What is the global market size of Talent Management Software Market?

Talent Management Software Market size was valued at USD 7.8 billion in 2021 and is poised to grow from USD 8.15 billion in 2022 to USD 18.71 billion by 2030, growing at a CAGR of 12.6% during the forecast period (2023-2030).

Who are the key vendors in the Global Talent Management Software Market?

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)'

What is the key driver of Global Talent Management Software Market?

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.

What is the key market trend for Global Talent Management Software Market?

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.

Which region accounted for the largest share in Talent Management Software Market?

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.

Global Talent Management Software Market

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 News

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 Market Report Snapshots

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FAQs

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).

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. '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)'

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.

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.

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.

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What is the global market size of Talent Management Software Market?

Who are the key vendors in the Talent Management Software Market?

What is the key driver of Talent Management Software Market?

What is the key market trend for Talent Management Software Market?

Which region accounted for the largest share in Talent Management Software Market?

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