Global Reference Check Software Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Risk and Opportunity Assessment, Country-level Analysis for Every Segment, Key Player’s Market Share Analysis, Competitive Landscape and Supply Chain Analysis.
Some of the Prominent Players in the Global Reference Check Software Market are HireRight, LLC, Hireology, Checkster, Xref, Outmatch, SkillSurvey Inc., VICTIG, HealthcareSource HR, Inc., Oleeo PLC, and CareerPlug.
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Market Highlights
The Global Reference Check Software Market is spanned across North America, Europe, Asia-Pacific, and the Middle East and Africa and South and Central America. North America is expected to account for the largest share in the reference check software market, with a significant growth rate during the forecast period. For the purpose of analysis, North America has been categorized into three regions—the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading region in terms of market share, registering the highest CAGR of 7.4%, Canada with 6.9%, and Mexico with 6.2%. The technological advancements in various industries have led to an increase in the adoption of reference check software in the country.
Canada accounted for 22% of the market share in the North American Reference Check Software Market. The increasing awareness about the benefits of the reference check software is driving market growth in the country.
On the other hand, Europe accounted for the second-largest market share of 27% and is expected to foresee the fastest growth in the reference check software market owing to the increasing digitalization in the region and the presence of major key players. Europe has been categorized into—the UK, Germany, France, and the rest of Europe. Germany is dominating the European reference check software market and is expected to register a CAGR of 8.1% during the forecast period. The UK is expected to register the highest CAGR of 9.8% as a reference check software provides detailed information about the suitable candidate and allows for shortlisting of applicants based on eligibility.
The Asia-Pacific reference check software market has acquired a 21% market share in terms of revenue, with China dominating the market with a 42% share, followed by Japan with a 20% market share. The market in India is expected to register the fastest growth due to government initiatives and corporate policies that are encouraging the use of advanced technologies and software.
The market in the rest of the world is registering a moderate adoption of reference check software. However, the growing adoption of advanced technologies such as AI and analytics in Brazil, Argentina, Peru, Colombia, Chile, the UAE, Saudi Arabia, Israel, and South Africa, is expected to offer lucrative opportunities to the key players operating in the market.
The Global Reference Check Software Market is expected to reach USD 360.3 Million at a CAGR of over 7.6% by the end of the forecast period 2019–2025.
Key Developments
- In September 2017, Xref formed a partnership with Checkr, a market-leading background-checking platform. They opened an additional revenue stream, with Xref receiving a percentage of earnings generated from each Checkr background check taken via the Xref platform. The integration will act as a major factor for Xref’s growth in Canada and the US.
- In Jan 2019, outmatch acquired We pow, Inc. for an undisclosed amount. Wepow is a provider of video interviewing solutions that improve hiring outcomes. Adding Wepow’s technology further intensifies OutMatch’s platform of predictive talent solutions to identify and engage high-potential talent to drive business performance and profitability.
- In July 2019, HireRight Announced Prime Background Screen Integration with iCIMS. to allow employers to screen candidates quickly and more efficiently. The new Prime Background Screen integration offers employers a faster and more streamlined option to trigger and review background screening requests and results.
- In November 2017, HireRight, LLC partnered with Beeline, one of the leading extended workforce solutions providers, to integrate HireRight’s contingent labor background screening services into Beeline’s vendor management system (VMS), enabling companies, via the automated integration, to screen non-employee workers with the same level of due diligence as they would permanent, in-house employees.
Global Reference Check Software Market Segmentation
The Global Reference Check Software Market has been segmented on the basis of Type, Application, and Region. The market, by type, has been segmented into cloud based and web based. By application, the global reference check software market has been segmented into small and medium enterprises and large enterprises.
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