Talent Management Software Market to Cross USD 20.98 Billion by 2030 on Account of Remote Work Trends and Rising Demand for Data-Driven Insights
Research Reports
Oct 16, 2023
Talent Management Software Market Overview:
Based on SNS Insider’s research, as organizations prioritize human capital development, adapt to remote work dynamics, and harness the power of data and AI, demand for the Talent Management Software Market will continue to surge.
The talent management software market, as per the SNS Insider report, was valued at USD 8.22 billion in 2022 and is projected to reach USD 20.98 billion by 2030, with a compound annual growth rate (CAGR) of 12.38% anticipated during the forecast period from 2023 to 2030.
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Major Key Players Included in the Report are:
• Workday
• IBM Corp
• Oracle Corp
• Peoplefluent Inc
• BambooHR LLC
• CornerStone OnDemand Inc
• SAP SE
• Haufe Group
• Lumesse AS
• DelTek Inc
• Applied Training Systems Inc
• Saba Software Inc
• Halogen Software Inc
• Others
Market Report Scope
Talent management software, often abbreviated as TMS, is a sophisticated suite of digital tools and applications designed to help organizations effectively manage their workforce. Talent management software allows HR professionals to streamline the recruitment process by automating job postings, applicant tracking, and candidate communication. It helps identify the most suitable candidates efficiently. This software assists in setting goals, conducting performance appraisals, and providing continuous feedback to employees. It fosters a culture of growth and development within the organization. TMS assists in designing competitive compensation packages, managing payrolls, and ensuring fair and equitable compensation practices.
Market Analysis
The talent management software market is witnessing robust growth, fueled by various factors that are reshaping the global workforce landscape. As organizations recognize the pivotal role of human capital in achieving their strategic objectives, they are investing more in comprehensive talent management solutions. Talent management software assists in aligning workforce strategies with business goals, which has become imperative in a rapidly changing market. The rise of remote work and globalization have made it essential for organizations to have efficient talent management systems. These systems facilitate seamless recruitment, onboarding, and training processes, regardless of geographical boundaries. Data analytics capabilities within talent management software have gained prominence. Organizations are leveraging data-driven insights to make informed decisions regarding talent acquisition, succession planning, and employee development. This data-centric approach enhances overall workforce efficiency.
Market Segmentation and Sub-Segmentation Included Are:
By Type:
• Performance Management
• Talent Acquisition
• Learning Management
• Compensation Management
• Others (Workforce Planning)
By Deployment:
• Cloud
• On-Premise
By Organization Size:
• Small and Medium Enterprises (SMEs)
• Large Enterprises
By Application:
• IT and Telecommunication
• BFSI
• Government
• Healthcare
• Education
• Manufacturing
• Others (Retail, M&E)
Impact of Recession
The ongoing recession has presented unique challenges to the talent management software market, forcing both vendors and organizations to adapt. While cost efficiency and remote workforce management remain paramount, the market is also witnessing a shift towards upskilling, data-driven decision-making, and agile recruitment strategies. Companies that embrace these changes and leverage innovative talent management solutions will be better positioned to weather the economic storm and emerge stronger in the post-recession landscape. As the business world continues to evolve, talent management software will play a pivotal role in shaping the future of work.
Impact of Russia-Ukraine War
The Russia-Ukraine war has brought about a series of challenges and disruptions for the talent management software market. These include supply chain interruptions, rising costs, talent pool relocation, increased cybersecurity concerns, shifting geopolitical alliances, and ongoing uncertainty. As the situation continues to evolve, businesses in this sector must remain adaptable and proactive in responding to the changing dynamics of the market. The long-term consequences of this conflict on the market are still unfolding, making it crucial for industry stakeholders to monitor developments closely and strategize accordingly.
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Key Regional Development
North America has consistently led the global talent management software market due to its early adoption of cutting-edge technologies. The region boasts a highly developed IT infrastructure and a robust ecosystem of software vendors, making it an ideal breeding ground for innovation in talent management solutions. Europe’s market is marked by a strong emphasis on diversity and inclusion, in line with the continent’s commitment to social responsibility. Companies in Europe are increasingly adopting software solutions that facilitate unbiased hiring practices and support diversity goals. Asia-Pacific has emerged as a rapidly expanding market for talent management software, driven by the region’s economic growth, burgeoning startup ecosystem, and increasing foreign investments.
Key Takeaway from Talent Management Software Market Study
• In the ever-evolving landscape of talent management, one segment is poised to take the lead – Talent Acquisition. This segment within the market is experiencing remarkable growth, driven by the changing dynamics of workforce management and the increasing emphasis on acquiring top-notch talent in today’s competitive business environment.
• While Talent Acquisition leads the way, the IT and Telecommunication segment is not far behind in the market. In IT and telecommunication, resource allocation is crucial. This segment optimizes resource allocation by aligning skills with project requirements. Continuous performance monitoring and feedback mechanisms help IT and telecommunication companies nurture top talent and retain key employees.
Recent Developments Related to Talent Management Software Market
• In a strategic move that is set to reshape the legal technology landscape, Litera, a prominent leader in document management and workflow solutions, has recently announced its acquisition of Micron Systems Inc., a cutting-edge talent management software company. This acquisition marks a significant step forward for Litera as it seeks to enhance its offerings and broaden its reach within the legal industry.
• Info Edge, a prominent player in the digital landscape, has recently made a strategic move by acquiring Zwayam, a cutting-edge digital talent management solution. This acquisition marks a significant development in Info Edge’s expansion into the talent management and human resources technology sector.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Talent Management Software Market Segmentation, By Type
9. Talent Management Software Market Segmentation, By Deployment
10. Talent Management Software Market Segmentation, By Organization Size
11. Talent Management Software Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
About Us:
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Akash Anand | Head of Business Development & Strategy | Ph: +1-415-230-0044 (US) | Email: info@snsinsider.com
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