by The global assessment services market caters to the growing need of evaluating students and employees based on their skillset and aptitude. Assessment services help educational institutions and companies to analyze learning levels as well as select the right candidates for admissions or jobs. Ranging from psychometric testing to online and offline evaluations, these solutions are driving personalized learning approach.
The Global Assessment Services Market is estimated to be valued at US$ 17.09 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the assessment services are Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, J. Mitra & Co. Pvt. Ltd., Merck, Bloom Diagnostics, Finecare TSH, Biotech Co., Ltd. and bioMérieux. These assessment solution providers are expanding their service offerings and geographical footprint to tap the growth opportunities.
The growing demand for standardized evaluations from the education industry is a key factor propelling the Assessment Services Market Growth. Assessment services help educational institutions to effectively analyze learning gaps and accordingly develop customized learning modules.
Globally, the market is witnessing strong growth in demand across regions like Asia Pacific and Middle East & Africa. The increasing focus of countries on enhancing the quality of education is encouraging them to adopt advanced assessment solutions. Also, the emergence of online proctoring is supporting companies to expand globally and capture the remote assessment opportunities.
Market key trends
The rising popularity of adaptive testing is one of the key trends shaping the assessment services market. Adaptive testing depends on machine learning algorithms to analyze candidate responses in real-time and accordingly adjust the difficulty level of questions. This improves candidate experience and delivers more accurate results. Assessment solution providers are focusing on integrating advanced technologies like artificial intelligence into their offerings to make evaluations more personalized.
Porter’s Analysis
Threat of new entrants: Minimal investment required but established players hold most market share and brand loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are substitutable raw materials and components available in the market.
Threat of new substitutes: Threat of new substitutes is moderate as new technologies and tests can disrupt the current market.
Competitive rivalry: Intense competition exists between major players to gain higher market share.
Geographical Regions
North America dominates the global assessment services market by holding the largest market share currently. This is attributed to the increasing geriatric population and prevalence of chronic diseases such as cardiovascular diseases and diabetes in the region. Asia Pacific exhibits the fastest growth rate during the forecast period owing to the rising healthcare spending, growing medical tourism industry and increasing disposable income in developing countries like India and China.
The assessment services market in Europe accounts for a significant value share on the back of established healthcare infrastructure and widespread awareness regarding disease screening and wellness programs amongst consumers. Latin America and Middle East & Africa demonstrate substantial growth prospects for assessment services over the coming years due to improving access to diagnostic facilities along with rising burden of lifestyle diseases.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
