Personality Assessment Solutions Market: Integration of AI in Talent Management to Open-up Lucrative Avenues
Technology is being increasingly used across industries to improve efficiency and experience for stakeholders. In recent years, it is being adopted by organizations on a large scale through verticals; even within human resource departments to make the process of understanding and hiring employees a more efficient task. Artificial intelligence (AI) and machine learning, which are becoming increasingly popular, are already transforming the way data is collected and analyzed in talent acquisition, payroll management, workforce management, and more. AI has become a talent management necessity, bringing in a high degree of personalization, and enhancing employee productivity and user experience. It is also being used to evaluate performance and engagement to provide solutions to customize training and learning & development for employees. The corporate/enterprise sector has become a big end user of the personality assessment solutions market. In 2018, this sector occupied a significant share of ~50% of the total share by revenue, and by the end of the forecast period, it is likely to grow at a CAGR of ~13% in the personality assessment solutions market space.
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Manufacturing: Biggest End-use Industry
Personality assessment solutions are being widely adopted across industries, of which, in 2018, manufacturing held the largest share of ~US$ 312 Mn in the personality assessment solutions market. It is expected to hold this place during the forecast period and grow at a healthy CAGR of ~14%. This can be attributed to an increase in the adoption of personality assessment solutions in manufacturing to enable the creation of a pool of skilled employees that fit varied requirements. Pre-employment testing, which is a part of personality assessment, has become almost indispensable in identifying potential for reliability and productivity. Players in the manufacturing industry are also increasingly looking at training programs based on personality assessment as an effective way to reduce skills gap. This demand has led to providers in the personality assessment solutions market finding lucrative opportunities by focusing on tools to cater to the specific needs of the manufacturing industry.
High Maintenance Costs to Stunt Market Growth
Personality assessment solutions are highly beneficial across industries, and have quickly become a necessity. When designed specifically to fit the requirements of verticals and end-use industries, they result in improved efficiency and processes, which can have a positive impact on the growth of the industry. However, continual changes in the requirements of industries due to advances in technology lead to additional investments to keep up-to-date with them, which is likely to have a negative impact on the growth of the personality assessment solutions market. The high administration and maintenance costs of personality assessment solutions can also be a low impact factor restraining the growth of the market.
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Outsourced Delivery Mode Remains Preferred
According to this study on the global personality assessment solutions market by Transparency Market Research, in 2018, the outsourced delivery mode held the maximum share of ~62%. This outsourced delivery mode involves the practice of buying personality assessment solutions, either on a licensed or a subscription basis. The popularity of this method can be attributed to the fact that, it can be scaled according to the requirements of end users. It also offers the benefit of reduced day-to-day administration and operational costs. This is expected to remain the most preferred delivery mode during the forecast period. However, with companies looking to increase visibility and control over operations, the alternative in-house delivery model is also likely to witness steady growth at the rate of ~13%, over the forecast period.
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Competitive Landscape
The personality assessment solutions market landscape is fairly fragmented, with key players in the market such as Aon plc., Development Dimensions International, Inc., and Hogan Assessment Systems Inc. accounting for ~6% of the total revenue share. These players are increasingly looking to focus on product innovation to help expand their portfolios and market share. For instance, Hogan Assessment Systems Inc. introduced a General Employability assessment tool designed to identify personality characteristics that predict employability across a wide range of jobs.
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Personality Assessment Solutions Market in Brief
- The global personality assessment solutions market is expected to register a CAGR of ~14% between 2019 and 2027. The personality assessment solutions market is projected to be driven by increasing requirements of industry or designation-specific assessments.
- The global personality assessment solutions market is expected to reach a valuation of ~US$ 6.5 Bn by the year 2027, from ~US$ 2.3 Bn in 2019.
- The personality assessment solutions market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by North America.
- Europe remains the dominant leader in the global personality assessment solutions market, with revenue in 2019 estimated at ~US$ 930 Mn.
- Asia Pacific is projected to see high growth in the global personality assessment solutions market during the forecast period.
Personality Assessment Solutions Market: Definition
- The personality assessment solutions market report provides analysis of the global personality assessment solutions market for the period of 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that are increasing the value of the global personality assessment solutions market.
Asia Pacific Personality Assessment Solutions Market – Snapshot
- Asia Pacific is one of the fastest growing regions in the global personality assessment solutions market, where the earning capacity of individuals is increasing rapidly. In terms of revenue, the personality assessment solutions market in Asia Pacific was valued at ~US$ 610 Mn in 2018, and is estimated to reach a value of ~US$ 1.9 Bn by the year 2027, expanding at a CAGR of ~14% during the forecast period of 2019 to 2027.
- The personality assessment solutions market in this region is projected to expand during the forecast period due to the growing manufacturing sector and the adoption of advanced technologies in industries.
Key Growth Drivers of the Personality Assessment Solutions Market
- Requirement of industry/ designation-specific assessment – Training and development is a subsystem of an organization that emphasizes on improving the performance of individuals and groups. The optimum utilization of human resources along with the development of skills such as leadership, time management, and team management is a crucial factor to improve organization culture.
- Organizations are more focused on training their working professionals to inculcate the best possible practices. During these processes, analyzing the capabilities of individuals and providing training & development accordingly is absolutely crucial. An efficient workforce increases the profitability of a company. Research conducted by the American Management Association stated that, the personality trait of an employee has around 20- 25% impact on his/her job performance. This has, in turn, increased the importance of these solutions, as such, boosting the growth of the global personality assessment solutions market.
- Moreover, industry-specific as well as designation-specific assessment is considered to be more effective than a common assessment for all working professionals. This helps in providing domain-specific training to all individuals, thus escalating growth of the personality assessment solutions market.
Personality Assessment Solutions Market – Company Profile Snapshot
- Hogan Assessment Systems Inc. – Hogan Assessment Systems Inc. is a personality assessment solution providing company. The company is specialized in personality assessment, consulting, talent management, and employee selection. Hogan Assessment provides its products and services across 56 countries around the world and in 47 different languages.
- Persona Labs – Persona Labs is an assessment solution provider. The company provides gamification-based assessment solutions and training & talent development. The company is specialized in assessments, human capital management, talent acquisition, predictive analytics, gamification, and learning & development.
- SHL – SHL is a provider in the personality assessment solutions market. The company is specialized in Big Data, employee selection, leadership and talent consulting, leadership assessment, leadership development, leadership selection, personality assessment, psychometric assessment, selection algorithms, succession management, talent analytics, talent audit, and talent management.
- Other major players operating in the global personality assessment solutions market and profiled in the report include
- Criteria Corp.
- Traitify, Inc.
- Sigma Assessment Systems Inc.
- Aon plc.
- Development Dimensions International, Inc.
- TTI Success Insights.
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