USD 250 million
Reference Check Software Market Size, Share, Growth Analysis, By Type(Cloud-based, and Web-based), By Application(Large Enterprises, Small and Medium Enterprises (SMEs)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2241 |
Region:
Global |
Published Date: April, 2024
Pages:
194
|Tables:
61
|Figures:
67
Reference Check Software Market Insights
Global Reference Check Software Market size was valued at USD 250 million in 2022 and is poised to grow from USD 269.5 million in 2023 to USD 491.48 million by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).
Reference check software is used to contact and confirm references offered by job applicants. This software automates the process and removes the hassle for individual recruiters of reference checking manually. Growing adoption of artificial intelligence and other smart technologies to improve job screening process by different organizations is slated to create new opportunities for reference check software companies in the future. Increasing emphasis of companies on hiring the best talent for their organizations is another factor that will promote reference check software adoption going forward. With increasing rates of employment, the competition of every single job posting is quite high around the world and to beat this hiring managers are focusing on optimizing their hiring process by using applications such as reference check software. On the contrary, resistance to change by some organizations could impede reference check software market growth potential in the long run.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
Small and Medium Enterprises (SMEs)
Growth Rate
7.8% CAGR
Global Reference Check Software Market ($ Bn)
Country Share for North America Region (%)
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Reference Check Software Market Segmental Analysis
The global reference check software market is segmented based on type, application, and region. In terms of type, the market is segmented into cloud-based and web-based. In terms of application, the market is segmented into large enterprises and small and medium enterprises (SMEs). Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Cloud-based reference check software accounts for a prominent chunk of the global reference check software market share. Rising adoption of cloud platforms and the flexibility and scalability offered by these platforms is what allows this segment to hold sway over the global marketplace. Minimal data loss and high accessibility is what allows this segment to hold prominence.
Web-based reference check software is slated to witness a good hike in demand owing to its accessibility that is on par with cloud-based reference check software. Budgetary constraints of certain organizations don’t allow them to invest in cloud-based platforms and this is where web-based reference check software will shine over the coming years.
Analysis by Application
Large enterprises are the biggest users of reference check software owing to the sheer volume of job applications that they process. Increasing efforts to streamline the hiring process in these organizations and availability of budget to spend on different hiring software and tools allow this segment to hold prominence over others going forward.
On the other hand, the demand for reference check software in small and medium enterprises (SMEs) is slated to increase at a notable pace across the forecast period. Rapid increase in the number of SMEs and growing availability of affordable and inexpensive reference check software are key factors that will drive market growth via this segment over the coming years.
Global Reference Check Software Market By Application
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Reference Check Software Market Regional Insights
North America is estimated to account for a robust chunk of the global reference check software market share owing to the presence of several multinational organizations in this region. Rapid adoption of advanced hiring solutions by companies in this region to optimize hiring process is also allowing it to dominate the global landscape. The United States is estimated to lead the reference check software demand outlook in this region followed by Canada.
The rapid surge in the number of companies in the Asia Pacific region makes it the most lucrative market for reference check software providers from all over the world and allows it to take the position of the fastest-expanding market. China, India, Japan, and South Korea are the top markets for reference check software companies in the long run. Growing deployment of advanced technologies to improve efficacy of hiring process and rising availability of reference check software are also allowing this region to grow at a stellar pace.
Global Reference Check Software Market By Region
- Largest
- Fastest
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Reference Check Software Market Dynamics
Drivers
Hunt for Better Talent
- Every company needs the best talent for themselves, and recommendations have been crucial in determining how a job applicant fares in their respective expertise. This is why the need for better talent will also boost the demand for better reference check software.
Focus on Streamlining Hiring Practice
- With more job applications being processed every year than ever before, companies are focusing on streamlining the hiring process by deploying different technologies and solutions. Reference check software is also a key aspect of streamlining the hiring process and this is slated to drive market growth.
Restraints
Data Privacy Concerns
- Reference check software can collect, store, and assess a candidate’s information, and the security and privacy of this data is of the utmost importance for companies. Maintaining good protection of this crucial data could impede reference check software market growth scope in the future.
Resistance to Change
- Reference check has always been done manually to ensure the best results. However, adoption of reference check software eliminates that trust of checking whether the reference is worth it. This is why many companies are still hesitant to use reference check software and this is hurting market development.
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Reference Check Software Market Competitive Landscape
Reference check software providers can focus on collaborating and partnering with enterprises to create solutions that are specifically tailored to their needs. Reference check software market players can also focus on integrating advanced technologies such as machine learning and artificial intelligence to improve the efficiency and credibility of reference check software. Ensuring data privacy of candidates will be a crucial aspect that all reference check software companies should focus on going forward.
Top Player’s Company Profiles
- CareerPlug
- Checkster
- EZFacility
- SkillSurvey Inc.
- Outmatch
- Oleeo PLC
- Hireology
- HealthcareSource HR, Inc.
- VICTIG
- Mindbody
- HireRight LLC
- Xref
Recent Developments
- In June 2023, Cangrade, a renowned provider of AI-based hiring and talent management solutions, launched its new reference check software. The new solution is capable of automating the enrire reference checking process for HR.
- In August 2023, Weekday, a start-up focusing on revolutionizing the reference check process launched from stealth with a USD 2.2 million funding. The company aims to redefine the landscape with trusted references.
Reference Check Software Key Market Trends
Use of AI & Predictive Analytics: Increasing use of advanced technologies such as artificial intelligence, predictive analytics, machine learning, etc. Could help reference check software companies improve the efficacy of their offerings by streamlining the hiring process more. This can also help HR teams eliminate unnecessary references that are of no use by using the predictive analytics tech.
Reference Check Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing demand for better talent hiring and increasing emphasis on optimization of the hiring process are projected to be key factors driving the demand for reference check software going forward. However, resistance to change and data privacy concerns are slated to remain key deterrents for reference check software market development in the future. North America is slated to top the charts when it comes to reference check software adoption owing to the presence of several multinational organizations in this region. Integration of advanced technologies such as AI and predictive analytics will open new opportunities for reference check software providers around the world in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 250 million |
| Market size value in 2031 | USD 491.48 million |
| Growth Rate | 7.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Reference Check Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Reference Check Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Reference Check Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Reference Check Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Reference Check Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Reference Check Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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