Talent Management Software Market Analysis and Forecast to 2032: By Component (Solution, Services), Organization Size (Large Organizations, