Rising demand for tailored talent solutions, tech-driven assessments, and adaptive skill evaluations fuel the Candidate Skills Assessment market’s growth.
PORTLAND, OREGON, UNITED STATES, November 17, 2023 /EINPresswire.com/ — The global candidate skills assessment market size was valued at $ 1.93 billion in 2020, and is projected to reach $ 5.64 billion by 2030, growing at a CAGR of 11.6% from 2021 to 2030.
Candidate skill assessment helps users to be aware of the areas that need development. In addition, increasing demand from competition-conducting authorities to enroll specialist exam-conducting companies and rise in preference among governments and corporates to opt for online exams is anticipated to drive the candidate skills assessment share in the coming years. Furthermore, deployment of this technology is making recruitment method more effective and helping employers connect with potential candidates through aptitude tests.
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Key factor that drives the candidate skills assessment market includes rise in need for efficiency and transparency in hiring process and surge in adoption of pre-employment screening test, which positively impacts growth of the market. In addition, increase in internet users boost growth of the market across the globe. However, factors such as lack of security standards and high cost limit growth of the market. On the contrary, technological advancements in pre-employment assessment services is expected to offer remunerative opportunities for expansion of the market during the forecast period.
By product type, the aptitude/psychometric test sector is dominating the candidate skills assessment market size, and is expected to hold its position during the forecast period, owing to digitization in industries that has resulted in students and employees discovering apps for helping them discover more about their own personality. However, the coding test is expected to grow at the fastest rate, owing to rapid adoption of coding tests by majority of IT and telecom companies to help employers gain an understanding of the candidates’ skills and screen out unqualified ones immediately.
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Region wise, the candidate skills assessment industry was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to a number of factors such as penetration of new industries and improvement in economy. In addition, presence of growing number of candidate skill assessment solution vendors across the U.S. and Canada is expected to provide lucrative opportunities for the candidate skills assessment market growth.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to wide presence of small-and medium-scale organizations, which are turning toward skill assessment solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.
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The key players profiled in the candidate skills assessment analysis are Athena Assessment Inc., Berke, Devskiller, eSkill, HackerRank, HireVue, iMocha, Kandio, Mercer Mettl Assessments, and The Predictive Index. These players have adopted various strategies to increase their candidate skills assessment market penetration and strengthen their position in the industry.
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