Global Talent Management Software Market

Global Talent Management Software Market Size, Share, Growth Analysis, By Solution(Recruiting and Applicant Tracking, Performance Management), By Deployment(On-Premise and Cloud-Based), By Organization size(Small and Medium-sized Enterprises (SMEs), and Large Enterprises) - Industry Forecast 2024-2031

Report ID: SQMIG45E2120 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 88 | Figures: 76

Global Talent Management Software Market Insights

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

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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).

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. 'SAP SE (Germany)', 'Oracle Corporation (US)', 'Workday, Inc. (US)', 'ADP, LLC (US)', 'Ultimate Software (US)', 'IBM Corporation (US)', 'Cornerstone OnDemand, Inc. (US)', 'Kronos Incorporated (US)', 'Ceridian HCM, Inc. (US)', 'Infor (US)', 'Talentsoft (France)', 'PageUp People (Australia)', 'Saba Software, Inc. (US)', 'PeopleFluent (US)', 'SilkRoad Technology (US)', 'Lumesse (UK)', 'SumTotal Systems (US)', 'PeopleAdmin (US)', 'Halogen Software Inc. (Canada)', 'Cezanne HR (UK)'

One major driver contributing to the growth of the global talent management software market is the increasing emphasis on employee engagement and retention. Organizations recognize the importance of effectively managing and developing their talent to maintain a competitive edge. Talent management software offers robust solutions for performance management, learning and development, and succession planning, enabling companies to enhance employee engagement, identify high-potential individuals, and foster a culture of continuous growth and development. As a result, the demand for talent management software is driven by the need to attract, retain, and nurture top talent in the ever-evolving business landscape.

One key market trend in the global talent management software market is the growing adoption of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML are being integrated into talent management software to automate and streamline various processes, including candidate sourcing, resume screening, performance evaluations, and learning recommendations. These advanced technologies enable organizations to make data-driven decisions, enhance the accuracy of talent assessments, and personalize employee experiences. The integration of AI and ML in talent management software is revolutionizing traditional HR practices and enabling organizations to optimize their talent management strategies for better business outcomes.

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.

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