Talent Management Software Market Projected to Hit USD 407.9 billion at a 16.26% CAGR by 2032 – Report by Market Research Future (MRFR)
Research Reports
Sep 11, 2023
The market size for talent management software was estimated at USD 142.1 billion in 2022. During the forecast period (2023-2032), the talent management software market is anticipated to increase from USD 165.2 billion in 2023 to USD 407.9 billion.
This represents a compound yearly growth rate (CAGR) of 16.26%. The key market factors boosting market growth include process automation, the next generation of top performers, and employers’ increased demand for improved performance management. Team communication, feedback, and the alignment of individual aspirations with corporate objectives are other key factors affecting the talent management software market.
A number of significant reasons, such as the growing adoption of cloud-based platforms and mobile people management systems, are driving the market’s growth.
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Key Companies in the talent management software market include:
- Halogen Software (Canada)
- Workday Inc.
- Lumesse Ltd. (U.K.)
- Saba Software (U.S.)
- Cornerstone OnDemand (U.S.)
- Kenexa (U.S.)
- Taleo Corporation (U.S.)
- iCims Inc. (U.S.)
- Sumtotal Systems Inc. (U.S.)
- Cegid (Talentsoft) (France)
- Haufe Group
- Learning Technologies Group (Peoplefluent)
- Oracle Corporation
- SAP SE
- UKG Inc
Software-as-a-service (SaaS) platforms are used by businesses and HR professionals to automate employee retention, hiring new employees, and talent pool scouting. A TMS may also support organisational culture, offer flexible learning opportunities, and help identify top performers in addition to assisting in hiring. Utilising machine learning (ML) and artificial intelligence (AI), among other technological developments, is fostering economic progress.
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Due to digitization, businesses are producing enormous volumes of data, and pressure is mounting on them to strategically use that data to maintain their competitiveness. Cloud-based technologies are increasingly being employed by agencies to transform enormous volumes of data into usable information. Major players have been demonstrated to have a significant competitive edge through talent management. Due of the numerous flexible payment and plan alternatives, businesses are switching to cloud-based software.
Additionally, a variety of factors, like the quantity of users and operating times, affect the accessibility of customised packages.
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Segmentation
Solution and services are included in the segmentation of the talent management software market based on components. The product now holds the largest market share for talent management software, and growth is predicted for it. Solutions are categorised under performance management, talent acquisition, learning management, compensation management, and other headings.
On-premise and cloud deployment are part of the Talent Management Software Market segments. The cloud industry dominated the market in 2022.
SMEs and large corporations are included in the segmentation of the talent management software market based on organisation size. The market was dominated by big businesses. Large businesses are likely to pool their talent to provide services like employee headcount, working hours, and others.
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The study offers market insights for Asia-Pacific, Europe, North America, and the rest of the world, organised by region. Due to the region’s openness to embracing cutting-edge and novel technologies, the Asia Pacific talent management software market will rule this industry. Demand in the developing world is also being fueled by a fundamental shift in the organisational management structure of the region. The global market for cloud computing is expanding the quickest in China. China was one of the first countries to use cloud computing services.
The second-largest market share belongs to the talent management software market in Europe. Due to ongoing government activities and policies related to talent management, robust talent management software for personnel selection, mobility, and assessment is anticipated to be in high demand. Such policies are being implemented by the European government in order to develop a competent, talented, and adaptable labour force for Europe. Additionally, the UK talent management software market grew at the quickest rate in the European region, while the German talent management software market held the largest market share.
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