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Assessment services aid in assessing the workforce and evaluating employees. As companies rapidly deploy digitization services, the demand for effective digital management solutions increases. Companies can evaluate employees effectively based on several parameters and enhance productivity in a working environment. Further, the rising demand for assessment services from companies utilizing predictive analytics and Artificial Intelligence (AI) is expected to enhance the service adoption. Assessment services offer several advantages such as scalability, flexibility, and enhanced retention & development. Manufacturers enter into strategic collaborations to develop effective client solutions, thus enhancing their sales. For example, Optiv Security, a security solutions integrator and supplier of several end-to-end cybersecurity solutions, entered into a strategic collaboration in April 2020 to protect, resolve, and provide remotely accessible requirements to clients utilizing Palo Alto Networks Prisma Access.
As per Business Research Insights estimates, the assessment services market size is expected to reach USD 36,410 million by 2027 at a CAGR of 9.4% during the forecast period.
Post COVID-19 Outlook: Rapid Digitization and the Internet of Things (IoT) Adoption Will Generate Remunerative Opportunities for the Industry
Several companies in the industry depend solely upon internet services and technology to carry out tasks and manage employees effectively. The COVID-19 pandemic enhanced the reliance upon digital services, thereby increasing the service adoption. The industry may face a positive growth opportunity since the switch to assessment services has accelerated convenience. Furthermore, as companies have deployed automation, the demand for the services is likely to increase rapidly. These factors may influence the growth of the industry in the coming years.
Business Research Insights highlights the top 10 players operating in the industry.
1. AON (U.K.)
AON is a company headquartered in England and was founded in 1982. AON is an assessment solutions provider that allows companies and organizations to enhance their decision-making by conducting various assessments. The company claims that it offers a global, flexible, and scientific assessment that enhances organizations' overall workflow.
2. IBM (U.S.)
IBM is an American organization that was founded in 1911. The organization helps companies plan and execute services by offering Identity and Access Management (IAM). Further, IBM develops solutions to help enhance its security solutions.
3. Pearson Vue (U.S.)
Pearson Vue is an American company that was founded in 1994. The company offers examination services that aid in driving people forward. The company’s offerings provide effective tools that help enhance efficiency.
4. PSI (U.S.)
PSI is an American organization that was founded in 1946. PSI offers excellent assessment services for online exams and helps examiners and institutions maintain a secure environment.
5. Tata Consultancy Services (India)
Tata Consultancy Services is an Indian company that was founded in 1968. It offers digital assessment services that allow its consumers to conduct large-scale assessments and shorten the exam cycle.
6. Prometric (U.S.)
Prometric is an American company that was founded in 1990. The company offers secure monitoring systems during exams. Consumers can safely grow their examination programs and reach candidates easily.
7. Korn Ferry (U.S.)
Korn Ferry is an American company that was founded in 1969. The company offers talent assessment tools that highlight talent gaps. The company’s services highlight an individual’s current & future capabilities and prospects. Its assessment services measure the mindsets and skills of employees.
8. Mercer (U.S.)
Mercer is headquartered in the U.S. and was founded in 1975. The company offers holistic assessment solutions for online exams, employee management, and other solutions.
9. Hogan Assessment Systems (U.S.)
Hogan Assessment Systems is headquartered in the U.S. and was founded in 1987. Hogan Assessment Systems offers data-based insights that help organizations elevate productivity. It also offers talent assessment options to allow companies to choose the right candidate for the correct job.
10. Development Dimensions International (U.S.)
Development Dimensions International is an American firm that was founded in 1970. Its software assists organizations in managing employee performance and achieving organizational goals.
Rapid Digitization and Security Concerns will Augment Remunerative Growth Opportunities
As companies switch to digital services and portals, the demand for effective tools to enhance the recruitment procedure increases rapidly. Assessment technologies help educational institutes save costs and conduct online examinations that help assess students effectively. These factors may act as a huge driver for the industry. With the switch to digital platforms, the risk of security increases rapidly. These factors are indicative of the growth opportunity for the market.