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.
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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Authors of this study on the global personality assessment solutions market estimate that, the market is set to grow at a robust pace of ~14% during the forecast period. Service providers in the personality assessment solutions market should focus on keeping pace with the growing demand for talented and mobile workforce, to strengthen their position in the landscape. Players also making a shift to provide Software as a service (SaaS) solutions are likely to gain a competitive edge in the market.
The European region held the maximum share in the market in 2018, at ~40%, and is likely to retain its place at the top during the forecast period. However, Asia Pacific is expected to be the fastest-growing market, expanding at a CAGR of ~13%, offering bright prospects for players looking to make inroads to strengthen their global presence.
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.
Personality Assessment Solutions Market – Scope of the Report
Transparency Market Research’s recent report on the personality assessment solutions market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the personality assessment solutions market analyzes the scenario for the period of 2019 to 2027, wherein, 2018 is the base year and 2017 and earlier is historical data. The report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the personality assessment solutions market provides data on the developments of important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the personality assessment solutions market gives readers an individual understanding of the market.
This study discusses the underlying trends and the impact of various factors that are driving the personality assessment solutions market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the personality assessment solutions market, in order to highlight the crucial growth tactics and opportunities for market players.
Personality Assessment Solutions Market Report: Key Questions Answered
- How much revenue will the personality assessment solutions market generate by the end of the forecast period?
- What type of delivery model is likely to have the maximum market share by 2027?
- Which regions currently contribute the maximum share to the overall personality assessment solutions market?
- What are the indicators expected to drive the personality assessment solutions market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the personality assessment solutions market to expand their geographical presence?
- What are the major advancements witnessed in the personality assessment solutions market?
This report answers these questions and more about the personality assessment solutions market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Personality Assessment Solutions Market: Research Methodology
This TMR report on the personality assessment solutions market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competitive scenario of the personality assessment solutions market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the personality assessment solutions market arrive at predictions and estimations, and calculate the forecasts for the market.
This report uses a different research approach to estimate the numbers and figures of the personality assessment solutions market, with both, a bottom-up and top-down approach.
Detailed assessment of the personality assessment solutions market along with an overview of the landscape is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the personality assessment solutions market is set to grow are based on carefully-vetted primary and secondary sources.
Personality Assessment Solutions Market: Segmentation
The report on the personality assessment solutions market provides information on the basis of delivery model, channel provider, end-use industry, and region.
Banking, Financial Services & Insurance (BFSI)
IT & Telecom
Media & Entertainment
Energy & Power
Healthcare & Pharmaceuticals
Middle East & Africa