus on professional development through assessment services helps employees to develop their skills and improve performance.

Market Size – USD 12.32 Billion in 2021, Market Growth – at a CAGR of 7.3%, Market Trends – Rapid increase in younger labour force size.

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The global Assessment Services market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector.  The global Assessment Services market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.

Global Assessment Services  market competition by TOP MANUFACTURERS, with production, price, and revenue (value) and market share for each manufacturer; the top players including:

·         Some major companies in the global market report include 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.

 

Emergen Research has segmented the 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

 

Regional Outlook (Revenue, USD Billion; 2019–2030)

·         North America

1.      U.S.

2.      Canada

3.      Mexico

·         Europe

1.      Germany

2.      France

3.      U.K.

4.      Italy

5.      Spain

6.      Benelux

7.      Rest of Europe

·         Asia Pacific

1.      China

2.      India

3.      Japan

4.      South Korea

5.      Rest of APAC

·         Latin America

1.      Brazil

2.      Rest of LATAM

·         Middle East & Africa

1.      Saudi Arabia

2.      UAE

3.      South Africa

4.      Turkey

5.      Rest of MEA

 

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Some Key Highlights from the Report

·         Coding test segment accounted for significantly large revenue share in 2021. Evaluating coding skills of programmers has emerged as an essential procedure in recruitment in IT and software firms.

·         These types of assessment tests are generally conducted to hire a software developer or programmer. The different screening methods for hiring a programmer are a coding test or programming test, an online code test or software test, and an online proctored code test.

·         K-12 includes 12 years – from Kindergarten to 12th grade – and steady increasing competitiveness among school students and study efforts and options for preparation for competitive exams from an early age is driving revenue growth of this segment. For instance, Byju’s Think & Learn is a K-12 based online platform that offers plenty of courses focusing on India's K-12 students.

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