pune,India, April 24, 2023 (GLOBE NEWSWIRE) -- The global Talent Management Software Market size was valued at USD 8.14 billion in 2022 and is expected to reach USD 9.05 billion in 2023. The market is projected to touch USD 20.59 billion by 2030, recording a CAGR of 12.5% during the forecast period of 2023-2030. Streamlining Hiring Process through Technological Innovations to Boost Market Potential Fortune Business Insights™ presents this information in a report titled, "Global Talent Management Software Market Forecast, 2023-2030."
The market is witnessing robust technological innovations due to the large-scale adoption of mobile technology. This market is gaining major traction due to continuous implementation of innovative technologies and dynamic human resource practices. Many key companies in the industry are increasing their focus on upgrading their existing software to boost their business performance.
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Key Industry Development:
June 2022 - Cornerstone OnDemand agreed with Skillsoft to buy SumTotal, a provider of learning and human capital management SaaS services for clients working in complex and highly regulated sectors.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.5% |
| 2030 Value Projection | USD 20.59 Billion |
| Base Year | 2022 |
| Talent Management Software Market Size in 2022 | USD 8.14 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Type, Enterprise Type, Deployment, End-user and Geography |
| Talent Management Software Market Growth Drivers | Streamlining Hiring Process Through Technological Advancements to Foster Market Potential |
Key Takeaways
- Talent management software is experiencing substantial technological modifications primarily driven by the introduction of mobile technology.
- Acceptance of Cloud-based Talent Management Solutions to Foster Market Potential
- By Type Analysis: Talent Acquisition Captured Maximum Market Share with Rising Demand to Boost Productivity
- Talent Management Software Market Size in Asia Pacific was USD 3.23 Billion in 2022
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Drivers and Restraints:
Streamlining Hiring Process Through Technological Advancements to Foster Market Potential
The market is being driven by the growing implementation of cloud-based platforms and usage of mobile-based employee management systems. HR professionals and companies alike are using Software-as-a-Service (SaaS) platforms to automate various processes. These include scouting, identifying, and recruiting new employees, while retaining the existing ones.
However, low awareness regarding the benefits and importance of TMS solutions among SMEs may hinder market growth.
Segments:
Need for Smooth Hiring Process to Boost Adoption of Talent Acquisition Solutions
Based on type, the market is segmented into performance management, compensation management, talent acquisition, learning management, and others. In 2022, the talent acquisition segment captured the largest share in the market due to the rising need for smooth onboarding, recruiting, and sourcing processes.
SMEs to Adopt Performance Management Solutions Due to Rising Spending on HR Technologies
Based on enterprise type, the market is divided into large enterprises and SMEs. The SMEs segment is set to capture a major market share during the forecast period. Small- and mid-sized enterprises are anticipated to be the early adopters of advanced HR technologies, prompting market participants to launch cost-effective options to expensive talent management technologies.
Cloud-based Talent Management Software Widely Used for its Beneficial Characteristics
In terms of deployment, the market is bifurcated into cloud and on-premise. The cloud segment is predicted to hold the largest market share due to its favorable properties such as adaptability, on-demand services, and agility.
IT & Telecommunication Segment to Boost Installation of Talent Management Software Due to Intense Digital Competition
In terms of end-user, the market is segmented into IT & telecommunication, BFSI, government, healthcare, education, manufacturing, and others. The IT & telecommunication segment is anticipated to hold a major market share during the forecast timeframe as the industry is witnessing intense digital competition. Moreover, other factors, such as rising demand for new-generation customers with precise information and an unpredictable economy, have compelled companies to hire trained workforce.
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Regional Insights:
North America held a dominant position in the market and is expected to retain this position over the coming years. The region has showcased robust potential with respect to adopting core HR, talent management, and recruitment technologies, according to a survey by Cornerstone OnDemand, Inc. These factors will boost the deployment of talent management software solutions.
Competitive Landscape:
Market Players to Focus on Mergers & Acquisitions to Boost their Business Operations
Oracle Corporation, IBM Corporation, Talentsoft, Cisco Systems, Inc., and CornerStone OnDemand, Inc. are some of the major participants in the market. These companies offer solutions that are equipped with innovative technologies such as AI and cloud. Moreover, stiff competition in the market has compelled these market players to use the acquisition strategy to strengthen their presence.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- Cornerstone OnDemand (Saba Software, Inc.) (U.S.)
- Workday, Inc. (U.S.)
- Applied Training Systems, Inc. (Trakstar) (U.S.)
- Talentsoft (France)
- BambooHR LLC (U.S.)
- Oracle Corporation (U.S.)
- SAP SE (Germany)
- IBM Corporation (U.S.)
- Sage Group plc (U.K.)
- 15Five (U.S.)
Major Table of Contents:
- Global Talent Management Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
- By Enterprise Type (USD)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- IT and Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East and Africa
- Asia Pacific
- North America Talent Management Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
- By Enterprise Type (USD)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- IT and Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Talent Management Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
- By Enterprise Type (USD)
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-user (USD)
- IT and Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others
- By Country (USD)
- Brazil
- Argentina
TOC Continued….
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FAQ’s
How big is the talent management software market?
Talent Management Software Market size was USD 8.14 billion in 2022
How fast is the talent management software market growing?
The Talent Management Software Market will exhibit a CAGR of 12.5% during the forecast period, 2023-2030
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