Talent Management Software Market to Reach Valuation of USD 13.4 Billion By 2028 - Streamlining Hiring Process through Technological Adoption to Drive Market Growth

In terms of revenue, the Global Talent Management Software Market is expected to reach USD 13.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.50% from 2022 to 2028.

A workforce management application that includes performance management, strategic hiring, and staff development is referred to as Talent Management Software (TMS). It allows businesses to track and manage their staff by creating targets, finding and closing skill gaps, giving individualized development plans, and conducting appraisals. One of the important reasons driving market expansion is the increasing penetration rate of cloud-based platforms and the use of mobile-based personnel management systems. Furthermore, technical breakthroughs such as Machine Learning (ML) and Artificial Intelligence (AI) are working as growth inducers. Other reasons, such as the growing requirement to replace traditional talent management practices to optimize resource utilization and increase the quality of hiring decisions, are likely to fuel market growth.

Key Highlights from Report:

· The Large Enterprisessegment dominated the growth of the Talent Management Software Market in 2021. Large enterprises are likely to link their talent management systems with developing technologies to provide services like staff headcount, working hours, and others. Large firms use analytical tools to deal with issues like identifying the risk of high-potential individuals departing for various nations and crucial roles.

· The IT & Telecom segment dominated the growth of the Talent Management Software Market in 2021. Due to digital competition, an unstable economy, and a new generation of customers with detailed information and high expectations, the IT and telecom business is currently experiencing enormous difficulties. As a result, there is a greater need for sophisticated recruiting strategies and a better-trained workforce. In response to the demand for acceptance criteria, talent management platforms deliver comprehensive insights and effective business strategies.

· Asia Pacific is predicted to mention the fastest growth of the Talent Management Software Market during the forecast period. The market's expansion can be partly attributed to businesses adopting cutting-edge technologies. Demand is driven by a significant change in organizational management technologies across industrialized nations. Due to active ecosystems, SMEs are expected to encourage the adoption of this software in countries like Japan, India, and Australia. On the other hand, it is anticipated that big businesses in the BFSI, manufacturing, education, and IT and telecom sectors will make a lot of money.

Market Dynamics:

The market is expanding due to several major factors, including the growing adoption of mobile personnel management systems and cloud-based platforms. Software-as-a-service (SaaS) platforms are used more frequently by businesses and HR professionals to automate talent pool scouting, identification, and recruitment of new employees, as well as employee retention. Additionally, major players are launching various personnel management tools that help with staff management and provide employees with appropriate growth possibilities.

North America is accounted to have potential growth in the Talent Management Software Market during the forecast period due to increased technology use and the availability of technical industry knowledge. Over the predicted period, it is expected that the region will continue to hold a leading position. People management software and services may be felt strongly around the United States, Canada, and Mexico. Large firms like Oracle Corporation, IBM Corporation, and Ceridian HCM Holding Inc. are encouraging for the area's future. The amount spent on cloud apps will significantly grow the North American market.

The Global Talent Management Software Market is Segmented as follows:

• Platform Types
  • Solutions
  • Services
• Deployment Modes
  • On-Premise
  • Cloud
• Organization Size
  • Small Medium Businesses (SMB’s)
  • Large Enterprises
• Verticals
  • Banking Financial Services & Insurance (BFSI)
  • Healthcare
  • IT & Telecom
  • Retail
  • Manufacturing
  • Education
  • Government
  • Media & Entertainment
  • Others (Energy & Power, Transport & Logistics, & Automotive)
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players in the Global Talent Management Software Market is:

Cornerstone Ondemand INC., IBM Corporation, Lumesse, Oracle Corporation, Peoplefluent, Skillsoft, Saba Software, SAP Successfactors, Talentsoft, Halogen Software

The Global Talent Management Software Market Scope can be Tabulated as below: