Talent Management Software Market: Global Industry Analysis and Forecast (2023-2029)

Talent Management Software Market was valued at US$ 14.83 Bn in 2022. The Talent Management Software Market size is estimated to grow at a CAGR of 15.52 % over the forecast period.

Talent Management Software Market Overview:

Talent management software offers solution to various aspect of HR actions. It mainly helps to handle work force, and data of employees from their joining to retirement. Talent management software incorporates performance management, Compensation management, instance payroll management, leave management which are related to core HR activities. Talent Management Software MarketTo know about the Research Methodology:-Request Free Sample Report The report explores the Talent Management Software Market's segments (on Type, Deployment Mode, Organization Size, Verticals). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Talent Management Software Market’s drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Talent Management Software Market's contemporary competitive scenario.

Talent Management Software Market Dynamics:

Talent management software helps maintain employee information from the date of hire to the date of retirement and enables the control and management of various HR tasks. Additionally, talent management software combines essential HR solutions like payroll management and leave management as well as HR tasks like performance management, succession planning, compensation management, and assessment. By offering self-service online interfaces, talent management software supports the growth of HR staff productivity. Businesses can effectively maintain and access personnel details in real time thanks to talent management software. Many software development companies and vendors place a strong emphasis on enhancing talent management software through the integration of value-added processing like workforce analytics, human resource compliance management tools, and other capabilities like process design control. Additionally, it is anticipated that the widespread adoption of talent management software by both small and large businesses would benefit from the growing globalization of the workforce. The increased functionality of talent management software models, such as employee benefit administration, employee verification, and job application processing, depends on rising need for better architectures for talent and recruiting tasks. A workforce management tool that incorporates performance management, strategic hiring, and staff development is referred to as a talent management software (TMS). By establishing goals, locating and filling skill gaps, offering individualized development opportunities, and conducting appraisals, it enables firms to monitor and manage their staff. It gives employers the instruments they need to precisely oversee, assess, and pay for employee performance. This enables businesses to promote a culture of career advancement and raise workers' general productivity. Because of this, it has a wide range of applications in the manufacturing, retail, healthcare, information technology (IT), and banking, financial services, and insurance (BFSI) sectors. Market Drivers: Employee engagement elements are predicted to fuel the growth of the market for talent management software. Good onboarding, learning, and development processes increase employee engagement. Talent management features like creative performance management are essential for increasing employee engagement. Examples of related technology that can assist assure the effectiveness of employee engagement efforts include providing short pulse and annual employee engagement surveys, collecting that data to quickly integrate it with other information to link employee engagement KPIs to financial indicators, and so on. One of the main factors propelling the market's expansion is the adoption of mobile-based people management systems and the rising penetration rate of cloud-based platforms. Software-as-a-service (SaaS) platforms are being adopted by businesses and human resource professionals more frequently in order to automate talent scouting, identification, acquisition, and retention from talent pools. ATMS also makes it possible to streamline the hiring process, strengthen workplace culture, offer flexible learning opportunities, and recognize top performers. The use of machine learning (ML) and artificial intelligence (AI), among other technical developments, are also operating as growth-promoting forces. Through transactional actions and analytical inputs, the software uses optical trackers to monitor people and spot market trends and patterns. Additional factors are anticipated to fuel market growth, such as the growing requirement to replace conventional talent management practices in order to improve hiring decisions and optimize resource use. The market for talent management software is expanding as a result of changing trends including social media, population growth, and the cloud. Talent management solutions are leading the growth of SaaS HR products. By working with social media tools, these trends are well-nurtured, incorporated into the tool, and included in a number of mobile apps, which promotes the widespread use of TM software. Additionally, this market presents a number of chances for developed companies to explore new product lines through collaborations, collaboration, and mergers and acquisitions. Market Restraints: The data privacy and security concerns related to cloud-based goods and services are one of the main obstacles to the growth of the worldwide talent management software industry. Reports of cyberattacks on data centers have sparked worries about privacy since unauthorized users could potentially disseminate, delete, or corrupt data if it is not controlled. When IT services are outsourced, firms lose control over how service providers handle data, which exposes sensitive data to a variety of threats. Due to the open architecture and shared resources that cloud-based infrastructure is built upon; cyber attackers can simply access cloud-based data storage systems. Therefore, such concerns can restrict market expansion in the years to come. Market Opportunities: Companies in all industries are constantly in search of qualified workers with the necessary skills and aptitude. Today, talent management is a crucial component of enterprises. The different functions that make up talent management include scouting, identifying, and obtaining newer talents from talent pools as well as managing and maintaining the existing talent quotient in the organizations. All of the current and future personnel make up this talent pool. Before today's technological advancements, hiring and managing personnel were handled through traditional hiring and management processes as part of the fundamental human resource function known as talent management. The talent management software market was created as a result of technological development and offers products and services that make it possible for talent management techniques to be quick, simple, and effective while producing the most precise outcomes. Additionally, these products and services assist businesses in gathering and analyzing applicant and employee data in order to filter it based on criteria unique to the business, making it simple to select the best candidate for the job. Constraints on time and money are a constant in the talent acquisition process. Costs associated with license, maintenance, infrastructure, and people for on-premise talent management software are frequently considerable. Due to the adaptable payment and plan alternatives, as well as the availability of customizable packages based on the hours of operation, the number of users, and other aspects, businesses are moving to cloud-based software. As a result, the software is more affordable and available to small firms. Because of this, businesses can use cloud-based solutions to create a model that is tailored to their requirements and includes analytical features and personnel management skills. Market Challenges: The integration of multiple TM software, inadequate product knowledge, and lack of awareness of the necessity and advantages of the software all act as barriers to the market's expansion. Covid19 Impact: The market has grown favorably both during and after the COVID-19 era. Although considerations like data privacy and security concerns related to cloud-based products and services may restrain market growth, the advantages of talent management software are clearly fueling its rise. The people management software industry's primary market drivers and the COVID-19 pandemic's influence have been determined by our research experts after studying historical data. To achieve a competitive edge, end goals can be determined and marketing strategies can be improved with the aid of a comprehensive analysis of the drivers.

