Talent Management Software Market size worth US$17.367 billion by 2029

talent management software market

The talent management software market is expected to grow at a CAGR of 13.93% during the forecasted period, with a market valuation of US$9.047 billion in 2024, and is expected to reach US$17.367 billion by 2029.

Over the forecast period, the market is expected to grow rapidly due to the expanding application of talent management software across nearly all industries that are focused on human capital. The workforce management practices of organizations are being disrupted by several new technologies, the most notable of which are advanced data analytics and cloud computing. The industry is going through a facelift. The primary cause of the increased demand for software solutions is the quick transition to web-based applications and digitization. Additionally, the rate at which various industries are implementing talent management solutions and tools is expected to lead to an inflow of new and improved tools into the market.

Changes in the industry are typically brought about by a number of factors, including the entry of large corporations, the high cost of research and development, and an environment that is conducive to investment. While large organizations are searching for solutions that offer all the necessary functionalities under one integrated offering, smaller businesses are looking for standalone capabilities like recruitment or performance management.

Further, trends such as the growth of social media and cloud user counts are enabling the market to grow. Moreover, the growth in the market is being driven by SaaS HR tools while driving talent management systems in the market. The integration of these well-nurtured developments with social media tools into other mobile apps raises the total usage of talent management software.

It is projected that employee engagement-related features will fuel the market expansion for talent management software. Engaged employees are the result of effective learning, development, and recruitment strategies. Increasing employee engagement requires the use of talent management features like creative performance management. providing quick employee engagement surveys on a quarterly and annual basis, as well as data collection that enables quick connections with other data.

Moreover, organizations are using data for competitive advantage because they are generating huge volumes of information with growing degrees of digitization. Contrastingly, old-fashioned approaches that agencies would employ to convert large volumes of data into actionable insights swiftly are being rendered obsolete by cloud-based technologies. It has been demonstrated that talent management gives major players a significant competitive advantage. Because cloud-based software offers so many flexible options for payments and plans, businesses are switching to it. Customized package availability is dependent on several factors, such as the number of users and the operating hours. For example, IBM OpenPages offers cloud-based software for managing data privacy, enabling businesses to address new data privacy challenges.

The Talent management software market, by type, is divided into five types- Performance management, talent acquisition, learning management, compensation management, and others. The market for talent acquisition is expected to grow substantially as a result of the rising need for effective sourcing, hiring, and onboarding practices. Further, HR and recruiting teams use a performance management dashboard to monitor and manage the hiring process and it is therefore expected that a rising need for such dashboards will drive the segment during the forecast period.

The Talent management software market, by analysis, is divided into two types- Service and solution. Over the course of the forecast period, the demand for installation, training, and consulting services both prior to and following the implementation of this software is anticipated to propel the growth of the service segment. The professional services needed for the future growth of any organization include planning, strategy and software deployment.

The Talent management software market, by deployment, is divided into two types- On-Premise and cloud. Software solutions for talent management can be deployed through cloud infrastructure or on-premises. Demand for cloud-based services that come with several benefits including flexibility, agility and on-demand services has resulted in the expansion of the market. Although there is a lot of market demand for the on-premise segment, more businesses are expected to select cloud-based services and solutions in the coming years.

The Talent management software market, by end-user, is divided into six types- IT & telecommunication, BFSI, government, and healthcare. education, and others. Owing to digital competition, an unstable economy, as well as a new generation of customers with high expectations and precise information, this industry finds itself grappling with enormous hurdles. Because of this, there is now a need for both cutting-edge recruitment techniques and excellent human resources.

Further, the high demand by the BFSI sector for talent is being influenced by the growing use of digitalization for routine activities as well as the changing ways in which people relate at work. There is a rising demand from the healthcare industry and the need to have a well-trained workforce in this field has led to increasing advances in human capital management technologies.

The North American region is expected to witness significant growth in the Talent management software market during the forecasted period. Centralized systems that control all aspects of the employee lifecycle are becoming necessary due to increased emphasis on HR strategic functions. This program can act as a bridge, bridging that gap of opportunity. Additionally, the emergence of remote and hybrid work models has ushered in fresh difficulties related to these two types of labour.

Tools for managing remote performance and communication are required for geographically dispersed teams, and this software encompasses them all. North American organizations must put employee engagement and retention as their top priorities owing to the competitive labour market. North America has such software as employee empowerment, talent management and recognition programs which support the development and nurturing of environmentally conscious green businesses.

The research includes several key players from the Talent management software market, such as Cegid, Bamboo HR LLC, Oracle, SAP, IBM, Sage Group plc, Workday, Inc., 15Five, Cornerstone, and Lumesse.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/talent-management-software-market

The analytics report categorizes the talent management software market using the following criteria:

Segmentation:

  • By Type
    • Performance Management
    • Talent Acquisition
    • Learning Management
    • Compensation Management
    • Others
  • By Analysis
    • Service
    • Solution
  • By Deployment
    • On-Premise
    • Cloud
  • By End–User
    • IT & Telecommunication
    • BFSI
    • Government
    • Healthcare
    • Education
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Taiwan
      • Thailand
      • Indonesia
      • Others
  • Custom Software Development Market Size

  • PAC Programming Software Market

  • Event Management Software Market Share