Talent Management Software Market

Market Synopsis:

The Global Talent Management Software Market was valued at USD 6.9 Billion in the year 2021 and is expected to reach a value of USD 13.4 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.50% over the forecast period.

A Talent Management Software (TMS) is a workforce management application that includes performance management, strong hiring, and the development of employees. Organizations can organize and monitor their employees by setting goals, identifying and closing skill gaps, providing personalized development plans, and facilitating appraisals. It gives employers the tools to manage, evaluate, and reward employees based on their performance. Upcoming generation-performing individuals, process automation, and the growing demands for more outstanding performance management among companies are the key factors driving the growth of the Talent Management Software industry. Other significant variables influencing the Global Talent Management Software industry include team communication, feedback, and the alignment of individual goals with those of businesses. One of the significant factors determining market growth is the increasing penetration rate of cloud-based platforms and the adoption of mobile-based personnel management systems. Organizations and hr. executives are increasingly turning to software-as-a-service (SaaS) platforms to automate scouting, identify, and gain new talent from talent pools, as well as maintain current talent.

A Talent Management Software (TMS) also aids in the streamlining of the recruitment process, the reinforcement of workforce culture, the provision of agile learning opportunities, and the identification of top performers. Furthermore, technological advancements such as Machine Learning (ML) and Artificial Intelligence (AI) act as growth inducers. The increased use of social network sites is creating new market opportunities on a global scale. Numerous apps and social media sites collaborate with Talent Management Software to satisfy company demands.

It is projected that the epidemic has also raised the demand for talent management software. However, multiple Talent Management Software (TM) integration, a lack of domain expertise, and ignorance of the value and benefits of the software all pose obstacles to the markets growth. In light of these indicators, it is predicted that the demand for Talent Management Software (TM) will continue to expand largely in the years to come.

Market Segmentation:

The Talent Management Software Market is segmented based on Platform Type, Deployment mode, Organization Size, Verticals, and Region. Based on Platform Type, the market is further segmented into Solutions and Services. Furthermore, based on the Deployment Mode, the market is bifurcated into On-Premise and Cloud. In addition, based on the Organization Size, the market is further segmented into Small, Medium Businesses (SMBs), and Large Enterprises. Likewise, based on the Verticals, the market is further segmented into Banking Financial Services & Insurance (BFSI), Healthcare, IT & Telecom, Retail, Manufacturing, Education, Government, Media & Entertainment, and Others (Energy & Power, Transport & Logistics, & Automotive).

Based on Platform Types:

The Solutions segment currently has the highest management software share in the market and is expected to continue to do so in the years ahead. Companies use talent acquisition software to improve productivity and employee morale. Performance management, training management, compensation management, and other Solutions are available in this segment.

Based on Deployment Mode:

The expansion of the Talent Management Software Market is being driven by the increasing popularity of Cloud-Based services, which provide numerous additional advantages like on-demand services, flexibility, and agility of the solutions. The benefits of Cloud-Based services and solutions include regular software updates, enhanced dashboards, and improved analytics. These factors are expected to bolster the segments growth in the projected period.

Asia Pacific is Projected to Rise at the Largest CAGR during the Projected Period

The Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to the growing number of Banking, Financial Services & Insurance (BFSI) and Small & Medium Enterprises (SMEs) in the region, the market share for Talent Management Software would experience an upward rise. End users must invest in cloud-based systems to become popular in developing nations like China and India. Participants in the industry predict that SMEs will demonstrate traction for innovative software and solutions to enhance their foot traffic. The adoption of novel technology by businesses also contributes to market growth. SMEs are anticipated to encourage software adoption in countries like Japan, India, and Australia because of the ecosystem. On the other hand, it is forecast that significant businesses in the BFSI, manufacturing, education, and telecom sectors will make a sizable profit.

Competitive Landscape:

The key players in the Global Talent Management Software Market include- Cornerstone Ondemand INC. and others.

Segmentation of the Global Talent Management Software Market: