Fort Collins, Colorado, April 28, 2024 (GLOBE NEWSWIRE) --
The popularity of talent management software and technological integration drives the industry's growth.
The talent management software industry is primarily propelled by integrating software solutions to streamline and access talent pools. These tools serve as invaluable assets for organizations, simplifying the hiring process for agencies and businesses. Furthermore, technological innovations such as chatbots, virtual assistants, and learning management solutions have long been prominent in the human resources sector. The advent of artificial intelligence, machine learning, and cloud-based solutions is anticipated to continue driving technological advancements in the market throughout the forecast period.
The popularity of talent management software hinges on its ability to enhance efficiency, automate tasks, and facilitate data-driven decision-making. These attributes are essential for effective workforce planning and evaluating the efficacy of various HR initiatives at organizational levels. Moreover, these software solutions often incorporate robust reporting and analytics features, empowering HR teams to leverage data insights for informed decision-making processes.
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Segmentation Overview:
The talent management software market has been segmented into type, enterprise type, end-user, and region.
Large enterprises dominated the industry in 2023.
- Based on enterprises, the industry is bifurcated as small, medium, and large. Large enterprises accounted for a significant market share and will continue to lead the segment growth in the coming years. Demand for a qualified workforce and the adoption of automated systems drive the development of the segment.
Healthcare is the leading segment and attracts more growth for the industry.
- The market segmentation, based on end-user, comprises BFSI, IT, healthcare, education, and manufacturing. Healthcare is a leading segment poised to grow in the coming years. Furthermore, education is the fastest-growing segment for the forecast period.
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Talent Management Software Market Report Highlights:
- The talent management software market growth is anticipated at a CAGR of 11.9% by 2032.
- Adopting remote work and needing a talented workforce drives the industry's growth.
- North America is a leading region for talent management software and is projected to retain a dominant position in the forecast period.
- Some prominent players in the talent management software market report include Cornerstone OnDemand, Workday, Inc., Applied Training Systems, Inc., Talentsoft, BambooHR LLC, Oracle Corporation, SAP SE, IBM Corporation, Sage Group plc, and 15Five.
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