USD 8.15 billion
Talent Management Software Market Size, Share, Growth Analysis, By Solution(Recruiting Management, Compensation Management, Employee Lifecycle Management, Learning and Training Management and Performance), By Deployment(On-Premise and Cloud-Based), By Application(BFSI (Banking, Financial Services, and Insurance), Retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2120 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
88
|Figures:
76
Talent Management Software Market Insights
Talent Management Software Market size was valued at USD 8.15 billion in 2022 and is poised to grow from USD 9.17 billion in 2023 to USD 23.71 billion by 2031, growing at a CAGR of 12.6% during the forecast period (2024-2031).
Growing emphasis on improving employee engagement and retention to maximize productivity in businesses is projected to primarily drive the demand for talent management software. Increasing awareness regarding the benefits of talent management software deployment, the rising popularity of remote and hybrid work models, and the high demand for upskilling and reskilling are also expected to promote the demand for talent management software in the future. Large enterprises with massive workforces are expected to spearhead the adoption of talent management software on a global level. Talent management software companies are estimated to focus on integration of advanced technologies to maximize their business scope. Artificial intelligence will be a key technology for talent management software providers as demand for automated talent management rises on a global level. On the contrary, data privacy and security concerns, resistance to change, and challenges in customization are forecasted to slow down the demand for talent management software across the study period and beyond.
US Talent Management Software Market is poised to grow at sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Performance Management
Fastest Growth
Recruiting and Applicant Tracking
Growth Rate
12.6% CAGR
Global Talent Management Software Market ($ Bn)
Country Share for North America Region (%)
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Talent Management Software Market Segmental Analysis
The Global Talent Management Software Market is segmented by solution, deployment, application and region. Based on solution, the market can be segmented into recruiting management, compensation management, employee lifecycle management, learning and training management, and performance management. Based on deployment, the market is segmented into on-premises, and cloud-based. Based on application, the market can be segmented into BFSI (banking, financial services, and insurance), retail, it & telecom, healthcare, government, education and others. 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 Organization Size
Large enterprises are forecasted to account for a major chunk of the global talent management software market share. The presence of a massive workforce in large enterprises and growing emphasis on improving productivity of the same are helping this segment maintain a high market share. High spending potential of large enterprises allows them to invest in the deployment of novel talent management software. The need for better scalability in large enterprises is also expected to promote the demand for talent management software in the future. Growing emphasis on managing complex workforce issues effectively will also create new business scope for talent management software providers in the future.
Meanwhile, the demand for talent management software in small and medium enterprises (SMEs) is estimated to rise at a rapid CAGR across the forecast period and beyond. The growing number of SMEs around the world and their increasing emphasis on productivity enhancement are helping this segment generate new opportunities. Increasing availability of affordable cloud-based talent management software is also expected to help bolster market growth via this segment in the future. The need for better employee engagement in SMEs is also creating high demand for talent management software.
Talent Management Software Market Analysis by Solution
Employee Lifecycle management is projected to account for the largest share of the global talent management software market. From onboarding to employee resignation, employee lifecycle management involves a vast process that can be easily managed through the use of talent management software. Use of talent management software for employee lifecycle management can help reduce administrative load on organizations and also help them save a lot of capital that would be invested in staff and solutions if not for talent management software.
Meanwhile, the use of talent management software for learning and training management is projected to rise at a notable pace across the study period and beyond. Increasing emphasis on upskilling and reskilling in organizations to enhance efficiency and productivity is projected to help this segment create new opportunities for talent management software companies. Integration of talent management software with learning management systems (LMS) is also expected to create new opportunities for talent management software companies in the future. Growing interest of employees in learning new skills will also help this segment generate more revenue in the future.
Global Talent Management Software Market By Organization Size
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Talent Management Software Market Regional Insights
North America is estimated to account for a substantial share of the global talent management software market. The presence of multiple well-established corporate giants and their increased emphasis on employee engagement are helping this region lead the global talent management software demand outlook. Canada and the United States are both estimated to be highly opportune markets for talent management software companies operating in this region. Moreover, the presence of key talent management software providers coupled with rising use of analytics and informed decision-making are also expected to aid the dominance of this region.
