DUBLIN--(BUSINESS WIRE)--The "Personality Assessment Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The global personality assessment solutions market is expected to grow from US$ 7,421.59 million in 2021 to US$ 16,461.43 million by 2028; it is estimated to grow at a CAGR of 12.1% during 2021-2028.
Using personality assessment tests with current employees and sharing the results can help team members better understand each other. When employees understand how their co-workers and managers prefer to communicate, they become more productive and comfortably adapt to the environment. Moreover, the personality test for employee development helps HRs gain insight into how an employee can be groomed for future roles by highlighting their potential personality traits. For instance, if an individual shows a high presence of mind, critical thinking abilities, and stress managing abilities, that person can be put in a strategic leadership role.
The solution can also gauge employee agility, their preferred mode of learning, and how they respond to change. All these data insights can be effectively used to make the right decisions in organizational planning, promotions and appraisals, as well as leadership development. With the ongoing COVID-19 pandemic, there has been a growth in remote working and the hiring process is being conducted online. This may not be able to test the proper knowledge about the employee, so with a personality assessment test, the supervisors will get to know about his/her skills and give training on where they are lacking. For instance, Aon plc. provides personality assessment for working employees.
The personality assessment solutions market is segmented on the basis of delivery model, end-user, and geography. Based on delivery model, the market is bifurcated into in-house and outsourced. The outsourced segment represented a larger share of the overall market in 2020. In terms of end-user, the personality assessment solutions market is segmented into corporate/enterprise, academic/education, and government. In 2020, the corporate/enterprise segment accounted for the substantial share of the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Europe accounted for the significant share in the global market.
In 2020, the impact of COVID-19 pandemic differed from country to country across Europe as selected countries such as France, Spain, Italy among other witnessed an increase in the number of COVID-19 confirmed cases and subsequently experienced strict and longer lockdown periods or social isolation. However, Western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of the robust healthcare system. To protect citizens from the virus spread, the European government made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the virus. Further, in 2021, the offices are operating fluently with the uplifting of lockdown and ongoing vaccination process.
In the beginning of 2020, the economic activity in many sectors were having ground to a near standstill, many businesses were struggling to uphold their financial obligations. With uncertainty looming large, many companies are considering adjustments in their workforce. This could put millions of jobs at risk through reductions in hours or pay, temporary furloughs, or permanent layoffs.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global personality assessment solutions market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global personality assessment solutions market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Growing Adoption of Personality Assessment Solutions for Recruitment Process
- Requirement of Personality Assessment Solutions in Educational Sector for Career Guidance Support
Restraints
- Issues Related with Personality Assessment Solutions
Opportunities
- Benefits of Personality Assessment Solutions
Future Trends
- Escalating Adoption of Cloud-Based Personality Assessment Solutions
Companies Mentioned
- Criteria Corp.
- Hogan Assessments
- Development Dimensions International, Inc.
- Persona Labs
- SHL
- SIGMA Assessment Systems Inc.
- Paradox, Inc.
- TTI Success Insights
- Aon plc.
- Mercer LLC
For more information about this report visit https://www.researchandmarkets.com/r/s0q48w
