With a CAGR of 12.1%, the talent management software market size

Pune, India, April 28, 2022 (GLOBE NEWSWIRE) — The Talent Management Software Market the size was set at USD 7.09 billion in 2021. The market is expected to grow from USD 7.93 billion in 2022 to $17.66 billion by 2029 at a CAGR of 12.1% over the forecast period. Fortune Business Insights™ has elucidated this insight in its latest research report, titled “Talent Management Software Market, 2022-2029”.

According to the analysis, the growing footfall in cutting-edge technologies has provided promising growth opportunities globally. Also, the trend towards automation has given a boost to the growth of the industry with large companies leading the way. For example, in May 2020, Oracle Corporation deployed an Oracle Analytics cloud-based HCM platform to improve the decision-making capabilities of HR teams and boost business performance.

industry development

February 2021 – Learning Technologies Group plc announced its intention to acquire UK-based Bridge from Instructure Inc. to strengthen the talent and learning portfolio.

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Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 12.1%
2029 value projection $17.66 billion
base year 2021
Talent management software market size in 2021 $7.09 billion
Historical data for 2018 to 2020
Number of pages 180
Segments Covered Component, Deployment, Company Size, End User, and Geography
Talent Management Software Market Growth Drivers Pandemic drives companies to prioritize cutting-edge technologies
Increase in footfall of cloud-based technologies to increase market growth
North America to spearhead industry growth with increasing presence of leading companies
Major Players Focus on Brand Positioning to Expand Footprint

Pandemic drives companies to prioritize cutting-edge technologies

Although the onslaught of the COVID-19 epidemic was palpable in 2020 and 2021, the post-COVID outlook suggests a robust forecast. It should be noted that the pandemic led to a reduction in the workforce at a time when HR departments were struggling to monitor employee health. Large companies should invest in advanced technologies to reduce costs and streamline business operations. End users are likely to invest in AI-enabled platforms to streamline business operations. The next few years should provide promising opportunities for vendors of talent management software solutions.

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Report cover

The report offers a comprehensive perspective of market size, share, revenue, and volume. He also delved into the SWOT analysis of Porters Five Forces analysis. Both quantitative and qualitative assessments have been used to provide an overall view of the market. Primary interviews validate assumptions, conclusions, and prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.

Segmentation

Based on components, the talent management software market share is segmented into solutions and services. The solution segment is further sub-segmented into talent acquisition, performance management, learning management, compensation management and others.

In terms of deployment, the industry is fragmented into cloud and on-premises.

Based on company size, the market is segregated into large companies and SMEs.

As for the end user, the market covers healthcare, BFSI, IT and telecommunications, manufacturing, government, education and others.

Regionally, the market is segmented into North America, Asia-Pacific, Europe, Middle East & Africa and South America.


Drivers and Constraints

Increase in footfall of cloud-based technologies to increase market growth

The growth of the talent management software market will witness a sizable gain through the bullish adoption of cloud-based solutions and services. Amid the exponential increase in data generation, businesses and agencies are likely to seek advanced solutions. To illustrate, in March 2021, IBM OpenPages offered cloud-based data privacy management software that enables enterprises to address emerging data privacy issues. Additionally, adoption of Software-as-a-Service (SaaS) platform is likely to help automate new talent recruitment and automate scouting. Advancements in technology, such as AI and machine learning, will encourage talent management software vendors to expand their penetration.

That said, a lack of awareness of advanced solutions could weigh on growth prospects over the next few years.

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Regional outlook

North America to spearhead industry growth with increasing presence of leading companies

The footprint of talent management software solutions and services could be pronounced in the United States, Canada, and Mexico. The presence of large companies, such as IBM Corporation, Oracle Corporation and Ceridian HCM Holding Inc., will bode well for the regional outlook. North America market size was valued at USD 2.89 billion in 2021 and will grow with notable investments in cloud applications.

The Asia-Pacific talent management software market share will follow an upward growth trajectory thanks to the increasing footfall of BFSIs and SMEs. End users are likely to invest in cloud-based platforms to gain traction in emerging economies, such as China and India. Industry players expect SMBs to show attraction for advanced software and solutions to increase their footfall.

Stakeholders predict that the European market is expected to be strong following the adoption of strong policies aimed at building adaptability, skills and the networked workforce. The demand for advanced talent management software will be pronounced in the UK, Germany, France and Italy in the coming period. For example, the healthcare and manufacturing sectors could be the main beneficiaries of the solutions.

Key Players Profiled in the Market Report:

  • ABB AG (Switzerland)
  • IBM Corporation (USA)
  • Cornerstone OnDemand (Saba Software, Inc.) (USA)
  • Workday, Inc. (USA)
  • Learning Technologies Group plc (UK)
  • Applied Training Systems, Inc. (Trakstar) (USA)
  • Talentsoft (France)
  • BambooHR LLC (USA)
  • Oracle Corporation (USA)
  • SAP SE (Germany)

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Main table of contents:

  • Global Talent Management Software Market Size Estimates and Forecasts, by Segments, 2018 – 2029
    • Main findings
    • Per component (USD)
      • The solution
        • Performance Management
        • Talent Acquisition
        • learning management
        • Compensation management
        • Others
      • Services
    • By business size (USD)
    • Per deployment (USD)
    • Per end user
      • IT & Telecom
      • BFSI
      • Government
      • Health care
      • Education
      • Manufacturing
      • Others (Retail, M&E)
    • By region (USD)
      • North America
      • South America
      • Europe
      • Middle East and Africa
      • Asia Pacific
  • North America Talent Management Software Market Size Estimates and Forecasts, by Segments, 2018 – 2029
    • Main findings
    • Per component (USD)
      • The solution
        • Performance Management
        • Talent Acquisition
        • learning management
        • Compensation management
        • Others
      • Services
    • By business size (USD)
    • Per deployment (USD)
    • Per end user
      • IT & Telecom
      • BFSI
      • Government
      • Health care
      • Education
      • Manufacturing
      • Others (Retail, M&E)
    • By country (USD)
      • United States
      • Canada
      • Mexico
  • South America Talent Management Software Market Size Estimates and Forecasts, by Segments, 2018 – 2029
    • Main findings
    • Per component (USD)
      • The solution
        • Performance Management
        • Talent Acquisition
        • learning management
        • Compensation management
        • Others
      • Services
    • By business size (USD)
    • Per deployment (USD)
    • Per end user
      • IT & Telecom
      • BFSI
      • Government
      • Health care
      • Education
      • Manufacturing
      • Others (Retail, M&E)
    • By country (USD)
      • Brazil
      • Argentina
      • Rest of South America

TOC Continued…!

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About Us:

Fortune Business Insights™ delivers expert business analysis and accurate data, helping organizations of all sizes make timely decisions. We adapt innovative solutions to our customers, helping them to meet the challenges specific to their activities. Our goal is to provide our clients with comprehensive market intelligence, giving granular insight into the market in which they operate. Our reports contain a unique blend of tangible insights and qualitative analysis to help businesses achieve sustainable growth. Our team of experienced analysts and consultants use state-of-the-art research tools and techniques to compile comprehensive market research, interspersed with relevant data.

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