PUBLISHER: The Business Research Company | PRODUCT CODE: 1727782
PUBLISHER: The Business Research Company | PRODUCT CODE: 1727782
Credential verification organization (CVO) services involve the systematic process of assessing and confirming individuals' qualifications, professional licenses, employment history, education, and other credentials to ensure compliance with industry standards and regulatory requirements. These services help organizations reduce risks related to fraudulent claims, unqualified professionals, and regulatory non-compliance. CVO services streamline credentialing procedures, enhance workforce reliability, and strengthen overall organizational security.
The main types of services offered by credential verification organizations (CVOs) include background checks, credential verification, employment verification, education verification, reference checks, and drug testing. Background checks involve reviewing an individual's history, including criminal records, employment background, educational credentials, financial information, and other relevant details to assess their credibility and suitability for a role. These services leverage various technologies, including cloud-based solutions, on-premise systems, mobile applications, and blockchain technology. The verification processes can range from manual to partially automated or fully automated methods. These services are applied in sectors such as clinics, hospitals, and home health agencies, with key end-user industries including healthcare, finance, education, information technology, government agencies, and shipping and logistics.
The credentials verification organization (CVO) services market research report is one of a series of new reports from The Business Research Company that provides credentials verification organization (CVO) services market statistics, including credentials verification organization (CVO) services industry global market size, regional shares, competitors with a credentials verification organization (CVO) services market share, detailed credentials verification organization (CVO) services market segments, market trends and opportunities, and any further data you may need to thrive in the credentials verification organization (CVO) services industry. This credentials verification organization (CVO) services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The credentials verification organization (CVO) services market size has grown rapidly in recent years. It will grow from $12.94 billion in 2024 to $14.74 billion in 2025 at a compound annual growth rate (CAGR) of 13.9%. The growth during the historic period can be attributed to factors such as the increasing adoption of automated verification solutions, a growing reliance on credential verification, the rise of remote work, heightened focus on workplace safety, and a rising demand for high-quality and efficient patient care.
The credentials verification organization (CVO) services market size is expected to see rapid growth in the next few years. It will grow to $24.58 billion in 2029 at a compound annual growth rate (CAGR) of 13.6%. The growth expected during the forecast period can be attributed to factors such as the rise in employment fraud, growing demand from insurance companies, increased focus on accountability, heightened emphasis on workplace safety, and a rising need for background checks. Key trends in the forecast period include technological advancements, a focus on global verification services, integration with HR technologies, the adoption of automated credentialing systems, and an increasing demand for medical credentialing services.
The growing incidence of employment fraud is expected to drive the expansion of the credentials verification organization (CVO) services market. Employment fraud involves deceptive practices where individuals or organizations create fake job opportunities to exploit job seekers. The rise in such fraud can be attributed to the increase in online job postings and the growing sophistication of scammers targeting individuals looking for work. CVO services are vital in combating this issue by verifying the authenticity of candidates' qualifications, work history, and other credentials, ensuring that only legitimate hires are made. For example, in November 2022, the Credit Industry Fraud Avoidance System (CIFAS), a UK-based fraud prevention organization, reported that nearly 20% of the UK population had either lied about a qualification on their CV or knew someone who had done so in the past year, up from 17% in 2021. As a result, the rise in employment fraud is a key factor driving the growth of the CVO services market.
Companies operating in the CVO services market are increasingly focusing on developing innovative technologies, such as tech-enabled CVO services, to automate and streamline the credentialing process. A tech-enabled CVO service is a digital solution that automates the process of verifying healthcare provider credentials, ensuring compliance, accuracy, and efficient data management for healthcare organizations and health plans. For instance, in September 2024, HealthStream, Inc., a US-based technology company, partnered with Verisys Corporation, a US-based credentials verification firm, to launch OneClick Verisys, a tech-enabled credential verification service. This solution allows health plans to outsource credentialing processes either fully or partially with a single click. It combines the benefits of outsourced services with the efficiency of digital practitioner record management, simplifying tasks such as payer credentialing, regulatory compliance, and provider directory updates, ultimately helping healthcare organizations improve operations, maintain compliance, and ensure data accuracy.
In February 2024, Fluent BioSciences, a US-based biotechnology company, acquired Delegated DDS for an undisclosed sum. This acquisition is aimed at expanding Fluent's service offerings by integrating credentialing solutions for dental service organizations and insurance carriers, helping streamline administrative processes within the dental industry. Delegated DDS is a US-based company that specializes in credentialing services for dental services.
Major players in the credentials verification organization (CVO) services market are Paramount, Orlando Health, MedPro Group, symplr, HealthStream, Advantum Health, MedTrainer, Medallion, Medallion CVO Services, Andros, Bikham Healthcare, Hospital Services Corporation, VerityStream, Practolytics, Vistar Health, RT Welter, MediBillMD, ProCredEx, Credentialing Solutions, Inc., Neolytix, and Capline Healthcare Management.
North America was the largest region in the credentials verification organization (CVO) services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the credentials verification organization (CVO) services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The credentials verification organization (CVO) services market includes revenues earned by entities by providing services such as educational credential verification, employment history verification, and professional license verification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Credentials Verification Organization (CVO) Services Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on credentials verification organization (cvo) services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for credentials verification organization (cvo) services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The credentials verification organization (cvo) services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.