Westford USA, Nov. 15, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Talent Management Software Market will reach a value of USD 23.7 Billion by 2031, with a CAGR of 12.6% during the forecast period (2024-2031). Talent management software is being demanded significantly since businesses across the globe are working rigorously to navigate the existing challenges of the modern workforce. Some key trends include incorporating data analytics and artificial intelligence to offer automation and insights and the rising focus on personalized learning paths and employee experience. The market is significantly fueled by the growing need for companies to simplify HR processes, enhance talent retention, and improve employee engagement.
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Browse in-depth TOC on the “Talent Management Software Market”
Pages – 197
Tables – 88
Figures – 76
Talent Management Software Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.17 Billion |
| Estimated Value by 2031 | USD 23.71 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Deployment, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Adoption of Technology to Simplify Hiring Process |
| Key Market Drivers | Growing Popularity of Cloud-Based Technologies |
Employee Lifecycle Management Segment to Hold Considerable Share in Market Due to Rising Emphasis on Employee Engagement
By solution, the employee lifecycle management segment is anticipated to lead the market over the forecast period due to the growing focus rising towards employee engagement. The segment delivers exceptional solutions that help businesses to involve and retain their workforce efficiently. This management solution also offers features like engagement tracking, onboarding, succession planning, and career development. Conversely, the compensation management segment is anticipated to hold a notable share of the market in the coming years due to the growing significance of data analytics and employee involvement. This management software helps businesses to manage, design, and administer compensation plans, confirming fair and competitive remuneration, which drives its demand and ultimately the market growth.
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Cloud-Based Segment Dominates Market Owing to Numerous Benefits Offered
By deployment, the talent management software market is categorized as on-premises and cloud-based. The cloud-based segment is projected to dominate the market over the estimated period owing to the many advantages offered as compared to the on-premises. These attractive advantages comprise scalability, flexibility, cost-effectiveness, and accessibility for all types and sizes of businesses. On the other hand, the on-premises segment is gaining popularity and will hold a notable market share in the coming years owing to its ability to let businesses have strong control over customization and data options. This deployment comprises direct entry of talent management software in customers’ servers and infrastructure, thus streamlining businesses’ tasks.
North America to Dominate Market Impacted by Growing Adoption of Digital Technologies on Larger Scale
Geographically, North America is anticipated to hold a significant share of the talent management software market owing to the existence of improved technology, developed corporate sector, and heavy adoption of digital technologies. Essentially, the United States is witnessing huge growth than others owing to the presence of numerous software providers and its large economy, and large consumer base that understands well about the said management software.
The Asia-Pacific region is observed to be the fastest-growing owing to the rising adoption of digital solutions, the growth of new entrants or start-ups, and rising awareness regarding the advantages of talent management software among businesses. Moreover, developing economies and emphasis on advancing infrastructure is propelling the demand of such technologies, thus the market growth in the region.
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Talent Management Software Market Insight
Drivers:
- Growing Focus on Strategic HR Management
- Increasing Emphasis on Employee Development
- Transforming PR and Marketing Landscape
Restraints:
- Data Security and Privacy
- Complicated Implementation Processes
- High Deployment Costs
Prominent Players in Talent Management Software Market
- SAP SE (Germany)
- Oracle Corporation (US)
- Workday, Inc. (US)
- ADP, LLC (US)
- Ultimate Software (US)
- IBM Corporation (US)
- Cornerstone OnDemand, Inc. (US)
- Kronos Incorporated (US)
- Ceridian HCM, Inc. (US)
- Talentsoft (France)
Key Questions Answered in Global Talent Management Software Market Report
- What are the leading drivers of the Global Talent Management Software Market?
- Which is the leading segment by solution in the Talent Management Software Market?
- Which are the main strategies implemented by the industry vendors in the Talent Management Software Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for talent retention and acquisition, rising need for enhanced employee performance and engagement, increasing significance of learning and development), restraints (integration challenges, resistance to change, and fluctuation in regulatory compliance), opportunities (growing adoption of ML and AI, growth of cloud-based solutions, emphasis on employee experience), and challenges (scalability challenges, quality of training, challenges with maintaining user engagement) influencing the growth of talent management software market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the talent management software market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the talent management software market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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