USD 8.15 billion
Report ID:
SQMIG45E2120 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
88 |
Figures:
76
Global Talent Management Software Market size was valued at USD 8.15 billion in 2022 and is poised to grow from USD 9.18 billion in 2023 to USD 23.71 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).
The global market is undergoing significant transformation due to the emergence of advanced technologies that are revolutionizing workforce management within organizations. Cloud computing and data analytics play prominent roles in reshaping this industry. The growing preference for web-based applications and digitalization is driving the increased demand for software solutions. Furthermore, the rapid adoption of talent management tools and solutions across different industries is expected to bring forth a plethora of new and enhanced tools in the market. Several factors contribute to the rapid expansion of the talent management software industry.
Extensive research and development activities, along with a favorable investment landscape, are driving this growth. Moreover, large technology companies are increasingly showing interest in industry developments, which further fuels the market expansion. The future trends in this industry are heavily influenced by the demand for various products. Some companies prioritize standalone capabilities such as performance management or recruitment management, while larger organizations seek solutions that offer all the necessary functionalities in one integrated offering.
US Talent Management Software Market is poised to grow at sustainable CAGR for the next forecast year
Global Market Size
USD 8.15 billion
Largest Segment
Performance Management
Fastest Growth
Recruiting and Applicant Tracking
Growth Rate
12.6% CAGR
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Global Talent Management Software Market is segmented by solution, deployment, and region. Based on solution, the market can be segmented into recruiting and applicant tracking, performance management, learning and development, and compensation management. Based on deployment, the market is segmented into on-premises, and cloud-based. Based on organization size, the market can be segmented into small and medium-sized enterprises (SMEs), and large enterprises. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Talent Management Software Market Analysis by Solution
By solution, the market can be segmented into recruiting and applicant tracking, performance management, learning and development, and compensation management. Performance management software dominated the talent management software market. This segment offers solutions that enable organizations to effectively manage and assess employee performance. Performance management software provides features like goal setting, performance evaluation, feedback mechanisms, and performance improvement planning.
The recruiting and applicant tracking segment is the fastest-growing segment within the talent management software market. This segment includes software solutions that simplify and automate the recruitment process, from job posting to applicant tracking and candidate selection. Recruiting and applicant tracking software helps organizations streamline their hiring workflows, reduce time-to-fill positions, and improve the quality of hires. By leveraging automation and AI-based algorithms, these solutions enable recruiters to source, screen, and shortlist candidates more efficiently, resulting in cost savings and improved candidate experiences.
Talent Management Software Market Analysis by Deployment
By deployment, the market can be segmented into on-premises and cloud-based. The cloud-based deployment model dominated the talent management software market. Cloud-based solutions, also known as Software-as-a-Service (SaaS), offer numerous advantages over traditional on-premises deployments. They provide greater flexibility, scalability, accessibility, and cost-effectiveness for organizations of all sizes.
The on-premises segment is experiencing steady growth. On-premises deployments involve installing the talent management software directly onto the client's infrastructure and servers, allowing organizations to have complete control over their data and customization options. Additionally, organizations operating in regions or industries with limited internet connectivity or stringent data privacy regulations may prefer on-premises deployments over cloud-based solutions.
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North America holds a dominant position in the market. The region's dominance can be attributed to the presence of advanced technology infrastructure, a well-established corporate sector, and a high adoption rate of digital solutions. The United States, in particular, plays a crucial role in driving the market growth due to its large economy and the presence of major software providers.
The Asia-Pacific region is witnessing substantial growth and is considered the fastest-growing region in the talent management software market. Factors contributing to this rapid expansion include the increasing adoption of digital technologies, the emergence of start-ups and small to medium-sized enterprises (SMEs), and the growing awareness among organizations about the benefits of talent management solutions.
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Talent Management Software Market Drivers
Increasing emphasis on employee engagement and retention
Talent Management Software Market Restraints
Concern over data security and privacy
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Global talent management software market is characterized by a diverse range of vendors offering innovative solutions to cater to the evolving needs of organizations. The market is highly competitive, with companies striving to differentiate themselves through advanced features, user-friendly interfaces, and seamless integration capabilities. Key strategies employed by market players include product development, partnerships, mergers and acquisitions, and expanding their geographical presence. Additionally, vendors are focusing on enhancing customer experience, providing comprehensive support services, and staying abreast of technological advancements to maintain a competitive edge in this dynamic market.
Talent Management Software Market Top Player’s Company Profiles
Talent Management Software Market Recent Developments
In February 2024, Talent Tech Labs (TTL) announced the release of the second iteration of its Talent Management Ecosystem, offering the latest snapshot of an ever-evolving software landscape that’s powering the transformation of HR service delivery today.
In November 2023, Engagedly, the pioneering provider of AI-powered cloud-based talent management software for Performance, Learning & Development, and Employee Engagement solutions, in its pursuit to improve employee engagement, performance, and experience, acquired theEMPLOYEEapp, an employee communication platform for deskless employees.
In October 2023, Codility, the leading technical hiring platform, announced the launch of its groundbreaking Engineering Skills Model (ESM). The ESM, now integrated into their products and focused on skill-level assessment, revolutionizes how engineering leaders assess and nurture skills within their teams.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global talent management software market analysis, the market is undergoing significant transformations driven by disruptive technologies, such as cloud computing and data analytics. The industry is experiencing a rapid shift towards web-based applications and digitization, resulting in increased demand for software solutions. Extensive research and development activities, an optimistic investment landscape, and the involvement of large technology companies contribute to the industry's expansion. North America dominated the market, while the Asia-Pacific region emerges as the fastest-growing region. However, data security and privacy concerns pose a restraint to widespread adoption. The market is highly competitive, with key players focusing on innovation, partnerships, and customer experience. Additionally, the integration of AI and ML technologies is a prominent trend shaping the future of talent management software.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.15 billion |
Market size value in 2031 | USD 23.71 billion |
Growth Rate | 12.6% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Talent Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Talent Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Talent Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Talent Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG45E2120