PUNE, July 22, 2024 (GLOBE NEWSWIRE) — Talent Management Software Market Size Analysis:
“According to SNS Insider Research, the talent management software market size is expected to be valued at USD 9.17 billion in 2023 and exceed USD 25.42 billion by 2032, growing at a CAGR of 12.0% over the forecast period 2024-2032.”
As technology companies compete for the best talent, companies turn to talent management software in an effort to create more opportunities and activities for employee satisfaction. However, the use of such software is on the rise as companies continuously strive to optimize their employee engagement and retention strategies. Image Credit The demand for HR technology is shifting and with more people working from home, most companies similarly require HR solutions that are easily integrated and accessible to remote workers. According to SNS Insider, the average percentage of full-time employees in India who work from home is around 12.5%, with over 26% expected to work in hybrid mode by 2024.
The rapid shift towards cloud-based apps and digitization is the major driving force behind the demand for software solutions, while new and improved tools are also expected to be launched in the market, while talent management tools are being adopted across industries. The industry is growing at a rapid pace as there are multiple factors leading to growth including increasing R&D and investments, a positive investment scenario, and increasing involvement of leading tech giants in the sector development. For example, recently, TCS, a major player in the software market, made a huge investment of $1.5 billion through its pipeline projects in AI to improve the working environment of around 600,000 employees.
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The analysis of the key players covered in this report includes:
Workday, Inc.IBM Corp.Oracle Corp.Peoplefluent, Inc.BambooHR LLCCornerStone OnDemand Inc.SAP SEHaufe GroupLumesse ASDelTek Inc.Applied Training Systems, Inc.Saba Software Inc.Halogen Software Inc.Other companies
Talent management software such as ADP Workforce, Zip Recruiter, Talent 3Sixty, LinkedIn, Workday, ORACLE TBE, etc. help employees learn at their convenience, enhance recruiting procedures, and strengthen office culture by digitizing the workforce to improve performance. The interoperability of social media technologies allows these developments to be easily incorporated into other mobile apps, improving the general use of talent management software. Economic growth is also influenced by technological advancements such as machine learning (ML) and artificial intelligence (AI). For example, WorkforceGPT TalentGuard is a brand new program launched in March 2023 that uses cutting-edge technology to help companies manage their workforce in a whole new way.
Scope of the Talent Management Software Market Report:
Report Attributes Details Market Size in 2023 US$ 9.17 Billion Market Size by 2032 US$ 25.42 Billion CAGR 12% from 2024 to 2032 Base Year 2023 Forecast Period 2024-2032 Historical Data 2020-2022 Key Region 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 & Africa) [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 • Technological innovations simplifying the recruitment process, expanding market potential
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Recent developments:
In May 2024, Oracle announced new AI-powered upskilling solutions within Oracle Grow, part of the Oracle ME Employee Experience Platform within Oracle Fusion Cloud Human Capital Management (HCM). In September 2022, Workday, Inc., a leading provider of enterprise cloud applications for finance and HR, introduced cutting-edge skills technology that enables organizations to easily and securely import and export skills data within the Workday platform.
Segment Analysis of Talent Management Software Market:
By Solution: In the solution type segmentation, employee lifecycle management dominated the market with more than 30% market share in 2023. The dominance of this segment is attributed to the increasing focus on employee engagement and retention strategies. Companies are leveraging platforms such as SkyPrep, Deel, WeSchool, and Leapsome to train and develop employees, encouraging long-term organizational commitment.
Key Segmentations of the Talent Management Software Market:
By Solution
Employee Lifecycle ManagementRecruitment ManagementLearning and Training ManagementCompensation ManagementPerformance Management
By deployment
By organization size
Small and medium-sized enterprises Large enterprises
By Application
IntroductionIT & TelecomBFSIGovernmentMedicalEducationManufacturingOthers
By region:
North America leads the talent management software market with a market share of over 35%. The region benefits from a mature market environment and high adoption rate of core HR and recruiting technologies. Leading players such as Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation are contributing significantly to dominate the market.
The Asia Pacific region is expected to witness significant growth, primarily due to the increasing adoption of technology by enterprises. Countries such as Japan and India are pivotal markets for SMEs and large enterprises, especially in sectors such as IT & Telecom, BFSI, manufacturing, and education, thus driving the market expansion.
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Key Takeaways
Adopting human capital management software to improve employee productivity. Focus on staff retention and engagement strategies. Technological advancements drive market innovation and scalability. North America maintains its leadership in a mature market landscape. Asia Pacific emerges as a key growth region, driven by technology adoption. Strategic acquisitions and innovations shape the market dynamics.
Table of Contents – Main Points
1.First of all
2. Industry Flowchart
3. Research Methods
4. Market Trends
5. Porter’s Five Forces Model
6. Plague 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 Profile
13. Competitive Environment
14. Use Cases and Best Practices
15. Conclusion
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