Employee Background Screening Services Supplier Ranking Methodology Till 2030

The employee background screening services category is expected to grow at a CAGR of 9.9% from 2023 to 2030. There is an increased requirement for regulatory compliance as governments around the world are increasingly enacting regulations that require employers to conduct background checks on their employees. The increasing number of businesses hiring remote workers is also driving the growth of this category which has led to the increased demand for background checks, as businesses need to ensure they are hiring safe and reliable employees. Background checks are crucial for employers to identify potential threats to workplace safety and fraud, as they can identify employees with a history of violence or criminal activity, as well as those with financial issues, and poor employment history.

The global employee background screening servicescategory size was valued at USD 5.36 billion in 2022. Governments worldwide are mandating employers to conduct background checks on employees, particularly in industries with high fraud or risks of harm, such as healthcare, finance, education, and others. Technologies such as artificial intelligence and biometrics have made background checks more affordable and accessible, leading to increased demand for these services. Globalization has made it more challenging for employers to verify employee backgrounds, but employment screening services help in overcoming this by providing access to global databases of legal, credit, and compliance verification databases and criminal records.

Order your copy of the Employee Background Screening Services category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Employers are increasingly becoming aware of the importance of background checks due to the increasing number of fraud and violence cases linked to employees with criminal records. For instance, Matthew Branning, a 50-year-old man who disappeared in October 2021, was kidnapped, robbed, and killed by his colleague at work who ran away from the state after this incident. Michael Stark, 49, was charged in his presumed death. Both men were employees of Encholor, a water treatment system parts manufacturer.

AI is being utilized in background screening to automate tasks like data collection and analysis, making it more efficient and cost-effective for employers. AI can identify patterns and trends in data that are not visible to human analysts, enabling employers to make more informed hiring decisions. Machine learning, a type of AI, improves the accuracy and efficiency of background screening by learning and improving over time. Natural language processing (NLP) automates the extraction of information from documents, while cloud computing delivers computing services over the Internet, making it easier and more affordable for employers to conduct background checks without investing in their own infrastructure. Overall, AI and NLP are contributing to the advancements in background screening and hiring decisions.

The North America employee background screening services market is the largest globally, with the United States accounting for the largest share. This can be attributed to the increasing size and complexity of organizations, the number of multinational companies operating in North America, and the growing awareness of the importance of background screening among employers. In Europe, the UK, Germany, and France are the major countries. The Asia Pacific market is the third largest, with its expansion driven by rapid economic growth and organizational size. Latin America is the fourth largest market, with Brazil accounting for the largest share, followed by Mexico and Argentina. 

Employee Background Screening Services Sourcing Intelligence Highlights

• The number of both large and small companies operating in different areas has caused the employee background screening services category to become highly fragmented globally. Players compete aggressively with one another to grow their customer base and offer superior customer service.
• Financial integrity checks, criminal record checks, and ID verifications account for the largest cost component of the employee background screening services business.
• Most of the service providers offer services such as criminal background checks, drug testing, and employment verification.

List of Key Suppliers

• Pinkerton Consulting & Investigations, Inc
• HireRight, LLC
• A-Check America Inc.
• Verity Screening Solutions
• Capita Plc
• Triton
• DataFlow Group
• Sterling Talent Solutions
• First Advantage Corporation
• Accurate Background 

Browse through Grand View Research’s collection of procurement intelligence studies:

• Corn Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Commercial Real Estate Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape) 

Catering Service Procurement Intelligence Report Scope

• Catering Service Category Growth Rate : CAGR of 9.9% from 2023 to 2030
• Pricing Growth Outlook : 6% - 8% (Annually)
• Pricing Models : Volume-based pricing model and flat rate pricing model
• Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria : Employment verification, reference check, education verification, criminal background checks, technical specifications, operational capabilities, regulatory standards and mandates, category innovations, and others.
• Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions