Pune, July 22, 2024 (GLOBE NEWSWIRE) -- Talent Management Software Market Size Analysis:
“According to SNS Insider Research, The Talent Management Software Market size was valued at US$ 9.17 billion in 2023 and is expected to surpass US$ 25.42 billion by 2032, growing at a CAGR of 12.0% over the forecast period of 2024-2032.”
When tech companies battle over the best recruiting talent, firms work to offer more opportunities and activities for employee fulfillment and enter into talent management software. However, the use of this type of software is rising as companies are continuously trying to optimize their employee engagement and retention strategies. Image Credits HR technology demands are changing, with most companies likewise requiring HR solutions that can be easily integrated and accessed by a remote worker base, as more people work from home. According to SNS Insider, the average rate of people working from home in India is around 12.5 % as full-time employees, and more than 26% are working in hybrid mode, in 2024.
A swift move towards cloud-based apps and digitalization are the top drivers pushing up demand for software solutions, while uptake in talent management tools by various industries, and is also expected to push new as well as refined tools into the market. The industry is growing at a fast pace as there are multiple factors leading to its growth like Increased R&D and investments, Positive investment scenario, and Increasing involvement of major technological giants in the sector developments. For Instance, Recently TCS, a giant player in the software market, has made a huge investment of $ 1.5 billion, through a Pipeline project in AI, to improve the work environment of around 6 Lac Employees.
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Major Players Analysis Listed in this Report are:
- Workday, Inc.
- IBM Corp.
- Oracle Corp.
- Peoplefluent, Inc.
- BambooHR LLC
- CornerStone OnDemand Inc.
- SAP SE
- Haufe Group
- Lumesse AS
- DelTek Inc.
- Applied Training Systems, Inc.
- Saba Software Inc.
- Halogen Software Inc.
- Other Players
Talent management software like as ADP Workforce, Zip Recruiter, Talent 3Sixty, LinkedIn, Workday, and ORACLE TBE can help employees learn at their convenience, enhance hiring procedures, and fortify office culture by digitizing workforces for better performance. The interoperability of social media technologies makes it simple to incorporate these developments into other mobile apps, which boosts the general usage of talent management software. Economic growth has also been impacted by technological advancements like machine learning (ML) and artificial intelligence (AI). For example, WorkforceGPT TalentGuard is a brand new program launched in March 2023 that uses cutting-edge technology to help companies manage their workforce in a brand new way.
Talent Management Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.17 billion |
| Market Size by 2032 | US$ 25.42 Billion |
| CAGR | CAGR of 12% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Increasing Market Potential by simplifying the Hiring Process with Technological Innovations |
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Recent Developments:
- In May 2024, Oracle announced a new AI-powered upskilling solution within Oracle Grow, part of the Oracle ME employee experience platform within Oracle Fusion Cloud Human Capital Management (HCM).
- In Sept 2022, Workday, Inc., a leading provider of enterprise cloud applications for finance and human resources, has introduced cutting-edge skills technology that allows organizations to easily and securely import and export skills data within the Workday platform.
Segment Analysis for Talent Management Software Market:
By Solution: In solution-type segmentation, employee lifecycle management dominated the market with over 30% market share in 2023. This segment's dominance is driven by the increasing emphasis on employee engagement and retention strategies. Companies are leveraging platforms like SkyPrep, Deel, WeSchool, and Leapsome to train and develop employees, fostering long-term organizational commitment.
Talent Management Software Market Key Segmentation:
By Solution
- Employee Lifecycle Management
- Recruiting Management
- Learning and Training Management
- Compensation Management
- Performance Management
By Deployment
- Cloud
- On-Premise
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Application
- Introduction
- IT and Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others
By Region:
North America led the talent management software market with more than 35% market share. The region benefits from a mature market landscape and high adoption rates of core HR and recruitment technologies. Established players like Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation contribute significantly to market dominance.
Significant growth is expected in Asia-Pacific, mostly due to the growing adoption of technology by businesses. Countries like Japan and India are pivotal markets, especially among SMEs and large enterprises in sectors such as IT & telecom, BFSI, manufacturing, and education, propelling market expansion.
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Key Takeaways
- Implementing talent management software to raise worker output.
- A greater focus on strategies for staff retention and engagement.
- Technical advances drive market innovation and scalability.
- North America maintains leadership with mature market conditions.
- Asia-Pacific emerges as a key growth region, fueled by technological adoption.
- Strategic acquisitions and innovations shaping market dynamics.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Talent Management Software Market Segmentation, By Solution
8. Talent Management Software Market Segmentation, By Deployment
9. Talent Management Software Market Segmentation, By Organization Size
10. Talent Management Software Market Segmentation, By Application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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