Reference Check Software Market Size, Share, Analysis, Trends, Growth, 2032

Reference Check Software Industry Prospective:

The global reference check software market size was evaluated at $251 million in 2023 and is slated to hit $500 million by the end of 2032 with a CAGR of nearly 8% between 2024 and 2032.

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Reference Check Software Market: Overview

Reference check software is a program that automates the process of questioning and contacting the reference of job applicants. Reportedly, it is utilized for assisting human capital managing professionals in increasing their proficiency along with extracting reliable data about potential employees. For the record, some of the best reference checks software solutions include Checkster, Xref, and HiPeople.

Key Insights

• As per the analysis shared by our research analyst, the global reference check software market is projected to expand annually at the annual growth rate of around 8% over the forecast timespan (2024-2032)
• In terms of revenue, the global reference check software market size was evaluated at nearly $251 million in 2023 and is expected to reach $500 million by 2032.
• The global reference check software market is anticipated to grow rapidly over the forecast timeline owing to the need for easing reference check processes and integrating reference systems with new technologies such as app tracking tools.
• In terms of type, the cloud-based segment is slated to register the highest CAGR over the forecast period.
• Based on application, the small & medium enterprises segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• Region-wise, the Asia-Pacific reference check software industry is projected to register the fastest CAGR during the projected timespan.

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Reference Check Software Market: Growth Factors

Demand for transparency in recruiting employees is likely to drive the global market expansion over 2024-2032

Need for easing reference check processes and integrating reference systems with new technologies such as app tracking tools will boost the growth of the global reference check software market. With a surge in the use of the product in a slew of business verticals such as retail, BFSI, and automotive sectors, the market for reference check software is expected to gain traction in the years ahead. An increment in the use of cloud-based systems is likely to protrude the growth of the market globally. Humungous need for improving the efficiency of hiring processes and for making recruitment decisions based on the available data is predicted to boost global market trends. Escalating need for data protection of employees and demand for expanding business operations across the globe will spur the global market expansion.

Reference Check Software Market: Restraints

A rise in the safety issues pertaining to data security to restrict the global industry expansion by 2032

Growing data security concerns along with strict laws related to regulatory compliances are likely to obstruct the expansion of the global reference check software industry. Integration of the product with HR tools including human resource information systems and applicant tracking systems can give rise to several complications, thereby posing a huge threat to the expansion of the industry across the globe.

Reference Check Software Market: Opportunities

Escalating demand for AI systems by various firms to open new growth avenues for the global market

Surging use of artificial intelligence tools and the growing highlight of firms on ethical hiring are likely to open new growth avenues for the global reference check software market. Humungous need for flexible and customized solutions is predicted to create new growth facets for the global market.

Reference Check Software Market: Challenges

High raw component costs leading to increase in product prices can obstruct the global industry surge by 2032

A rise in product costs and supply chain disruptions along with a surge in raw material prices are likely to challenge the expansion of the global reference check software industry. Moreover, strict laws pertaining to the offering of licenses to the vendors regarding the sale of the product can further impede the expansion of the global industry.

Reference Check Software Market: Segmentation

The global reference check software market is divided into type, application, and region.                                          

In terms of type, the reference check software market across the globe is bifurcated into cloud-based and web-based segments. Additionally, the cloud-based segment, which gained approximately 47% of the global market revenue in 2023, is projected to record the highest CAGR in the forecast time interval. The expansion of the segment in the next few years can be due to the surging acceptance of cloud tools as they provide scalability and flexibility. Moreover, they can be easily accessed from anywhere across the globe and even from distant locations.

Based on the application, the global reference check software industry is divided into large enterprises and small & medium enterprises segments. Furthermore, the small & medium enterprises segment, which gathered approximately two-fifths of the global industry earnings in 2023, is set to make major contributions towards the global industry profitability in the forecasting timeline. The expansion of the segment in the analysis timeframe can be credited to a large-scale surge in the use of product in small & medium enterprises owing to its cost-efficiency.

Reference Check Software Market: Report Scope

Reference Check Software Market: Regional Insights

North America is expected to maintain leadership position in the global market during the forecast timespan

North America, which accounted for 55% of the global reference check software market revenue in 2023, is projected to establish a key position in the global market in the coming eight years. In addition to this, the regional market expansion in the forecast timeline can be credited to a rise in the presence of key product manufacturing firms in countries such as the U.S. and Canada. A surge in the acceptance of new hiring software by various firms in North America will steer the growth of the market in the region.

The Asia-Pacific reference check software industry is predicted to record the highest growth rate annually in the coming eight years. The expansion of the industry in the APAC region can be due to a surge in the demand for reference check software in various consulting firms as well as recruiting firms. Moreover, a rise in product exports from countries such as Japan, China, and South Korea to other countries will further spur the growth of the industry in the region.

Key Developments

• In the first half of 2023, Cangrade, a key player providing AI-driven hiring & talent management software to various firms across the globe, introduced new reference check software.
• In the second half of 2023, Weekday, a startup firm offering reference check software, allocated funds worth US$ 2.2 million for launching innovative reference check software. Such moves will boost the growth of the industry across the globe.

Reference Check Software Market: Competitive Space

The global reference check software market profiles key players such as:

• Checkster
• Xref
• CareerPlug
• HealthcareSource HR Inc.
• HireRight LLC
• VICTIG
• Mindbody
• Hireology
• SkillSurvey Inc.
• Outmatch
• EZFacility
• Oleeo PLC.

The global reference check software market is segmented as follows:

By Type

• Cloud-Based
• Web-Based

By Application

• Large Enterprises
• Small & Medium Enterprises

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa