Talent Management Software Market to Grow with a CAGR of 12.76% Globally through to 2028
Talent Management Software market is increasing due to
the rising demand for automation and optimization of complex HR functions in
the forecast period, 2024-2028.
According to
TechSci Research report, “Global Talent Management Software Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028
The Global Talent
Management Software market has witnessed tremendous growth in recent years,
reaching a valuation of USD 8.65 billion in 2022. The market is projected to
continue its strong upward trajectory, posting a CAGR of 12.76% from 2024 to
2028. The Global Talent Management Software market is experiencing robust
growth driven by increasing adoption among businesses. Enterprises are
recognizing the transformational potential of talent management software in
enabling new capabilities across key HR functions such as recruitment, performance
management, learning and development, and workforce planning. Companies are
strategically investing in talent management solutions to develop innovative
use cases and improve business outcomes. Breakthroughs in technologies like
artificial intelligence, cloud computing, data analytics, and biometrics have
made talent management software more data-driven, scalable and adaptable for
enterprise needs. Businesses quickly adopt these innovations to gain a
competitive edge through advanced people analytics and productivity tools.Adoption is also
fueled by evolving corporate strategies focused on attracting and retaining top
talent. Firms now understand the strategic value of leveraging talent
management software for applications such as predictive talent analytics,
skills gap analysis, succession planning, and personalized learning. This
transformational shift is powering rising enterprise demand.
Continued
technological advancement is also driving market growth. Innovations in areas
such as AI, cloud, data analytics, and biometrics have enhanced the
capabilities of talent management platforms. Enterprises are able to develop
more data-driven, scalable and adaptable solutions to address their talent
needs. As organizations continue
discovering new potential uses and business values with talent management
software, the outlook for sustained strong market expansion remains positive.
Talent management solutions have become a critical part of digital transformation
and HR strategies for leading companies worldwide. The global talent management
software market is well-positioned for continued robust growth.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on "Global Talent Management Software Market.”
The Global
Talent Management Software Market can be segmented based on deployment,
component, and end-user industry.
Based on
deployment, the market is segmented into cloud and on-premise. The cloud
segment dominates currently due to advantages like scalability, flexibility,
low upfront costs and easy maintenance offered by cloud-based talent management
solutions. In terms of component, the market is bifurcated into solutions and
services. The solutions segment includes core HR, recruitment, learning
management, performance management, and compensation management modules. The
services segment is further classified into professional and managed services.
In terms of
end-user industry, the market covers consumer, IT and telecom, healthcare, banking,
financial services, and insurance (BFSI), manufacturing and industrial, and
others. The BFSI industry dominates presently on account of high demand for
automated and streamlined talent acquisition and management processes. Rapid
digital transformation across industries is fueling demand for talent
management systems that offer advanced analytics capabilities.
The cloud
deployment segment is expected to witness the fastest CAGR during the forecast
period. This is attributed to growing preference among organizations for
cloud-based solutions that provide scalability, flexibility and low costs.
Healthcare and
IT & telecom industries are projected to showcase high growth rates over
the next five years. In the healthcare sector, talent management software helps
address issues like nursing staff shortages by improving recruitment workflows.
While in IT, it aids in managing a geographically dispersed workforce. Overall,
the talent management software market outlook remains positive, supported by evolving
business needs and advancing digital technologies that enhance the
functionality of these solutions.
Major companies operating in Global Talent
Management Software Market are:
- Oracle Corporation
- SAP SE
- IBM Corporation
- SumTotal Systems, LLC
- Automatic Data Processing, Inc
- Ceridian HCM, Inc
- Ultimate Software
- LinkedIn Corporation
- Cornerstone OnDemand, Inc
- Workday, Inc
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“The Talent Management
Software market is experiencing significant growth due to advancing
technologies and widespread adoption across enterprises. Technological
breakthroughs in areas such as artificial intelligence, data analytics, cloud
computing and Internet of Things are expanding the capabilities of talent
management software. These solutions can now generate realistic insights,
predictions, and personalized recommendations to support diverse business
applications at scale.
Enterprises are
recognizing talent management software as strategic tools that can go beyond
supplementary technologies. Software solutions are becoming integral to
strategic planning and decision-making processes. By collecting and analyzing
vast amounts of employee data, talent management solutions allow enterprises to
deeply customize learning content, performance management programs and
experiences for individual employees and teams. This level of personalized
engagement based on preferences, behaviors and predicted needs is
revolutionizing how businesses develop and engage their workforce.
Adoption of
talent management software is no longer limited to large enterprises. Even
small and medium enterprises are investing in these solutions to attract and
retain talent. Solution providers continue to innovate through R&D to
address the evolving needs of diverse organizations and industries.
Regulatory
bodies are developing frameworks around data privacy and security to ensure
ethical standards are upheld. This fosters healthy competition and allows
solution providers to innovate without compromising compliance. Powered by
ongoing technological breakthroughs, growing acceptance of data-driven HR
strategies, and a strong focus on innovation, the talent management software
market is poised for sustained growth. As AI and analytics become core
capabilities of these solutions, they are cementing their role as indispensable
tools to transform digital experiences and optimize workforce management across
all enterprise sizes and sectors. The future outlook for the talent management
software industry remains promising..” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Talent
Management Software Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Deployment (Cloud, On-premise), By Component (Solution,
Services), By End-User
Industry (Consumer, IT and Telecom, Healthcare, Banking, Financial Services,
and Insurance (BFSI), Manufacturing and Industrial, Others), By
Region, By Competition”, has evaluated the future growth
potential of Global Talent Management Software Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Talent Management Software Market.
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