Reference Check Software Market

Global Reference Check Software Market Size (2024 to 2029)

The global reference check software market is predicted to reach USD 250 million in 2024 and USD 360 million by 2029, expanding at an annual growth rate of 7.6% between 2024 and 2029.

The rising adoption of reference-checking software by different industry verticals is a factor that is expected to lead the reference-checking software market during the forecast period.  This software helps organizations automate contacting and questioning job applicants' references and helps companies get potential hires' references more efficiently and quickly. The reference check software is used by hiring managers and talent recruiters to find the background of a particular candidate, and it helps them decide whether to hire them or not. There is no need for email conversations, manual calls, or another digital method, which will help organizations save time and increase the demand for reference check software.

MARKET DRIVERS

The increase in the adoption of cloud-based technology by small and medium-sized enterprises is expected to play an essential role in the growth of the market of Reference Check Software across the globe.

Another factor is the need to simplify the reference check process and integrate reference checking with advanced technology, such as application tracking systems, which influences the growth of the reference check software market during the forecast period. The use of machine learning and the adoption of new technologies, such as Artificial Intelligence and reference software, are some of the major driving factors that promote the growth of the revenue rate of the Reference Check Software market during the forecast period. Integration of reference checking with applicant tracking systems is one of the major driving factors that promote the growth of the market of Reference Check Software during the forecast period.

MARKET RESTRAINTS

Inaccuracies in reference check software are one of the important barriers to market growth. Also, the lack of skilled swarm-based professionals acts as an essential deterrent to the growth of the Reference Check Software market.

Impact of COVID-19 on the Global Reference Check Software Market

Due to the COVID-19 pandemic, all industries have been severely affected. Because of the lockdown enforcements, restrictions on movements of non-essential goods and resources in various countries across the globe have disrupted the supply chain. Most companies around the globe have fired their employees in huge numbers owing to the shutdown of their operations. It is also estimated that the companies will adopt these types of reference check software to make recruitment easy and hire potential employees post-COVID-19 pandemic, saving time and resources and improving efficiency.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Reference Check Software Market Analysis By Type

The software segment held a prominent share and will likely dominate throughout the forecast period. The services segment is expected to increase the market growth in the upcoming years.

Global Reference Check Software Market Analysis By Deployment Mode

The cloud deployment mode segment holds a significant market share, and this region is expected to dominate during the outlook period.

Global Reference Check Software Market Analysis By Enterprise Size

The small and medium-sized enterprises segment held a prominent market share among the other segments due to the rise in the use of swarm robots in industries, such as increasing demand for reference check software by these enterprises worldwide. This small and medium-sized enterprise segment will dominate during the forecast period.

Global Reference Check Software Market Analysis By Industry Vertical

 The IT and telecom segment holds a significant market share among these segments.

REGIONAL ANALYSIS

North America holds the prominent market share due to factors such as the presence of key market players in the region, especially in some countries such as the United States and Canada, which helps the market grow the revenue rate. Furthermore, an adaptation of reference-checking software by small and medium-sized enterprises and large enterprises in the region propels the market's growth.

Asia Pacific region is expected to increase its market value due to technological advancements and the rising acceptance of swarm-based drones in the military. Furthermore, the strategic collaborations and partnerships of key players in the region help the growth of the market.

Europe region is expected to increase market growth due to the need to simplify the reference check process and integrate reference checking with advanced technology such as application tracking systems.

KEY PARTICIPANTS IN THE GLOBAL REFERENCE CHECK SOFTWARE MARKET

The major companies operating in the global Reference Check Software market are Checkster, HireRight LLC, Hireology INC, Xref, Outmatch, SkillSurvey Inc., VICTIG, Healthcare Source HR Inc., Oleelo plc, and CareerPlug.

DETAILED SEGMENTATION OF THE GLOBAL REFERENCE CHECK SOFTWARE MARKET INCLUDED IN THIS REPORT

This research report on the global reference check software market has been segmented and sub-segmented based on the component, deployment mode, enterprise size, industry vertical, and region.

By Type

• Software

• Services

By Deployment Mode

• On-Premises

• Cloud

By Enterprise Size

• Large Enterprises

• Small Enterprises

• Medium Enterprises

By Industry Vertical

• Banking

• Financial Services

• IT And Telecom

• Retail

• Healthcare

• Education

• Other Industry Verticals

By Region

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus