South America Employment Screening Services Market Forecast to 2028- Regional Analysis- by Services (Background Check, Verification, and Medical & Drug Testing), End-User Industry (IT & Telecom, BFSI, Government Agencies, Travel & Hospitality, Manufacturing, Retail, Healthcare, and Others), and Organization Size (SMEs and Large Enterprise)
The South America employment screening services market is expected to grow from US$ 138.74 million in 2023 to US$ 201.74 million by 2028. It is estimated to grow at a CAGR of 7.8% from 2023 to 2028.
Adoption of Blockchain and Other Advanced Technologies in Employee Screening Fuels South America Employment Screening Services Market
Companies in the employee screening services market can offer personalized services tailored to the needs of today’s tech-savvy businesses with the integration of blockchain in their applications. Blockchain technology is developing quickly with a rise in the use cases and demand areas of blockchain. Adopting blockchain technology enables companies to meet regulatory concerns and customer demands. The technology helps reduce documentation and compliance costs.
Integrating blockchain technology into employee screening solutions and services benefits employers through secured payroll, protected employee data, eliminating candidate-record verification, and streamlining onboarding. The technology has the potential to help recruiters authenticate candidate credentials in a highly secure way and reduces the probability of certificates and accolades being faked or altered. As per a survey conducted by HireRight LLC in 2017, 85% of HR professionals found false data on candidate resumes. Blockchain technology helps overcome challenges associated with detecting such alterations during the screening process. Moreover, implementing blockchain allows recruiters to secure candidate details and access verified data from one platform, which saves the money spent in the screening process. Hence, the growing adoption of blockchain technology is an emerging trend in the South America employment screening services market.
South America Employment Screening Services Market OverviewThe employment screening services market in South America is segmented into Brazil, Argentina, and the Rest of SAM. The employment screening services market in South America is anticipated to grow significantly in the coming years. Brazil is the most mature market in the South American continent, investing substantial amounts in various industries. The Brazilian government has acted leniently in formulating a comprehensive data privacy law over the years. However, specific laws comprise privacy components. According to Brazilian law, an employer is entitled to conduct background checks with the candidate's consent and is liable for discrimination if he denies a job based on a background check.
Exhibit: South America Employment Screening Services Market Revenue and Forecast to 2028 (US$ Million)
South America Employment Screening Services Market SegmentationThe South America employment screening services market is segmented into services, end-user industry, organization size, and country.
Based on services, the South America employment screening services market is segmented into background check, verification, and medical & drug testing. The verification segment held the largest share of the South America employment screening services market in 2023.
Based on end-user industry, the South America employment screening services market is segmented into IT & Telecom, BFSI, government agencies, travel & hospitality, manufacturing, retail, healthcare, and others. The IT & Telecom segment held the largest share of the South America employment screening services market in 2023.
Based on organization size, the South America employment screening services market is segmented into SMEs and large enterprise. The large enterprise segment held a larger share of the South America employment screening services market in 2023.
Based on country, the South America employment screening services market is segmented int o Brazil, Argentina, and the Rest of South America. The Brazil dominated the share of the South America employment screening services market in 2023.
First Advantage Corp; HireRight holdings Corp; Pinkerton Consulting & Investigations Inc; and Sterling Check Corp are the leading companies operating in the South America employment screening services market.
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