Talent Management Software Market Economy Size Expected a Growth of USD 13.4 Billion by 2028, According to Vantage Market Research

WASHINGTON, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The introduction of mobile technology has largely been responsible for the significant technological developments that the global talent management and HR management sector is undergoing. The industry is rapidly expanding, helped by the ongoing use of cutting-edge technologies and innovative human resource management strategies. The growth is being driven by organizations' increasing demand for performance management and the necessity for automation of the employment process. As a result, essential market participants are making significant moves to improve their market positions. For instance, Oracle Corporation introduced Oracle Analytics, a cloud-based HCM platform, in May 2020 to enhance HR teams' decision-making powers and boost business performance.

The Global Talent Management Software Market revenue is expected to reach a value USD 13.4 Billion in 2028.

The Global Market revenue was valued at USD 6.9 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period; states Vantage Market Research, in a report, titled “Talent Management Software Market Size, Share & Trends Analysis Report by Platform Types (Solutions, Services), by Deployment Modes (On-Premise, Cloud), by Organization Size (Small Medium Businesses (SMB), Large Enterprises), by Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, IT & Telecom, Retail, Manufacturing, Education, Government, Media & Entertainment, and Others (Energy & Power, Transport & Logistics, & Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Industry Findings & Insights from the report:

  • The global Talent Management Software Market was valued USD 6.9 Billion in 2021 and is all set to surpass USD 13.4 Billion by 2028, exhibiting a CAGR of 11.8% during the forecast period 2022-2028.           
  • In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
  • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
  • The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
  • Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Talent Management Software industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

    List of Prominent Players in Talent Management Software Market:

  • Cornerstone Ondemand INC.
  • IBM Corporation
  • Lumesse
  • Oracle Corporation
  • Peoplefluent
  • Skillsoft
  • Saba Software
  • SAP Successfactors
  • Talent soft
  • Halogen Software

Market Dynamics:


Acceptance of Cloud-based Talent Management Solutions

Organizations are producing enormous volumes of data due to digitization, and pressure is mounting to use that data to their advantage to remain competitive. Agencies increasingly use cloud-based technologies to transform enormous amounts of data into actionable knowledge. For significant players, talent management is proven to be a crucial competitive advantage. Due to the numerous flexible payment and plan alternatives, businesses are switching to cloud-based software. Additionally, the accessibility of customized packages depends on various factors, including the hours of operation, the quantity of users, and others. For example, Cloud-based data privacy management software, made available by IBM OpenPages in March 2021, enables businesses to address new data privacy issues. This feature lowers the program's cost and increases accessibility for small businesses. As a result, cloud-based solutions offer companies a model tailored to their requirements and include analytical features and people management skills. As a result, a growing industry trend in talent management is deploying new technology.

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Streamlining Hiring Process through Technological Adoption

The market is expanding due to several significant factors, including the growing adoption of mobile personnel management systems and cloud-based platforms. Software-as-a-service (SaaS) platforms are used more frequently by businesses and HR professionals to automate talent pool scouting, identification, and recruitment of new employees, as well as employee retention. Additionally, a TMS may facilitate hiring, support company culture, offer flexible learning opportunities, and pinpoint top performers. Furthermore, the use of Machine Learning (ML) and Artificial Intelligence (AI), among other technological innovations, are assisting in the rise of the economy.

Additionally, major players are launching various personnel management tools that help with staff management and provide employees with reasonable growth possibilities. Talent management software has gained in popularity among businesses due to the rising demand to streamline HR processes.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide and the Global Talent Management Software Market is not an exception. Administrative bodies worldwide implemented curb measures, for instance, lockdown, to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale industries which are technology partners to the Talent Management Software Market companies suffered impact due to the pandemic. In addition, the Talent Management Software Market was also got impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the COVID-19 spread.

