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

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