Talent Management Software Market Outlook 2031
The global talent management software market size was valued at USD 8.14 Billion in 2022 and is likely to reach USD 23.50 Billion by 2031, expanding at a CAGR of 12.5% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing applications for managing activities related to the human capital-centric industry.
Talent management software is an innovative technology that allows the human resource team to easily and effectively manage employees’ records and other activities. It further helps in providing information or easy management of data analysis for HR automation activities such as recruitment and outline performance analysis of employees in an organization.
The software enables organizations to provide competency-based assessments for talent hiring process to ensure a competitive advantages to the organization. It is a combined suite of software applications aimed at facilitating easy process for evaluation of the entire employee lifecycle.
This talent management software platform helps to execute talent management processes such as recruitment, employee onboarding, performance management, learning and professional development, and compensation management.
Talent Management Software Market Trends, Drivers, Restraints, and Opportunities
- Growing needs to guide proper direction for all employees towards a pre-defined objectives of organization along with healthy employee engagement is a key driver of the market.
- Rising adopting of solutions for extracting or collecting information in search of talent professionals is further projected to boost the market in the coming years.
- Rapid introduction of various software-as-a-service platforms for identifying, automating scouting, and acquiring new talents from the existing talent pools present another key factor fueling the market.
- High price of software installation and its maintenance cost act as major hurdles that can hinder the market expansion.
- Increasing availability of cost-effective cloud-based platforms along with the rising preference for mobile-based personnel management systems are creating lucrative growth opportunities of the market.
Scope of Talent Management Software Market Report
The report on the global talent management software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Talent Management Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Solutions (Employee Lifecycle Management, Compensation Management, Recruiting Management, Performance Management, and Learning and training Management), Deployments (On-premise and Cloud-based), and Applications (Healthcare, BFSI, Education, IT and telecom, Retail, Government, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Oracle Corp.; Halogen Software Inc.; IBM Corp.; Cornerstone OnDemand Inc.; Haufe Group; Lumesse AS; SAP SE; Saba Software Inc.; Peoplefluent, Inc.; and DelTek Inc.
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Talent Management Software Market Segment Insights
Easy management drives the employee lifecycle management segment
Based on solutions, the global talent management software market is divided into employee lifecycle management, compensation management, recruiting management, performance management, and learning & training management.
The employee lifecycle management segment is expected to grow at a rapid pace during the forecast period since the software facilitates easy management of overall performance and wider engagement of employees.
However, the compensation management segment is anticipated to hold a key share of the market in the coming years owing to rising needs for effective and easy management for employees’ remuneration and salary within an organization.
On-premise segment is projected to expand at a considerable CAGR
On the basis of deployments, the market is bifurcated into on-premise and cloud-based. The cloud-based segment is projected to expand at a considerable CAGR during the forecast period due to rising popularity of cloud-based services for many additional benefits including on-demand services.
Moreover, the availability of cost-effective cloud-based solutions and services is further fueling the segment. On the other hand, the on-premise segment is anticipated to account for a major market share during the forecast period owing to increasing need for more secured platforms for talent management activities.
Wide applications in banking drives the BFSI segment
On the basis of applications, the market is divided into BFSI, retail, IT & telecom, healthcare, government, education, and others. The IT & telecom segment is projected to expand at a considerable CAGR during the forecast period owing to wide adoption of the software for various applications associated with the IT industry.
On the other hand, the BFSI segment is anticipated to account for a major market share during the forecast period owing to the rising demand for effective management system for banking, financial, and insurance sectors to ensure a wide engagement with the employees.
Regional Analysis
In terms of regions, the global talent management software market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is expected to constitute a key share of the market during the projected period owing to early acceptance of advanced management techniques and the presence of key global players in the region.
Moreover, ongoing massive R&D programs to enhance the software performance in analyzing and evaluating the workforce by these key regional players present another key driver of the market.
On the other hand, Asia Pacific is projected to be a fast-growing region of the market during the targeted period owing to the wide expansion of several industries and the establishment of many business enterprises, which require the role of an HR team for effective management of employees.
Segments
The global talent management software market has been segmented on the basis of
Solutions
- Employee Lifecycle Management
- Compensation Management
- Recruiting Management
- Performance Management
- Learning & Training Management
Deployments
Applications
- Healthcare
- BFSI
- Education
- IT & Telecom
- Retail
- Government
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Oracle Corp.
- Halogen Software Inc.
- IBM Corp.
- Cornerstone OnDemand Inc.
- Haufe Group
- Lumesse AS
- SAP SE
- Saba Software Inc.
- Peoplefluent, Inc.
- DelTek Inc.
Competitive Landscape
Key players competing in the global talent management software market share are Oracle Corp.; Halogen Software Inc.; IBM Corp.; Cornerstone OnDemand Inc.; Haufe Group; Lumesse AS; SAP SE; Saba Software Inc.; Peoplefluent, Inc.; and DelTek Inc. Several large companies have offered a varied range of innovative software products to expand their geographical reach and enhance their market positions.
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