Preliminary research indicates the global market for assessment services, including professional certifications, is very large and growing. In addition, there are several companies that are earning large annual revenues in this space.
GENERAL MARKET DATA
- In 2018, the global assessment services market was worth $6.08 billion.
- It is growing at a CAGR of 7.3% and is expected to be worth $10.73 billion by 2026.
- The certification assessment services segment is growing faster than the overall market, increasing at a CAGR of 8.7%.
- A main driver of this market is the availability of online platforms that offer job seekers and entrepreneurs the ability to advance their skills.
- In addition, there is an "increasing number of competitive examinations and certifications" that are offering alternative options to traditional assessments, which is also driving demand.
- Moreover, corporations and governments are increasingly using online exams to train and certify employees.
- LTI (Language Testing International) provides certifications in language fluency for more than 120 languages.
- LTI has an annual revenue of approximately $12 million.
- ETS is a company that offers a variety of assessments used for graduate school admission, high school equivalency, English language proficiency, and educator licensing.
- ETS has an annual revenue of approximately $15.7 million.
- Duolingo offers the Duolingo English Test, which assesses English language proficiency for $49 per test.
- Although not all its revenue is generated from the Duolingo English Test, Duolingo has an annual revenue of approximately $40 million.
- PSI Exams offers a variety of professional assessments for certification and licensure for industries such as real estate, insurance, construction, barber, and cosmetology, among others.
- PSI Exams has an annual revenue of approximately $44.6 million.
- ACTFL (the American Council on the Teaching of Foreign Languages) is a nonprofit organization that offers certification in foreign language proficiency.
- Although not all its revenue is generated from these assessments, ACTFL has an annual revenue of approximately $27 million.
- Degreed is a company that offers certification in over 1,500 skills such as user experience design, social media marketing, change management, creative writing, customer service, public speaking, and many more.
- Degreed has an annual revenue of approximately $40 million.