The Asia-Pacific region is expected to emerge as the most opportune market for talent management software companies around the world. Rapidly increasing number of small and medium enterprises in this region is forecasted to bolster the demand for talent management software going forward. India, China, and Japan are slated to be the top markets for talent management software companies to invest in through 2031 and beyond. Increasing efforts of organizations in this region to retain and attract skilled workforce are also expected to promote the adoption of talent management software in this region. Moreover, imposition of new mandates to enhance compliance is also expected to favor the demand for talent management software going forward.
Global Talent Management Software Market By Region
- Largest
- Fastest
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Talent Management Software Market Dynamics
Talent Management Software Market Drivers
Rising Popularity of Remote and Hybrid Work Models
- The COVID-19 pandemic gave rise to the trend of remote and hybrid work models, and this has only grown in popularity post-pandemic. The need for centralized platforms that streamline talent acquisition, onboarding, performance management, and learning is quite high in remote and hybrid work models, which is projected to favor the demand for talent management software as well.
Demand for Upskilling and Reskilling
- Organizations as well as employees around the world are focusing on upskilling and reskilling to keep up with rapidly changing technologies and business solutions. Talent management software integrates learning management systems (LMS) to facilitate continuous employee development and skill enhancement, which makes it easy for organizations to boost their productivity and capabilities.
Restraints
Resistance to Change
- Complexities of transitioning from manual or legacy systems to new talent management software, alongside the need for training on new platforms leads to resistance to change among employees in organizations. This resistance to change is projected to hamper the overall talent management software adoption rates on a global level.
Challenges in Customization
- Every organization has different needs for talent management and customizing talent management software to each organization’s preferences is a herculean task. Creating custom talent management software is a very capital and time-intensive process that makes the solution more expensive and therefore reduces the profit margins of talent management software providers.
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Talent Management Software Market Competitive Landscape
Talent management software providers should focus on developing new solutions that are affordable and easily integrated with legacy infrastructure. Investing in the development of talent management software that meets the custom requirements of different companies could also provide new business scope in the future. Promoting awareness regarding the benefits of talent management software and use of advanced technologies could also help bolster talent management software market growth in the future.
Talent Management Software Market Top Player’s Company Profiles
- 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)
Talent Management Software Market Recent Developments
- In May 2024, ADP®, a leading company known for its talent management expertise, announced the launch of a new end-to-end integrated platform for talent management. The new solution helps acquire and retain top talent while providing learning content from Bersin and Associates.
- In May 2024, a new workforce agility platform was launched by Cornerstone OnDemand Inc. The company launched Cornerstone Galaxy to address the issues of workforce readiness gaps that are being widened with rapid advancements and applications of artificial intelligence.
- In August 2024, new AI-powered capabilities were launched for talent and hiring management by Workday. HiredScore utilizes artificial intelligence to provide better insights based on HR data to improve efficiency and productivity in the workforce.
Talent Management Software Key Market Trends
- Integration of Artificial Intelligence: Talent management software companies should focus on integrating artificial intelligence (AI) in their offerings to stand out from the competition and ride the ongoing wave of AI. The use of AI can also help talent management software providers introduce automation for redundant tasks in talent management and help in improving the productivity of businesses as well.
- Development of Mobile-First Talent Management: Talent management software companies should focus on catering to remote and mobile workforces by developing mobile-first talent management software. Employees and HR teams can access and manage talent functions from smartphones and tablets, through this trend making it a vital one for companies looking to make a mark in the long run.
Talent Management Software Market SkyQuest Analysis
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.
As per SkyQuest analysis, growing demand for employee engagement and rising emphasis on workforce productivity enhancement are slated to drive the demand for talent management software. On the contrary, the dearth of skilled professionals and high costs of implementation are projected to slow down talent management software market development in the long run. The growing number of small and medium enterprises due to favorable government initiatives in the Asia-Pacific region makes it the fastest growing regional market in the world. Use of artificial intelligence and development of mobile-first solutions will also create new opportunities for talent management software providers.
| 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 | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Talent Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Talent Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 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 Talent Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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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