Since the beginning of 2022, the supplies and workforce are expected to resume normal which will further bolster Talent Management Software Market industry coming back on track. Vantage Market Research, while performing the research on the topic for the Global Talent Management Software Market has considered the end-to-end impact of COVID-19 on the Global Talent Management Software Market. In addition, the study also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Talent Management Software Market industry. Furthermore, the study also does an exhaustive analysis while estimating the present and the future market size for the Global Talent Management Software Market industry primarily based on the aforementioned data points:

1. Impact Assessment of COVID-19 Pandemic

a. North America

b. Europe

c. Asia Pacific

d. Latin America

e. Middle East & Africa

2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

3. Key Strategies Undertaken by Companies to Tackle COVID-19

4. Long-Term Dynamics

5. Short-Term Dynamics

The report on Talent Management Software Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles

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Regional Analysis:

North America is expected to dominate the growth of Talent Management Software Market in 2021. North America is predicted to steer the Talent Management Software Marketplace proportion due to the growing adoption of talent management, core HR, and recruitment technologies. Further, the presence of prominent HCM software suppliers is providing a special opportunity for the market.

Recent Developments:

In June 2020, Talentsoft acquired Crafty, an HR technology startup, to incorporate Crafty skills graphs with Talentsoft's talent acquisition, learning, and management platform. Through the talent marketplace and employee talent profile, the enterprise will manage skills and receive matching recommendations. The purchase was made with the goal of better managing talent growth and internal organizational mobility.

In October 2020, Lattice and ADP, Inc. announced a strategic partnership to provide an integration that allows users to manage and share employee data between the two platforms easily. This integration would help human resource (HR) teams manage their workforce data more effectively, decrease redundant data entry time, and improve security.

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Talent Management Software Market Size, Share & Trends Analysis Report by Platform Types (Solutions, Services), by Deployment Modes (On-Premise, Cloud), by Organization Size (Small Medium Businesses (SMB), Large Enterprises), by Verticals (Banking Financial Services & Insurance (BFSI), Healthcare, IT & Telecom, Retail, Manufacturing, Education, Government, Media & Entertainment, and Others (Energy & Power, Transport & Logistics, & Automotive)), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Key Questions Answered in The Report:

  • Which region will show the fastest and highest growth in the near future?
  • Which are the top five players and their weakness and strength of the Market?
  • What will be the future innovation in the upcoming six years?
  • Which application and product will lead the largest share of the Market?
  • What are the growth drivers, restraints and challenges of the industry?
  • What will be the CAGR and size of the Talent Management Software Market for the base year and forecast period?

This market titled “Talent Management Software Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Market Size Provided for Years2016-2028
Base Year2021
Historic Years2016-2020
Forecast Years2022-2028
Segments Covered• Platform Types

    • Solutions

    • Services

• Deployment Modes

    • On-Premise

    • Cloud

• Organization Size

    • Small Medium Businesses (SMB’s)

    • Large Enterprises

• Verticals

    • Banking Financial Services & Insurance (BFSI)

    • Healthcare

    • IT & Telecom

    • Retail

    • Manufacturing

    • Education

    • Government

    • Media & Entertainment

    • Others (Energy & Power, Transport & Logistics, & Automotive)

• Region
    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa
Region & Counties Covered• North America

    • U.S.

    • Canada

    • Mexico

• Europe

    • U.K

    • France

    • Germany

    • Italy

    • Spain

    • Rest Of Europe

• Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • South East Asia

    • Rest Of Asia Pacific

• Latin America

    • Brazil

    • Argentina

    • Rest Of Latin America

• Middle East & Africa

    • GCC countries

    • South Africa

    • Rest Of Middle East & Africa
Companies Covered • Cornerstone Ondemand INC.

• IBM Corporation

• Lumesse

• Oracle Corporation

• Peoplefluent

• Skillsoft

• Saba Software

• SAP Successfactors

• Talentsoft

• Halogen Software
Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis,
PEST analysis, value chain analysis, regulatory landscape, technology landscape,
patent analysis, market attractiveness analysis by segments and North America,
company market share analysis, and COVID-19 impact analysis

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