Personality Assessment Solutions for Training and Development Market: Introduction
Transparency Market Research delivers key insights on the global personality assessment solutions for training and development market. In terms of revenue, the global personality assessment solutions for training and development market is estimated to expand at a CAGR of ~15% during the forecast period of 2024-2030, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global personality assessment solutions for training and development market.
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The global personality assessment solutions for training and development market is broadly affected by several factors that include convergence of strategies and technologies with traditional business processes, increasing usage of learning systems, and executive development interventions around the globe, which is gradually enhancing the demand for personality assessment solutions for training and development. This is accelerating the growth of the personality assessment solutions for training and development market across the world. The report analyzes the global personality assessment solutions for training and development market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
Key Growth Drivers of Personality Assessment Solutions for Training and Development Market
Proliferation of SaaS-based Solutions: Training and development courses are made available to students to prepare them for the academic as well as the professional sector. This driver is expected to have high impact in the short-term and mid-term and moderate impact in the long-term. Cloud-based deployment of personality assessment solutions have been gaining popularity for the past few years. This is primarily due to the development of cloud infrastructure that has enabled easy availability of cloud storage, along with affordable pricing. An analysis of on-going trends suggests a shift toward the adoption of SaaS-based personality assessment solutions. The high cost of hardware, software, and data center operations are divided among customers by the vendor in the SaaS-based model, thus allowing customers to avail top of the line infrastructure at a fraction of the initial cost. SaaS technology helps consolidate various HRM solutions under one single package. Furthermore, cloud technology helps organizations reach and find the best talent and hire the right people, and reduce time to hire talent. Moreover, a cloud-based personality assessment portfolio improves the retention of employees and reduces turnover cost, thereby enhancing the performance and employee engagement of the organization.
Key Challenges Faced by Personality Assessment Solutions for Training and Development Market Players
Cost associated with personality assessment solutions may restrain the growth of the personality assessment solutions for training and development market, as assessment solutions involve higher administration and maintenance cost. This can hamper the growth of the personality assessment solutions for training and development market.
Personality Assessment Solutions for Training and Development Market: Prominent Regions
In terms of region, the global personality assessment solutions for training and development market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is a developed region and hence, innovation and new technologies are expected to be trends witnessed in the region over the next few years. North America held a significant share of the global personality assessment solutions for training and development market in 2019. The U.S. is estimated to hold a notable share of the personality assessment solutions for training and development market in North America and the market in the country is projected to expand at a CAGR of 14.2% during the forecast period. Furthermore, Europe is projected to witness the highest opportunity addition in the market globally, with Asia Pacific being the next closest regions. The personality assessment solutions for training and development market in Europe is projected to witness high growth during the forecast period, due to increasing awareness of personality assessment solutions for training and development with evolving assessment techniques related to management, entrepreneurship, and emotional intelligence across disciplines and systems in organizations and enterprises. The Europe personality assessment solutions for training and development market generated revenue of US$ 1,130 Mn in 2024 and is expected to reach US$ 4,549.6 Mn by 2030 at a CAGR of 14.9% during the forecast period. The market in Asia Pacific is expected to experience substantial growth during the forecast period. This is mainly due to the adoption of personality assessment solutions for training and development in Japan, Australia, China, India, South Korea, etc.
The report provides in-depth segment analysis of the global personality assessment solutions for training and development market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for significant share, has also been included as part of geographic analysis of the personality assessment solutions for training and development market.
Personality Assessment Solutions for Training and Development Market: Key Players
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., and TTI Success Insights.
Global Personality Assessment Solutions for Training and Development Market: Segmentation
Personality Assessment Solutions for Training and Development Market, by Sourcing Type
- In-house
- Outsourced
Personality Assessment Solutions for Training and Development Market, by Channel Provider
- Corporate/Enterprise
- Academic/ Education
- Government
Personality Assessment Solutions for Training and Development Market, by End-use Industry
- Banking, Financial Services & Insurance (BFSI)
- Manufacturing
- Hospitality
- IT & Telecom
- Education
- Retail
- Media & Entertainment
- Energy & Power
- Healthcare & Pharmaceuticals
- Others
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