New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Global Talent Management Software Market Size is To Grow from USD 8.91 Billion in 2022 to USD 27.15 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.79% during the projected period.
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Talent management software has innovative features that help organisations manage the processes of talent acquisition, development, and retention. As a result of the emergence of advanced technologies that are revolutionising workforce management within organisations, the global market is undergoing significant transformation. Cloud computing and data analytics will play significant roles in reshaping this industry. Furthermore, technological advancements such as machine learning (ML) and artificial intelligence (AI) are acting as growth stimulators. The software uses optical trackers to monitor individuals and identify market trends and patterns based on transactional activities and analytical inputs. Other factors, such as the increasing need to replace traditional talent management methods in order to optimise resource utilisation and improve hiring decision quality, are expected to drive market growth during the forecast period. However, data security and privacy concerns are impeding the global talent management software market. As businesses increasingly rely on software to manage sensitive employee data, there is growing concern about data breaches and unauthorised access. In the face of stringent data protection regulations such as the General Data Protection Regulation (GDPR), organisations must ensure that talent management software providers adhere to robust security measures and strict privacy policies.
COVID- 19 Impact
The COVID-19 pandemic had a significant impact on the market for talent management software. The demand for software that could manage remote teams, track employee performance, and facilitate virtual collaboration increased as businesses adapted to remote work and digital operations. This resulted in greater use of talent management solutions, with a focus on features like remote onboarding, skill development, and performance evaluation. The pandemic heightened the need for adaptable, cloud-based platforms to support talent management in a rapidly changing work environment, reshaping the HR technology landscape.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Talent Management Software Market Size, Share, and COVID-19 Impact Analysis, By Type (Talent Acquisition, Performance Management, Compensation Management, Learning Management, Others), By Component (Solution, Services), by Deployment Mode (Cloud, On-Premise), By End-User (IT & Telecommunication, BFSI, Government, Healthcare, Education, Manufacturing, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The performance management segment dominates the market with the largest revenue share over the forecast period.
Based on the type, the global talent management software market is segmented into talent acquisition, compensation management, learning management, and others. Among these, the performance management segment is dominating the market with the largest revenue share over the forecast period. Using a performance management dashboard, recruiting and HR teams manage and track the performance process, and the demand for a smooth onboarding and performance process is increasing. As a result, rising demand for performance management dashboards will drive segment growth during the forecast period.
The solution segment is witnessing significant CAGR growth over the forecast period.
On the basis of component, the global talent management software market is segmented into solutions and services. Among these, the solution segment is witnessing significant growth over the forecast period. Performance management, hiring, learning, compensation, and other areas are divided into categories for solutions. Personnel acquisition processes such as onboarding, recruiting, and sourcing all contribute to market growth during the forecast period.
The cloud segment is expected to hold the largest share of the global talent management software market during the forecast period.
Based on deployment mode, the global talent management software market is classified into cloud and on-premise. Among these, the cloud segment is expected to hold the largest share of the talent management software market during the forecast period. Cloud-based solutions are widespread because they provide benefits such as on-demand services, adaptability, and solution agility. The benefits of cloud-based services and solutions include regular software updates, an improved user experience, and improved dashboards and analytics.
The IT & telecommunication segment accounted for the largest revenue share over the forecast period.
On the basis of end-user, the global talent management software market is segmented into IT & telecommunication, BFSI, government, healthcare, education, manufacturing, and others. Among these, the IT & telecommunication segment dominates the market with the largest revenue share over the forecast period. As a result of digital competition, an unpredictable economy, and a new generation of customers with precise information and high demands, the IT & telecommunication industry is facing significant challenges. As a result, there is a high demand for highly skilled workers as well as sophisticated recruiting strategies. To meet the demand for appropriate criteria, talent management platforms provide comprehensive insights as well as effective business strategies.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The region's diverse and competitive job market necessitates efficient tools for talent acquisition, development, and retention. Stricter labour regulations, as well as the requirement to comply with data privacy laws, necessitate the use of dependable software solutions. The emphasis on data-driven decision-making, as well as the rapid adoption of technology in HR processes, all help to drive demand. Talent management software becomes critical for optimising workforce performance in this volatile business environment as companies prioritise employee engagement and skill development.
Asia Pacific is expected to grow the fastest during the forecast period. The region's market will be driven by developing start-up culture, government incentives to adopt cloud technology, and a desire to improve employee and company performance and efficiency. Regional businesses are also implementing HR analytics to develop data-driven talent strategies. As a result, the market is expected to expand dramatically.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global talent management software market are 15Five, BambooHR LLC, IBM Corporation, Sage Group plc, Applied Training Systems, Inc., Workday, Inc, Oracle Corporation, Cornerstone OnDemand, Infor, Kronos Incorporated, Ultimate Software, ADP, LLC and others.
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Recent Developments
- In April 2023, BetterPlace, an Asia-based leader in workforce management Software-as-a-Service (SaaS), announced the acquisition of TROOPERS, Malaysia's leading flexi talent solutions technology player, to strengthen its tech platform and Workforce-as-a-Service (WaaS) capabilities for Southeast Asia's frontline workforce.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global talent management software market based on the below-mentioned segments:
Talent Management Software Market, Type Analysis
- Talent Acquisition
- Performance Management
- Compensation Management
- Learning Management
- Others
Talent Management Software Market, Component Analysis
- Solution
- Services
Talent Management Software Market, Deployment Mode Analysis
- Cloud
- On-Premise
Talent Management Software Market, End-User Analysis
- IT & Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others
Talent Management Software Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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