NEW YORK, July 19, 2024 /PRNewswire/ -- The global talent
management software market size is estimated to grow by
USD 10.69 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of about 11.8% during the forecast period. Benefits
associated with talent management software is driving market
growth, with a trend towards rise in mobile-based talent
management software. However, data privacy and security issues
associated with cloud-based products and services poses a
challenge. Key market players include Accenture Plc, Automatic Data
Processing Inc., Avalture Ltd., Bambee Inc., Bamboo HR LLC,
Bullhorn Inc., Cegid SA, Ceipal Corp., Cornerstone OnDemand Inc.,
HireRoad, iCIMS Inc., International Business Machines Corp., Koch
Industries Inc., Learning Technologies Group Plc, Oracle Corp., SAP
SE, Skillsoft Corp., Talent Guard Inc., UKG Inc., and Workday
Inc..
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Talent Management
Software Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
11.8%
|
Market growth
2024-2028
|
USD 10691
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
10.67
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 33%
|
Key
countries
|
US, Germany, India, UK,
and Japan
|
Key companies
profiled
|
Accenture Plc,
Automatic Data Processing Inc., Avalture Ltd., Bambee Inc., Bamboo
HR LLC, Bullhorn Inc., Cegid SA, Ceipal Corp., Cornerstone OnDemand
Inc., HireRoad, iCIMS Inc., International Business Machines Corp.,
Koch Industries Inc., Learning Technologies Group Plc, Oracle
Corp., SAP SE, Skillsoft Corp., Talent Guard Inc., UKG Inc., and
Workday Inc.
|
Market Driver
The Talent Management Software Market is experiencing
significant growth due to the increasing use of mobile devices in
various sectors, including HR. Mobile apps offer advantages such as
real-time data access, ease of use, and on-the-go communication. In
HR, mobile-based solutions simplify processes like video
interviews, applicant tracking, and appraisal reviews. HR managers
can easily push job-related information and collect responses using
mobile talent management software. Vendors like PeopleFluent Inc.
Provide mobile apps for managing talent in real time, enhancing
employer branding, and boosting organizational
productivity.
The Talent Management Software market is experiencing
significant growth with various companies implementing technology
to manage and develop their workforce. IT and telecommunication
industries are major adopters of these solutions, focusing on
securing talent and maintaining a skilled workforce. Secure and
cloud-based systems are popular choices, offering flexibility and
accessibility. The use of artificial intelligence and machine
learning technologies is a trend, enabling automated recruitment
and talent assessment. Performance management, skills development,
and succession planning are key functionalities. Consolidated and
user-friendly platforms are preferred, allowing for easy
integration with other HR systems. The market is competitive, with
providers offering advanced features to attract clients. The
web-based software allows for remote access, making it an essential
tool for organizations during the current situation.
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Market Challenges
- The Talent Management Software Market is experiencing
significant growth, with many organizations adopting cloud-based
solutions due to their affordability, scalability, and ease of use.
However, concerns regarding data security and privacy persist. In
cloud architecture, data is hosted by third-party providers,
increasing the risk of unauthorized access and potential data
breaches. Additionally, outsourcing IT functions to reduce costs
can result in a loss of control over data handling, further
increasing security risks. These concerns may hinder the market's
expansion during the forecast period.
- The Talent Management Software market faces several challenges
in implementing and optimizing solutions. These include integrating
various systems for a unified approach, ensuring data security and
privacy, and adapting to the constantly evolving technology
landscape. Additionally, there is a need for customization to cater
to specific industry requirements and employee needs. Another
challenge is the implementation of AI and machine learning
capabilities to enhance recruitment and performance management
processes. Lastly, ensuring user-friendliness and ease of use for
all levels of employees is crucial for successful adoption.
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challenges - Request a sample report!
Segment Overview
This talent management software market report extensively covers
market segmentation by
- Deployment
- 1.1 Cloud-based
- 1.2 On-premise
- Business Segment
- 2.1 Large enterprise
- 2.2 Small and medium
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Cloud-based- The global talent management
software market is experiencing a technological shift towards
cloud-based solutions. This segment holds the largest market share
and is expected to continue dominating due to business digitization
and expanding IT and retail companies. SMEs, particularly
price-sensitive, favor cloud-based software. Security innovations
will boost large organization adoption. Oracle reports a 6% annual
increase in cloud-based usage. Benefits include real-time
analytics, regular updates, global access, and scalability. Skanska
AB is among those modernizing HR with Oracle's HCM Cloud. The
cloud-based segment's growth is driven by SMEs and enterprises
seeking cost-effective, flexible systems.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global Human Capital Management (HCM) Solutions Market is
experiencing robust growth, driven by increasing demand for
streamlined workforce management and efficient HR operations.
Companies are adopting HCM solutions to enhance employee
engagement, improve productivity, and ensure compliance with
evolving regulatory standards. Key players are innovating with
cloud-based platforms, AI-driven analytics, and integrated talent
management systems to meet diverse organizational needs. As
businesses prioritize digital transformation, the HCM market
continues to expand, offering scalable solutions that empower HR
departments worldwide.
Research Analysis
The Talent Management Software Market encompasses a range of
AI-driven solutions and services designed to help large enterprises
identify, retain, and develop their workforce. These cloud-based,
SaaS HR products offer performance management capabilities,
including planning, automation, and performance improvement
planning. Machine learning algorithms are utilized for tasks such
as resume screening and succession planning. Data analytics is
integral to these tools, providing insights for compensation
management, learning and development, and recruitment management.
Solutions also include support and maintenance, ensuring the
continued functionality and security of the software. Data security
is a top priority, with these web-based applications employing
robust encryption and access control measures. Software solutions
in this market aim to streamline talent management processes,
ultimately leading to a more effective and productive
workforce.
Market Research Overview
The Talent Management Software market refers to the industry
that provides software solutions for managing and developing an
organization's human capital. These solutions enable companies to
streamline recruitment, onboarding, performance evaluation,
learning and development, succession planning, and compensation
processes. The use of technology in talent management helps
organizations to optimize their workforce, improve employee
engagement, and enhance productivity. The market for such software
is growing rapidly due to the increasing demand for efficient and
data-driven HR processes. Features such as cloud-based deployment,
mobile access, and integration with other business systems are
driving the adoption of talent management software. The market
caters to various industries, including healthcare, finance,
retail, and education, among others.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- Business Segment
-
- Large Enterprise
- Small And Medium
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
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and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio