Pune, India, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The talent management software market size was valued at USD 7.09 billion in 2021. The market is anticipated to expand from USD 7.93 billion in 2022 to USD 17.66 billion by 2029 at a 12.1% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, "Talent Management Software Market Forecast, 2022-2029."
According to the analysis, the rising footfall of advanced technologies has provided promising growth opportunities globally. Besides, the automation trend has added fillip to the industry growth with major companies leading from the front. To illustrate, in May 2020, Oracle Corporation rolled out a cloud-based HCM platform Oracle Analytics to enhance HR teams' decision-making capabilities and boost company performance.
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Key Industry Development
Learning Technologies Group plc announced its plan to acquire the U.K.-based Bridge from Instructure Inc. to boost talent and learning portfolio.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 12.1% |
| 2029 Value Projection | USD 17.66 Billion |
| Base Year | 2021 |
| Talent Management Software Market Size in 2021 | USD 7.09 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 180 |
| Segments covered | Component, Deployment, Enterprise Size, End-User and Geography |
Pandemic Prompts Companies to Prioritize State-of-the-art Technologies
Although the onslaught of the COVID-19 outbreak was palpable in 2020 and 2021, the post-COVID outlook suggests a robust forecast. It is worth noting that the pandemic led to a reduction in the workforce at a time when HR departments struggled to monitor employee's health. Major companies are slated to 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 are likely to provide promising opportunities for talent management software solution providers.
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Drivers and Restraints
Rising Footfall of Cloud-based Technologies to Augment Market Growth
Talent management software market growth will witness an appreciable gain on the back of the bullish adoption of cloud-based solutions and services. Amidst the exponential rise in data generation, enterprises and agencies are likely to seek advanced solutions. To illustrate, in March 2021, IBM OpenPages came up with a cloud-based data privacy management software that enables enterprises to solve emerging data privacy concerns. Besides, the adoption of the Software-as-a-Service (SaaS) platform is likely to help automate recruiting new talent and automate scouting. Technological advancements, such as AI and machine learning, will encourage talent management software companies to expand their penetration.
That said, a lack of awareness about advanced solutions may dent the growth outlook over the next few years.
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has also delved into Porters' Five Force Analysis SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
Segmentations
Based on component, the talent management software market share is segmented into solutions and services. The solution segment is further sub-segmented into talent acquisitions, performance management, learning management, compensation management and others.
In terms of deployment, the industry is fragmented into cloud and on-premises.
On the basis of enterprise size, the market is segregated into large enterprises and SMEs.
With respect to end-user, the market covers healthcare, BFSI, IT & telecom, manufacturing, government, education and others.
On the regional ground, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa and South America.
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Regional Insights
North America to Spearhead Industry Growth with Increasing Presence of Leading Companies
The footprint of talent management software solutions and services could be pronounced across the U.S., Canada and Mexico. The presence of major 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.
Asia Pacific talent management software market share will observe an upward growth trajectory on the back of the rising footfall of BFSI and SMEs. End-users are likely to invest in cloud-based platforms to gain traction across emerging economies, such as China and India. Industry players expect SMEs to exhibit traction for advanced software and solutions to expand their footfall.
Stakeholders anticipate Europe market forecast to be strong in the wake of adoption of robust policies to bolster adaptability, skill and network workforce. The demand for advanced talent management software will be pronounced across the U.K., Germany, France and Italy in the ensuing period. For instance, the healthcare and manufacturing sectors could be the major recipient of the solutions.
Major Players Profiled in the Market Report:
- ABB Ltd (Switzerland)
- IBM Corporation (U.S.)
- Cornerstone OnDemand (Saba Software, Inc.) (U.S.)
- Workday, Inc. (U.S.)
- Learning Technologies Group plc (U.K.)
- Applied Training Systems, Inc. (Trakstar) (U.S.)
- Talentsoft (France)
- BambooHR LLC (U.S.)
- Oracle Corporation (U.S.)
- SAP SE (Germany)
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Major Table of Contents:
- Global Talent Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
- Services
- Solution
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-User
- IT & Telecom
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others (Retail, M&E)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Talent Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
- Services
- Solution
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-User
- IT & Telecom
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others (Retail, M&E)
- By Country (USD)
- United States
- By End-User
- Canada
- By End-User
- Mexico
- By End-User
- United States
- South America Talent Management Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Solution
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
- Services
- Solution
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By End-User
- IT & Telecom
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others (Retail, M&E)
- By Country (USD)
- Brazil
- By End-User Argentina
- Rest of South America
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