Global Background Investigation Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Background Investigation Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A background Investigation is a process a person or company uses to verify that an individual is who they claim to be, and this provides an opportunity to check and confirm the validity of someone's criminal record, education, employment history, and other activities from their past. The frequency, purpose, and legitimacy of background Investigations varies among countries, industries, and individuals. An employment background Investigation typically takes place when someone applies for a job, but it can also happen at any time the employer deems necessary. A variety of methods are used to complete these checks including comprehensive database search and personal references.

Market Overview:

The latest research study on the global Background Investigation market finds that the global Background Investigation market reached a value of USD 3946.72 million in 2022. It’s expected that the market will achieve USD 5476.03 million by 2028, exhibiting a CAGR of 5.61% during the forecast period.

Influence of COVID-19 Outbreak on Background Investigation Industry Development

The COVID-19 pandemic has affected background investigation in several industry verticals such as IT & telecom, transportation, industrial, and others, due to stringent implementation of the lockdown policies across the globe. However, healthcare & retail sectors which involve a heavy workforce and have been in operation throughout the pandemic have increased the background screening & health screening for their employees. Under the influence of COVID-19, the retail and healthcare industries have increased the demand for background investigation services. The epidemic has brought an exceptionally active retail industry. Employers have especially used pre-employment background investigations to curb the spread of the virus and avoid workplace violence, theft, and fraud. The epidemic has promoted the development of the healthcare industry and the increase in employee employment. However, since the recruitment of the healthcare industry is strictly regulated, the risk of not conducting thorough background screening and drug testing plans may lead to serious consequences, so the healthcare industry conducts background investigations the demand is also increasing, and this trend will be maintained at least in the short term.

Driving Factors for this Market

As concerns about safety and responsibility have become increasingly prominent, more and more companies and organizations have adopted background investigations as a standard element of the employment process. The screening of employees helps maintain the safety and security of the company and helps employers to verify the identity of individuals before hiring them to their organizations. The background investigation assures the employer that the detailed information provided by the individual is accurate and that the experience and qualifications mentioned in the resume are reasonable. One of the biggest attractions of requiring a background investigation is the peace of mind it brings to the business. Companies rely on employees not only to provide goods and services to their customer base, they also rely on them to maintain the company's brand and values. This means that anyone hired must also comply with company policies and procedures. In addition, conducting criminal background investigations will reduce the company's overall risk profile. A company or company wants to ensure that no one on its team poses a risk to its employees or customer base, whether in terms of physical ability or putting disadvantaged members of society at psychological risk. Therefore, the background investigation for the safety of enterprises and organizations has promoted the development of the background investigation market.

The powerful functions and benefits of background investigation is beneficial to the development of the industry. Background investigation help in identifying the authenticity of a candidate for the security of the organization and to safeguard the organization from fraudulent candidates. Numerous benefits provided by the Background investigation include reduced workforce violence, protect negligent hiring, and meet the regulatory, insurance, and customer requirements of the organization. Background investigation help to discover counterfeit and misrepresented information early and inhibit future risks and elevated hiring costs. Moreover, workplace risks such as thefts, abuse, criminal activity, and workplace violence, can be potentially reduced to a great extent by adoption of Background investigation. In addition, growing focus on enhanced quality of workforce and improved regulatory compliance are some of the major factors that propel the Background investigation market growth.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

HireRight is one of the major players operating in the Background Investigation market, holding a share of 20.15% in 2022.

HireRight is a global family of background screening companies. Its parent holding company is based in Irvine, California. The company offers a range of background, drug and health screening services for employment-related purposes. Its background screening services, including the provision of criminal record searches, are a core component of the employment screening program.

First Advantage provides comprehensive background investigation solutions and insights that enable employers and housing providers to make confident choices, reduce risk, and maintain compliance.

Segmentation Overview:

Among different product types, Cloud-based segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Commercial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Background Investigation market covered in Chapter 3:

HireRight
PeopleConnect
TazWorks
Sterling Infosystems
GoodHire
Checkr
First Aduvatage
PeopleFinders
Spokeo
BeenVerified
Orange Tree Employment Screening
Inteligator
Kroll

In Chapter 4 and Chapter 14.2, on the basis of types, the Background Investigation market from 2018 to 2029 is primarily split into:

Cloud-based
On-premise

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Background Investigation market from 2018 to 2029 covers:

Commercial
Private

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)