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18.5% CAGR of Online Exam Proctoring Market to Gain USD 3,881.0 Million by 2032; Market.us

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New York, May 22, 2023 (GLOBE NEWSWIRE) — According to Market.us, the online exam proctoring market size is projected to surpass around USD 3,881.0 million by 2032 From USD 741.7  million in 2022 and it is poised to reach a CAGR of 18.5% from 2023 to 2032.

Online Exam proctoring is a key component of learning, and this technology provides the means for identifying students at a distance before an assessment. This method confirms that students taking the assessment are not cheating or getting unauthorized support using numerous video-based and biometric-based techniques.

Online Exam Proctoring Market

To Get Additional Highlights On Major Revenue-Generating Segments, Request an Online Exam proctoring Market Sample Report At https://market.us/report/online-exam-proctoring-market/request-sample/

Key Takeaway:

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  • By Type, the live online proctoring segment has generated a revenue share of 75% in 2022.
  • By End-User, the school & universities segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
  • In 2022, Asia Pacific dominated the market with the highest revenue share of 41%.
  • North America will grow at a significant CAGR from 2023-2032.

A few factors, such as an increase in demand for e-learning platforms, a reduction in time & money of learners, and a reduction in the high cost of proctored assessment centers, will likely enhance the market’s growth over the forecast period. The growth of assessments and exams has boosted the demand for the remote proctoring market. Proctoring is key to ensuring the authenticity and credibility of any exam and its result.

Factors affecting the growth of the Online Exam proctoring market

There are several factors that can affect the growth of the online exam proctoring market. Some of these factors include:

  • An Increase in Demand for E-Learning Platforms: Increased demand for e-learning platforms will likely facilitate market growth.
  • A Reduction in the High Cost of Proctored Assessment Centers: The main factor driving the growth of the market is a reduction in the high cost of proctored assessment centers.
  • Interest in Online Learning: Interest in online learning leads to boost market growth.
  • AI-Based Solution to Provide Lucrative Opportunities: The AI-based solution provided lucrative opportunities expected to boost the market’s growth further.
  • Increasing the Use of Tools to Confirm the Student’s Identity: The increasing use of tools to confirm the student’s identity results in market growth.

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Top Trends in Global Online Exam Proctoring Market

There are various tools as well as methods that can be used to confirm the identity of the students. The student has to show an official form of ID to a webcam to compare and validate with pre-existing pictures of students. Some tools then ensure that the same individual is solving the exam throughout the time with the help of several methods such as challenge questions, signature biometrics, keystroke biometrics, knuckle biometrics, and facial recognition. All the following approaches differ in reliability, and it depends on the implementation taken by the vendor. Mostly, the vendors offered better reliability by implementing multiple methods within a single solution.

Market Growth

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Due to the COVID-19 pandemic, it became necessary for students to conduct classes on an online basis. Numerous institutions, universities, and organizations offer more online courses to facilitate flexible learning. The demand for online courses and distance education was increasing the demand for online exams. This will further boost the growth of the global online exam proctoring market.

Regional Analysis

Asia Pacific accounted for the largest revenue share of 41% due to the increasing implementation of innovative & advanced technologies and the presence of emerging economies with steady growth. India, South Korea, China, Japan, and Australia are key market growth contributors. The digitalization of economies, the support of governments, and the swift technological advancements are a few factors responsible for the market’s growth in this region. Numerous universities around the globe generate several opportunities for market players to gain traction and provide their online proctoring in the market. Also, North America will likely be the fastest-growing country over the forecast period due to the growing adoption of advanced AI technologies.

Competitive Landscape

Several market players are developing some platforms to help give proper learning experiences as the demand for remote proctoring is growing. For instance, in March 2020, the Indonesian government designed seven e-learning platforms such as Ruangguru, Sekolahmu, Microsoft Teams, Quipper School, Kemendikbud, G Suite education, Rumah Belajar, Zenius Education, to allow students to continue learning at home.

