New York, US, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Talent Management Software Market, By Component, Deployment, Organization Size and Vertical – Global Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 19.10 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 16.2% during the assessment timeframe.
Talent Management Software Market Key Players
Eminent industry players profiled in the global talent management software market report 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.
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Drivers
Increasing Use of social media to Boost Market Growth
Globally, the rising use of social media platforms is opening up new market prospects. To meet business needs, a variety of apps and social media platforms work together with talent management software. This will accelerate market expansion during the anticipated timeframe.
Talent Management Software Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 19.10 Billion |
| Growth Rate | CAGR of 16.2% from 2020 to 2030 |
| Key Market Opportunities | Rise in social media platforms |
| Key Market Drivers | Increasing demand of cloud-based talent management software module |
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Opportunities
Increased Adoption of Cloud-Based Services and Solutions to offer Robust Opportunities
The market for talent management software will develop significantly as a result of the enthusiastic uptake of cloud-based products and services. Enterprises and agencies are expected to seek cutting-edge solutions in the face of the exponential surge in data generation. As an example, IBM OpenPages developed cloud-based data privacy management software in March 2021 to help businesses address new data privacy issues.
Restraints and Challenges
Lack of Adequate Knowledge to act as Market Restraint
The lack of adequate knowledge about talent management software may act as a market restraint over the forecast period.
Talent Management Software Market Segmentation
The global talent management software market is bifurcated based on component solutions, service, deployment, and vertical.
By component solutions, talent acquisition will lead the market over the forecast period.
Based on service, the talent management software market is segmented into training and education, professional, and support & maintenance.
Based on deployment, cloud will domineer the market over the forecast period.
By vertical, the talent management software market is segmented into media and entertainment, education, retail, retail education, BFSI, manufacturing, and healthcare.
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COVID-19 Analysis
The COVID-19 outbreak devastated numerous corporate entities all over the world. The market had a small supply of goods because production had stopped. The talent management software sector, however, saw a lot of growth after the COVID-19 pandemic. People relied heavily on software to run their businesses efficiently throughout the lockout. Companies seeking for staff during the pandemic, used talent management software for hiring staff and managing their operations. Many businesses hired workers to work as independent contractors and used talent management software to do it. The best tool for corporations was talent management software, and all industries recognized its worth. The market for talent management software is anticipated to expand in the upcoming years as demand rises.
Regional Analysis
North America to Lead Talent Management Software Market
Because this region is a big consumer of cloud solutions, North America is responsible for the largest talent management software market sales growth, and it is predicted that this region will maintain its dominance in the years to come. During the projection period, North America is anticipated to experience significant expansion. It is projected that the U.S. and Canada would lead the expansion of the talent management software industry. This is because there are many well-established significant actors present, and the user base of social media platforms there is growing. Additionally, the region has a solid infrastructure that permits greater use of mobile devices, which in turn creates high-speed connectivity and is anticipated to play a significant role in the expansion of talent management software market. The market was led by North America, and this trend is anticipated to persist soon. North America is a potentially developed region for the adoption of talent management, core HR, and recruitment technologies, according to a survey conducted by Cornerstone OnDemand, Inc. The market is expanding as a result of the existence of well-known HCM software providers like Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation, among others. Due to a higher adoption of technology and the availability of technical knowledge regarding the sector, the North American region holds the greatest share of the market.
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APAC to Have Admirable Growth in Talent Management Software Market
The market in Asia Pacific will expand at the fastest CAGR in the upcoming years due to its rapid expansion. The adoption of digital India and increased spending in the IT sector are fueling this region's growth. The use of automated business procedures by businesses is increasing the need for talent management software in this region. In comparison to the other areas, Asia Pacific is likely to experience considerably faster adoption and expand at the greatest CAGR throughout the forecast period. The market for talent management software in Asia Pacific is anticipated to grow more quickly in terms of revenue, supported by the rapid development of social media platforms and rising interest in cloud-based solutions in nations like Japan, China, and India. The region with the highest CAGR predicted to increase is Asia Pacific. The market's expansion can be attributed partly to the businesses adopting cutting-edge technologies. Demand is being driven by a significant change in organizational management technologies across industrialized nations. SMEs will encourage the adoption of this software in countries like Japan, India, and Australia due to active ecosystems. On the contrary, big businesses in the BFSI, manufacturing, education, and IT and telecom sectors will make a lot of money. Due to the region's inclination to adopt cutting-edge technologies, it is anticipated that the Asia Pacific region would have a relatively high growth rate in the next years. Additionally, a fundamental transformation in the region's organizational management structure is what's fueling demand in the developing world.
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