Valuation Services Market Size To Reach USD 11.47 Billion

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Vancouver, British Columbia, May 10, 2021 (GLOBE NEWSWIRE) – The global valuation services market is expected to reach $ 11.47 billion by 2027, according to current analysis by Emergen Research. The recent trends of recruiting cells to perform online aptitude tests to select potential candidates and the growing number of young job seekers are key factors driving the revenue growth of the global market.

Assessment services are rapidly gaining ground due to the significant increase in the number of internet users, technological developments and various platforms offering high income jobs and opportunities. The growing obligation of competition authorities to register companies to perform specialized exams and the growing preference for online computer tests and exams from various industries are driving the growth of the global market. Strong demand for psychometric, coding and attitude testing from higher education, Kindergarten to Grade 12, government sectors and businesses is driving income growth. The growing number of competitive exams and certification tests, the growing demand for employability skills, and the growing government and business preference for online computer testing are expected to further drive the market growth. In addition, the increasing use of assessment services to conduct online recruitment processes and the freedom to opt for assessment testing and home certification testing as per their convenience during the COVID-19 pandemic is increasing the growth in the global valuation services market.

However, issues related to connectivity and budget, and inadequate use of assessment tools are expected to hamper the growth of the global market during the forecast period.

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Some highlights of the report:

  • The coding skills segment is expected to register the fastest CAGR of 8.3% during the forecast period. Coding skills have become a critical factor in recruiting in computer and software companies for hiring a programmer or software developer. Various assessment tests for hiring a programmer include a software test, a coding test, and an online supervised code test.
  • Among the type of service, the recruiting and promotion segment accounted for the largest share of 42% in 2019 and is expected to represent substantial revenue growth during the forecast period. The recruiting process helps assess a candidate’s job-specific skills and the promotion process helps identify the skills possessed by a high performing employee.
  • North America accounts for the largest market share in 2019 and is expected to represent strong revenue growth over the forecast period, owing to the growing emphasis on personalized assessment services for staff recruitment. in educational establishments and professional organizations.
  • The Asia-Pacific market is expected to register the fastest CAGR of 8.5% during the forecast period owing to increasing number of certification testing, increasing labor pool of young people and the growing need for skills assessment for better employment opportunities.
  • Major players in the assessment services market include Korn Ferry, Pearson VUE, IBM Corporation, TeamLease, Aon PLC, DDI, Mettl, Hogan Assessment Systems Inc., PSI Services LLC, and Talent Plus Inc.
  • In January 2020, SHL partnered with IBM Corporation to provide talent assessment services to global companies.
  • Ford Motor conducts a “One Ford” assessment to see if personal values ​​and skills match the values ​​of the company. It helps to assess the candidate’s ability to perform in a particular team.

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

Product Type Outlook (Revenue, USD Billion; 2017-2027)

  • Psychometric test
  • Aptitude tests
  • Coding tests
  • Other

Service Type Outlook (Revenue, USD Billion; 2017-2027)

  • Entrance assessment services
  • Recruitment assessment and promotion services
  • Certification assessment
  • Pre-employment assessment service
  • Development Assessment Service

Average Outlook (Revenue, USD Billion; 2017-2027)

Sector Outlook (Revenue, USD Billion; 2017-2027)

  • K-12
  • Higher Education
  • Business
  • Government

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Regional outlook (revenue, billion USD; 2017-2027)

  • North America
  • Europe
    • Germany
    • UK
    • France
    • BENELUX
    • The rest of europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of the APAC
  • Latin America
  • MEA
    • Saudi Arabia
    • South Africa
    • United Arab Emirates
    • Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting firm that provides syndicated research reports, custom research reports, and consulting services. Our solutions focus uniquely on your goal: to locate, target and analyze changes in consumer behavior across demographics, across industries, and to help customers make smarter business decisions. We offer business intelligence studies ensuring relevant and evidence-based research across multiple industries including health, touchpoints, chemicals, types, and energy. We are constantly updating our research offerings to ensure that our clients are up to date with the latest trends that exist in the market. Emergen Research has a solid base of experienced analysts from various fields of expertise. Our industry experience and our ability to develop a practical solution to any research problem gives our clients the ability to secure an edge over their respective competitors.

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