October 19, 2009

Private Investigators Race to Asia as Economy Recovers

The economy appears to have hit a bottom and begun a long and slow recovery across Asia. A recent survey of business leaders throughout Asia confirmed this sentiment, with most CEO's and economists predicting modest but postive GDP for the 4th quarter, and for 2010. With the recovery in economic conditions, private investigators have forecasted a sharp rise in demand.

International background checks in global commerce regions such as Hong Kong, Shanghai, Bangkok, Kuala Lumpur and Singapore should rise in correlation with the economy. In fact, industry experts expect the demand for private investigation and Asia background checks services to double the rate of actual economic rebound. The reason? As firms start to hire again, they will be doing so at a fair clip, and the hiring should revive across most sectors. These new hires, whether from the U.S., Canada, U.K. or Australia, will need to be verified. In addition to international cases, international private investigators are now working more domestic cases across Asia, since more Asia firms now rely on background checks to minimize risk.

Southeast Asia has and will likely continue on a somewhat separate course. The Philippines demand for private investigations is likely to come back strong as well, but not necessarily due to a rise in hiring. Industry analysts suggest the demand for foreign brides dropped significantly during 2009, and with more people working again, online dating activity and foreign bride connections should also rise. This should increase pre-martial checks and surveillance cases. The same rise is likely to be seen in Thailand and Vietnam. Singapore, on the otherhand, is expected to increase hiring at the equivalent or higher rate as Hong Kong, with multi-national firms bumping up their orders for background checks and pre-employment screenings.

Private investigation firms will no doubt be struggling to position themselves for this recovery across Asia. Companies with headquarters or large operations in Europe or North America will have the advantage, since global coverage is essential for Asia based verifications. Perhaps the two best positioned firms to take advantage of the rising demand for global background checks in Asia will be Kroll and Wymoo® International. There are no shortage of other firms trying to enter the market, however, with the potential rewards here simply too big to overlook.

All the Best,

S. Birch
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