Talent Management Software Market Segment Analysis:

Based on Type: Solution Segment is dominating the market with the highest CAGR during the forecast period. Companies use talent management software to improve the employee experience and increase productivity. Service segment is expected to grow in the forecast period. Talent Management Software Market Based on Deployment mode: Cloud based segment is dominating the market with highest CAGR during the forecast period. Cloud based solutions are widely adopted because of its benefits such as on-demand services, adaptability, regular software update, improved user experience etc. Based on organization Size: Large organizations segment is dominating the market with highest CAGR during the forecast period. Large organizations are emerging technologies in order to provide services such as staff headcount, working hors etc. Based on Verticals: IT & Telecom segment is dominating the market with highest CAGR during the forecast period. There is high demand of trained workforce and advanced recruiting tactics for IT and telecom segment so this sector is highly dominated.

Regional Insights:

The North America region dominated the market with xx % share in 2022. The North America region is expected to witness significant growth at a CAGR of xx% through the forecast period. The presence of people management software and services may be felt strongly throughout the United States, Canada, and Mexico. Major corporations like IBM Corporation, Oracle Corporation, and Ceridian HCM Holding Inc. are present, which is positive for the region's outlook. With significant expenditures in cloud applications, the size of the North American market, which was estimated around USD 2.84 billion in 2022, will increase. The market share for talent management software in the Asia Pacific will have an upward growth trajectory as a result of the increasing number of BFSI and SMEs. In order for cloud-based systems to take off in developing nations like China and India, end consumers are probably going to invest in them. Industry participants anticipate SMEs to show traction for cutting-edge software and solutions to increase their foot traffic. Introduction of strong policies to support worker adaptability, skill, and networking, the Europe market is expected to be strong. In the coming years, the U.K., Germany, France, and Italy will all experience significant growth in demand for cutting-edge personnel management software. For instance, the solutions can be mostly used in the healthcare and manufacturing sectors. The objective of the report is to present a comprehensive analysis of the Talent Management Software Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Talent Management Software Market dynamic, structure by analyzing the market segments and projecting the Talent Management Software Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Talent Management Software Market make the report investor’s guide.

Talent Management Software Market Scope: Inquire before buying

Talent Management Software Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US$ 14.83 Bn.
Forecast Period 2023 to 2029 CAGR: 15.52 % Market Size in 2029: US$ 40.72 Bn.
Segments Covered: by Type Solutions Workforce planning Learning Management Compensation Management Talent Acquisition Performance Management Services Professional Services Training and Education Support and Maintenance
by Deployment Modes On-premise Cloud
by Organization Size Small Medium Business (SMB’s) Large enterprises
by Verticals Banking, Financial Services, and Insurance (BFSI) Healthcare IT & Telecom Retail Manufacturing Education Government Media & Entertainment Others (transport & logistics, energy & power and automotive)

Talent Management Software Market by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (razil, Argentina Rest of South America)