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Market Key Players:

  • Comprobo
  • Inspera AS
  • ProctorEdu LLC
  • PSI Services LLC
  • Proctortrack
  • Honorlock Inc.
  • Examity, Inc.
  • Mettl
  • Meazure Inc.
  • Talview Inc.
  • Other Key Players

Market.us offers in-depth market insights that assist global businesses to obtain growth opportunities. Read our Sample Report

Scope of Report

Report Attribute Details
Market Value (2022) US$ 7,41.7 Million
Market Size (2032) US$ 3,881.0 Million
CAGR (from 2023 to 2032) 18.5%
Asia-Pacific Revenue Share 41%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The market growth will have expected to improve because of the increasing interest in online learning and concern over cheating. The market grew significantly due to the increase in demand for remote proctoring by higher education institutions due to the COVID-19 pandemic. Numerous CIOs are struggling to make sense of the market rapidly for facilitating assessments at a distance. Online proctoring is part of a complete assessment strategy.

Market Restraints

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False positive warnings can be a challenge for the system. Sometimes students solve their exams in shared spaces, such as dorm rooms or at home. All the institutes should have a process for handling this situation. Sometimes someone comes into the frame of the video, or students talk out loud in the middle of the online exam. Every time, this does not necessarily specify cheating.

Market Opportunities

Artificial Intelligence allows automated proctoring solution excludes the need for onsite human proctors and confirms that there is no cheating and impersonation. During the exam, the solution monitors the test takers with the help of a webcam. It warns the users in case of unappropriated behavior. This lessens human biases as well as augments academic integrity. AI technologies are used for online exam proctoring, such as voice recognition, plane detection, mouth detection, facial recognition, eye movement detection, and pattern recognition. AI-based proctoring software detects suspicious noises, unusual body movement, and extra devices, such as tablets, smartwatches, phones, etc., in the testing area and during exam time.

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Report Segmentation of the Online Exam Proctoring Market

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Type Insight

The live online proctoring market held the largest revenue share of 75%. The live proctors guide the test takers with the help of environmental security scans, exam launches, and identity verification. The prohibited materials can be removed before the exam in the online proctoring. Key companies like Examity, Inc., Talview, Inc., and others provide live online proctoring for critical certifications, pre-employment screening, and high-stakes exams.

End-User Insight

The School & universities segment accounted for the largest share of 64% of the market. The education industry is gradually implementing emerging technologies such as online proctored exams in different aspects of academia. Government regulations in countries like India and universities are conducting online exams to avoid cheating. AICTE wanted all their associated universities and institutes to obey the guidelines the Universities Grants Commission issued for conducting final year exams offline, online, or in blended mode.

To Get Additional Highlights On Major Revenue-Generating Segments, Request an Online Exam proctoring market Sample Report At https://market.us/report/online-exam-proctoring-market/request-sample/

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Market Segmentation

Based on Type

  • Live Online Proctoring
  • Advanced Automated Proctoring
  • Recorded Proctoring

Based on Applications

  • Certification/Licensure
  • Corporate
  • Other Applications

Based on End-User

  • School & Universities
  • Enterprises
  • Government

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Recent Development of the Online Exam Proctoring Market

  • In November 2021, Meazure Inc. partnered with Lineup Management Services LLC. With the help of this partnership, the company will provide an enhanced test development solution to Meazure’s customers.
  • In June 2020- Meazure Inc. declared acquisition of Scantron’s Certification and Licensure Business. Through this acquisition, Measure indicated that Measure Learning would enhance its licensure testing and professional certification offering. It aims to continue its growth by expanding exam development services and remote proctoring with a scaled global test center network.

Browse More Related Reports:

  • Online Recruitment Market size was valued at USD 31.75 bn and it is expected to reach USD 59 bn in 2032. Between 2023 and 2032, this market is estimated to register the highest CAGR of 6.4%.
  • Online Lingerie Market is expected to grow at a CAGR 7.2% and will reach at USD 134.9 Bn in 2032, from USD 72.16 Bn in 2022
  • Online Video Platform’s Market value was USD 6,142 million in 2021 estimated CAGR of 19.3% between 2022-2032.
  • Video Conferencing Systems Market is expected to grow at a CAGR of roughly 8.1% over the next ten years and will reach USD 21 Bn in 2032, from USD 11.1 Bn in 2022.

About Us:

Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.

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Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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