Talent Management Software Market Size to Reach USD 33880 Million by 2028 at a CAGR of 14.3%

BANGALORE, India, February 17, 2022 /PRNewswire/ — The Talent Management Software Market is segmented by type (Software as A Service (SaaS), Application Service Provider (ASP)), Application (BFSI, Education, Industry, Telecom & IT, Others). The report covers global opportunity analysis and industry forecast from 2022 to 2028.

The Global Talent Management Software Market Size is Expected to Reach $33,880 million by 2028, $13120 million in 2021, at a compound annual growth rate (CAGR) of 14.3% over the forecast period 2022-2028.

Key Factors Driving the Growth of Talent Management Software Market:

Attracting and retaining the right talent along with better organizational performance is expected to drive the growth of the talent management software market. Talent management software uses analytics to deliver benefits such as better recruiting, increased diversity, equity and inclusion (DE&I), deeper employee engagement, reduced attrition, better succession planning, etc.

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Trends influencing the growth of the Talent Management Software Market:

Human resource initiatives are increasingly informed by analytics, from candidate tracking to onboarding, retention and data-driven decision making. The talent management software market can help small businesses record, gather and report the data they need to improve their productivity. The cloud-based talent management software is accessible from anywhere and can integrate with other critical business platforms, such as accounting software. This advantage is expected to drive the growth of the talent management software solutions market.

The growth of the talent management software market is expected to be fueled by employee engagement features. Employee engagement is enhanced by good onboarding, learning and development processes. To further engage employees, talent management features like innovative performance management are key. Running quick, annual employee engagement surveys and collecting that data to easily connect it to other data to link employee engagement KPIs to financial metrics are examples of related technologies that can help ensure the success of employee engagement efforts.

The need to minimize attrition is expected to further drive growth in the growth of the talent management software market. Turnover metrics are crucial as they reveal a plethora of flaws throughout the talent management process. Rotations are expensive – replacing a single employee can cost between half and double the employee’s annual salary. By being able to see, for example, turnover by manager, demographic trends, etc., talent management systems help collect and simplify the tracking and analysis of data that will indicate the causes of attrition. .

To justify the costs incurred, talent acquisition is constantly subject to time and cost constraints. On-premises talent management software typically has high licensing, maintenance, infrastructure, and personnel costs. Businesses are migrating to cloud-based software due to flexible payment and plan options, as well as the availability of customized packages based on operating time, number of users, and other factors. This reduces the cost of the software and makes it more accessible to small businesses. Therefore, cloud-based solutions offer companies a model tailored to their needs, including analytical functions and talent management capabilities.

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Talent Management Software Market Share Analysis

Due to greater technological adoption and availability of technical know-how on the industry, the North American region is expected to be the most lucrative.

The BFSI industry’s demand for talent management solutions is driven by changing employee relationship dynamics and the field’s growing reliance on digitalization for management.

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Main market players

  • SAP
  • Cornerstone on request
  • Saba
  • Working day
  • Skillsoft SumTotal
  • Ultimate Software
  • talentsoft
  • Learning technologies
  • Oracle
  • Height
  • Cegid
  • Previous page
  • Lumesse
  • ADP
  • eightfold
  • Silk Road
  • Ceridian
  • iCIMS
  • Kenexa
  • Taleo Company
  • Others

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– The Global Recruitment Agency Software Market the size should reach $1325 million by 2027, $413.5 million in 2020, at a CAGR of 18.1% over the period 2021-2027.

– The Global human capital management market the size should reach $26080 million by 2026, $17,230 million in 2019, at a CAGR of 6.1% over the period 2021-2026.

– The Global business intelligence market The size was valued at USD 2.78 billion in 2020 and is expected to reach USD 7.35 billion by 2030, growing at a CAGR of 10.6% from 2021 to 2030.

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To See Full List of Related Reports on Talent Management Software

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