Employment and Income Verification Industry

Goals

To better understand the employment and income verification industry in order to demonstrate the viability of a competitor called Truework.

To complete a competitive analysis of the employment and income verification industry to include Equifax (including market share and how they work with payroll providers) and other competitors/alternatives in order to demonstrate the viability of a competitor called Truework.

Early Findings

Our background research on the employment and income verification industry revealed insights. Here are some key pieces of information we found:

Employment and Income Verification Industry Overview

  • The global employment screening services market is expected to reach $4,892.3 million dollars by 2023, registering a CAGR of 7.5% from 2017 to 2023.
  • The need for a skilled work force, enhanced regulatory compliance, and the advantages that are associated with employment screening are all factors that will contribute to market growth.
  • The use of big data analytics by background check providers is anticipated to lead to intense competition and drive this market.
  • However, key restraints on market growth are expected to come from technological risks associated with employment screening data and discrimination concerns.
  • The potential of emerging markets and an increase of start-up companies are anticipated to provide lucrative opportunities for market expansion to 2023.
  • Equifax has a verification program called "The Work Number" and 82% of Fortune 500 companies are currently using this program. Many government civilian employers and a large number of small and medium-sized business are using this program as well.
  • Other competitiors for Truework in the employment and income verification industry are: InVerify, CCC Verify, EmpInfo, Experian, and Finicity.

Proposed next steps:

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