According to the report, the global talent management software market was around USD 5.6 billion in 2018 and is expected to reach approximately USD 10.9 billion by 2025, at a CAGR of slightly above 9.9% between 2019 and 2025.
New York, NY, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Talent Management Software Market By Component (Software and Services), By Deployment Model (Cloud-Based and On-Premises), By Industry (BFSI, Telecom & IT, Government, Healthcare, Education, Manufacturing, Retail, and Others) and By Enterprise Type (SME’s and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global talent management software market was around USD 5.6 billion in 2018 and is expected to reach approximately USD 10.9 billion by 2025, at a CAGR of slightly above 9.9% between 2019 and 2025.
Talent management is a process of attracting, developing, motivating, engaging, and retaining high performing employees in an organization. The major function of talent management is to enhance the performance of employees.
Browse through 71 Tables & 32 Figures spread over 188 Pages and in-depth TOC on “Global Talent Management Software Market Size 2018: Industry Type, Share, Market Trends, Segments, Analysis and Forecast Up to 2025”.
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With rapid advancements in technology, the adoption of various social media platforms has increased. In the last few years, the user-base of various social media platforms has subsequently grown. The use of social media as a source to gather real-time data for talent management has subsequently increased. Social media, in turn, widens the pool of potential candidates to include those candidates that have not applied for the job but are available for employment. Talent management software and applicant tracking are widely used by organizations to find the best employees through web portals and online databases. The software also allows cross-checking of applicants’ credentials. Thus, the emergence of social media is a huge opportunity for the talent management software market. However, the constrained availability of effective internet connectivity infrastructure in the organizational environment may hamper the talent management software market growth.
On the basis of enterprise type, the talent management software market is classified into small and medium enterprises (SMEs) and large enterprises. In large enterprises, the acceptance of talent management software is higher due to the cost-effectiveness of the hiring process. Moreover, large enterprises are concerned about data security and talent management software enhances security measures and assists in compliance management. By deployment model, the cloud-based model is projected to hold a substantial share of the market in the years ahead. This can be attributed to the efficiency in security, time management, and cost-saving offered by the cloud-based model. In cloud-based deployment models, users can scale services to meet their needs, customize the applications, and assess the cloud services from anywhere with the use of the internet.
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North America is a major contributor to the talent management software market globally, due to substantial advancements in technology, increasing favorable government regulations and the presence of leading market players like Saba Software, Cornerstone OnDemand, and Taleo Corporation. Moreover, mergers and acquisitions are anticipated to further this regional market. In addition, many mid- and small-sized enterprises in North America are also adopting talent management software, which has boosted the demand for talent management solutions.
The demand for talent management software in Europe is increasing due to the technological investments made in the BFSI sector as the sector is increasingly using the software as evaluation criteria. Moreover, the talent management software market is also growing due to the regional expansion by major players like Talentsoft and Lumesse.
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The Asia Pacific talent management software market is expected to witness notable growth in the future, owing to the technological advancements and emergence of social media platforms mainly in China, India, and Japan. Thus, these countries are likely to adopt this software for talent management processes in the years ahead. Moreover, various government compliances that were initiated in the past years for increasing the adoption of talent management software will also boost this regional market in the future. Infrastructural developments in various sectors, such as government, IT, chemical, and law firms are expected to further drive this market.
Latin America will show significant growth in the talent management software market, owing to the growing software demand, favorable government initiatives to improve the market conditions, and flourishing regional industries, such as BFSI, healthcare, manufacturing, etc. The Middle East and Africa is expected to witness notable growth in the talent management software market over the estimated time span, owing to the increasing regional adoption and awareness of talent management software and growing digitalization.
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Some noticeable players of the talent management software market are IBM, Cornerstone OnDemand, SumTotal Systems, Oracle, Lumesse, Skillsoft, Peoplefluent, Talentsoft, Workday, TalentGuard, and Saba Software.
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This report segments the global talent management software market into:
Global Talent Management Software Market: Deployment Model Analysis
Global Talent Management Software Market: Component Analysis
Global Talent Management Software Market: Industry Analysis
- Telecom and IT
Global Talent Management Software Market: Enterprise Type Analysis
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Global Talent Management Software Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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