The global talent management software market is expected to grow at approx. USD 16 Billion by 2023, at 16% of CAGR between 2017 and 2023.
Talent management software is an integral part of the HR software applications. It provides a complete set of tools to automate, monitor, and analyze human resource (HR) functions efficiently in an organization. Talent management software market is being fueled by mobile apps, analytics, video and focus on team centric management. There is a considerable shift in the investments in the HR software industry.
Major factors driving the talent management software market are emergence of social media platforms and the increasing user base on the social media platforms. Video platform for recruiting is another new trend that is driving the growth of talent management software market.
The Talent Management Software Market has been segmented on the basis of component, deployment, organization size and vertical. The deployment segment is further bifurcated into on premise and cloud deployment models. Increasing demand of cloud-based talent management software module is driving the growth of cloud deployment model segment. The cloud based deployment segment is expected to grow at the highest CAGR while the on premise deployment is expected to hold the largest market share of the talent management software market.
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Major Key Players:
• Halogen Software (Canada)
• Taleo Corporation (U.S.)
• Cornerstone OnDemand (U.S.)
• Kenexa (U.S.)
• Sumtotal Systems, Inc. (U.S.)
• iCims, Inc. (U.S.)
• Skillsoft (U.S.)
• Talentsoft (France)
• Lumesse Ltd. (U.K.)
• Saba Software (U.S.)
The regional analysis of talent management software market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market followed by Europe, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in talent management software market in North America is attributed to the technical advancements and increasing emergence of social media platforms in that region.
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Market Research Analysis:
The global talent management software market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. In the global talent management software market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, talent management software market is projected to contribute faster to the growth of revenue backed by increasing emergence of social media platforms and increasing demand for cloud based solutions in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of talent management software market. In Europe, increasing demand for automated recruitment processes and increasing social media platforms are the major factors driving the growth of talent management software market. The presence of advanced infrastructure and with the increasing adoption of technological advancements in numerous countries are other factors driving the market growth of talent management software market.
Talent management software market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Talent management software market in Middle East and Africa occupies a relatively smaller pie of the global talent management software market.
Talent Management Software Market Segmentation:
The talent management software market has been segmented on the basis of component, deployment, organization size and vertical. The deployment segment is further bifurcated into cloud and on-premise deployment models.
Out of which, the cloud based deployment is expected to grow at the highest rate while the on premise deployment dominated the market share of talent management software market.
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• Commercial end-users
• Industrial end-users
• Software providers
• Service providers
• Government bodies
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