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.
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.