Key Players

1. ABB Ltd 2. IBM Corporation 3. Cornerstone OnDemand 4. Workday Inc. 5. Learning Technologies Group plc 6. Applied Training Systems, Inc. 7. Talent soft 8. Lattice 9. BambooHR LLC 10. 15Five, Inc. 11. Hi bob Inc. 12. Oracle Corporation 13. SAP SE 14. Culture Amp Pty Ltd 15. Betterworks Systems, Inc. 16. Kazoo, Inc. 17. Infor Inc. 18. Sumtotal Systems, LLC Frequently Asked Questions: 1] What segments are covered in the Global Talent Management Software Market report? Ans. The segments covered in the Talent Management Software Market report are based on Type, Deployment Mode, Organization Size, Verticals. 2] Which region is expected to hold the highest share in the Talent Management Software Market? Ans. North America region is expected to hold the highest share in the Talent Management Software Market. 3] What is the market size of the Talent Management Software Market by 2029? Ans. The market size of the Talent Management Software Market by 2029 is expected to reach US$ 40.72 Bn. 4] What is the forecast period for the Talent Management Software Market? Ans. The forecast period for the Talent Management Software Market is 2023-2029. 5] What was the market size of the Talent Management Software Market in 2022? Ans. The market size of the Talent Management Software Market in 2022 was valued at US$ 14.83 Bn.
1. Talent Management Software Market: Research Methodology 2. Talent Management Software Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Talent Management Software Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Talent Management Software Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Talent Management Software Market Segmentation 4.1 Talent Management Software Market, By Type (2022-2029) • Solutions o Workforce planning o Learning Management o Compensation Management o Talent Acquisition o Performance Management • Services o Professional Services o Training and Education o Support and Maintenance 4.2 Talent Management Software Market, By Deployment Mode (2022-2029) • On-premise • Cloud 4.3 Talent Management Software Market, By Organization Size (2022-2029) • Small Medium Business (SMB’s) • Large enterprises 4.4 Talent Management Software Market, By Verticals (2022-2029) • Banking, Financial Services, and Insurance (BFSI) • Healthcare • IT & Telecom • Retail • Manufacturing • Education • Government • Media & Entertainment • Others (transport & logistics, energy & power and automotive) 5. North America Talent Management Software Market (2022-2029) 5.1 North America Talent Management Software Market, By Type (2022-2029) • Solutions o Workforce planning o Learning Management o Compensation Management o Talent Acquisition o Performance Management • Services o Professional Services o Training and Education o Support and Maintenance 5.2 North America Talent Management Software Market, By Deployment Mode (2022-2029) • On-premise • Cloud 5.3 North America Talent Management Software Market, By Organization Size (2022-2029) • Small Medium Business (SMB’s) • Large enterprises 5.4 North America Talent Management Software Market, By Verticals (2022-2029) • Banking, Financial Services, and Insurance (BFSI) • Healthcare • IT & Telecom • Retail • Manufacturing • Education • Government • Media & Entertainment • Others (transport & logistics, energy & power and automotive) 5.5 North America Talent Management Software Market, by Country (2022-2029) • United States • Canada • Mexico 6. Asia Pacific Talent Management Software Market (2022-2029) 6.1. Asia Pacific Talent Management Software Market, By Type (2022-2029) 6.2. Asia Pacific Talent Management Software Market, By Deployment Mode (2022-2029) 6.3. Asia Pacific Talent Management Software Market, By Organization Size (2022-2029) 6.4. Asia Pacific Talent Management Software Market, By Verticals (2022-2029) 6.5. Asia Pacific Talent Management Software Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Talent Management Software Market (2022-2029) 7.1 Middle East and Africa Talent Management Software Market, By Type (2022-2029) 7.2. Middle East and Africa Talent Management Software Market, By Deployment Mode (2022-2029) 7.3. Middle East and Africa Talent Management Software Market, By Organization Size (2022-2029) 7.4. Middle East and Africa Talent Management Software Market, By Verticals (2022-2029) 7.5. Middle East and Africa Talent Management Software Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Talent Management Software Market (2022-2029) 8.1. Latin America Talent Management Software Market, By Type (2022-2029) 8.2. Latin America Talent Management Software Market, By Deployment Mode (2022-2029) 8.3. Latin America Talent Management Software Market, By Organization Size (2022-2029) 8.4. Latin America Talent Management Software Market, By Verticals (2022-2029) 8.5. Latin America Talent Management Software Market, by Country (2022-2029) • Brazil • Argentina • Rest of Latin America 9. European Talent Management Software Market (2022-2029) 9.1. European Talent Management Software Market, By Type (2022-2029) 9.2. European Talent Management Software Market, By Deployment Mode (2022-2029) 9.3. European Talent Management Software Market, By Organization Size (2022-2029) 9.4. European Talent Management Software Market, By Verticals (2022-2029) 9.5. European Talent Management Software Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 10. Company Profile: Key players 10.1. ABB Ltd. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 IBM Corporation 10.3 Cornerstone OnDemand 10.4 Workday Inc. 10.5 Learning Technologies Group plc 10.6 Applied Training Systems, Inc. 10.7 Talent soft 10.8 Lattice 10.9 BambooHR LLC 10.10 15Five, Inc. 10.11 Hi bob Inc. 10.12 Oracle Corporation 10.13 SAP SE 10.14 Culture Amp Pty Ltd 10.15 Betterworks Systems, Inc. 10.16 Kazoo, Inc. 10.17 Infor Inc. 10.18 Sumtotal Systems, LLC
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