Increasing Adoption of Novel Technologies and Cloud-based Personality Assessment Solutions to Aid Market Growth
Personality assessment solutions for training and development are increasingly being used across a range of industrial sectors, including education, healthcare, IT & telecom, manufacturing, retail, media & entertainment, and energy & power. Although a number of industries are gradually opting for personality assessment solutions for training and development, education and corporate sectors are expected to be the most prominent end users. The increasing awareness regarding the benefits of personality assessment solutions for training and development coupled with the need to identify the best candidates that align with the culture of the company are some of the key factors expected to drive the global personality assessment solutions for training and development market during the forecast period.
At present, a number of personality assessment solutions for training and development are available in the market due to which, sales continue to move in the upward trajectory. Market players involved in the current personality assessment solutions for training and development market landscape are increasingly focusing on improving the accuracy of their solutions and combining cognitive, personality, and integrity tests to attain this objective. Human resource professionals are increasingly relying on the outcome of personality assessment solutions for training and development due to which, the market is slated for a steady growth in the upcoming years.
At the back of these factors, the global personality assessment solutions for training and development market is on course to surpass the US$ 10.1 Bn mark by the end of 2030. Strides taken by the software-as-a-solution (SaaS) technology over the past few years is likely to play an imperative role in boosting the adoption of personality assessment solutions for training and development during the assessment period.
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Technological Advancements to Drive Market Growth
In the current era wherein technology has taken over a significant part of business organization, more number of companies are increasingly investing resources toward the integration of various technologies and tools to enhance productivity and generate more revenue. The growing adoption of technology by the human resource department across several small to large-scale companies is one of the key factors driving the global personality assessment solutions for training and development market. In addition, as technology continues to optimize the recruitment process, automate the redundant tasks, and provide optimum talent assessment and valuable insights powered by the artificial intelligence (AI), the adoption of personality assessment solutions for training and development is expected to rise, thus boosting the growth of the global market for personality assessment solutions for training and development.
A number of players involved in the current market landscape are increasingly investing resources in research and development to improve efficiency, quality, and overall output of their platform and products. The rising demand for cloud-based personality assessment solutions for training and development is another factor projected to contribute to the expansion of the global personality assessment solutions for training and development market during the assessment period.
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Demand to Grow amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to have a moderate impact on the overall expansion of the global personality assessment solutions for training and development market. While the development of new solutions and software is anticipated to continue at a steady pace in 2024, the demand for these personality assessment solutions for training and development is likely to witness consistent growth due to increasing emphasis on conducting virtual interviews. As internal as well as external communications of various companies move toward virtual platforms, the demand for virtual personality assessment solutions for training and development will rise. Several companies are expected to opt for customized personality assessment solutions based on their requirements– a trend that is expected to gain further momentum post COVID-19 era.
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Personality Assessment Solutions for Training and Development Market: Overview
- According to Transparency Market Research’s latest research report on the global personality assessment solutions for training and development market for the historical period 2018–2019 and the forecast period 2024–2030, the market is anticipated to cross a value of US$ 10.1 Bn by 2030, expanding at a CAGR of ~15% during the forecast period
- Growth of the personality assessment solutions for training and development market is due to rapid developments in the IT & telecom sector. Continuous innovations in advanced languages to develop software or solutions have accelerated the demand for training services across the globe. This is increasing the demand for training and development services to cater to the need for personality assessment solutions for training and development in the IT & telecom sector. Furthermore, over the forecast period, Europe is anticipated to emerge as the leading personality assessment solutions for training and development market, followed by North America and Asia Pacific.
Requirement of Industry/Designation-specific Assessments – Key Driver
- Training and development is a subsystem of an organization that emphasizes on improving the performance of individuals and groups. Optimum utilization of human resources, along with development of skills, such as leadership, time management, and team management, is a crucial factor for the improvement of organization culture.
- Organizations are more focused on training working professionals in order to inculcate the best possible practices. During these processes, analyzing the capabilities of individuals and providing training and development accordingly is highly crucial. An efficient workforce drives the expansion of a company. Research conducted by the American Management Association stated that the personality trait of an employee has about 20% to 25% impact on his/her job performance. This, in turn, has increased the importance of personality assessment solutions for training and development.
- Industry specific as well as designation specific assessment is considered to be more effective than a common assessment for all working professionals. This helps provide domain-specific training for an individual, thus escalating the personality assessment solutions for training and development market.
- Spending on a reliable personality assessment is highly affordable as compared to the rehiring and retraining cost of employees. A survey conducted by CareerBuilder, an end-to-end human capital solutions provider stated that the average cost of a bad hire is about US$ 17,000 annually.
- Personality assessment solutions deliver a fair and robust assessment to identify talent and potential of working professionals as well as students. High volume assessment, in depth executive assessment, and leadership assessment can be delivered with the help of personality assessment solutions.
- Various training and development courses have been implemented dynamically in several countries in order to enhance efficiency of government officials. Personality assessment of government officials is crucial as their job roles have significant responsibilities.
- This driver is anticipated to have a high impact on the expansion of the personality assessment solutions for training and development market during the forecast period
Key Challenges Faced by Personality Assessment Solutions for Training and Development Market Players
- Cloud security and network transmission issues may restrain the growth of the personality assessment solutions for training and development market, as personality assessment solutions for training and development models that rely heavily on cloud services are susceptible to service impairment or control loss, data leakage, and service loss, including service interruption or in worse cases, monetary loss. This, in turn, can hamper the growth of the personality assessment solutions for training and development market.
Increasing Adoption of Personality Assessment Solutions for Training and Development Globally
- Personality assessment is the measurement of personal characteristics. Personality tests are a valuable tool to gain insights into personality traits, interaction style, and behavioral tendencies of individuals and assign suitable training for them, and assist in taking favorable training courses. These solutions are intended to analyze the aspects of a person’s overall personality.
- End-use industries, such as banking, finance, and insurance have witnessed tremendous requirement for entry-level sales and customer relationship personnel. These sectors are becoming organized and experience a major requirement for frontline staff. On the other hand, businesses targeting rural markets such as those in agriculture and microfinance, require personnel for customer interaction in big numbers. Thus, pre hiring assessment and post hiring assessment tools are both preferred according to industry requirements. This, in turn, accelerates the growth of the personality assessment solutions for training and development market across the globe
Personality Assessment Solutions for Training and Development Market: Competition Landscape
- Detailed profiles of providers of personality assessment solutions for training and development have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global personality assessment solutions for training and development market are
- Aon plc.
- Criteria Corp.
- Development Dimensions International, Inc.
- Hogan Assessment Systems Inc.
- Persona Labs
- SHL
- Sigma Assessment Systems Inc.
- Traitify, Inc.
- TTI Success Insights
Personality Assessment Solutions for Training and Development Market: Key Developments
- Key providers of personality assessment solutions for training and development such as Aon plc, Development Dimensions International, Inc., and Hogan Assessment Systems Inc., are focusing on the development of personality assessment solutions for training and development to attract more customers. Some key developments in the global personality assessment solutions for training and development market are highlighted below:
- In September 2024, Hogan Assessments Systems Inc. launched the Candidate Assessment Suit, which is the most robust talent acquisition solution in the industry
- In March 2024, Criteria Corp. acquired Revelian to extend its service offerings with unique game-based assessments
- In March 2024, SHL introduced its new personality questionnaire i.e. RemoteWorkQ, which is essentially designed to enable and develop a remote workforce
- In the global personality assessment solutions for training and development market report, we have discussed individual strategies, followed by company profiles of providers of personality assessment solutions for training and development. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global personality assessment solutions for training and development market.
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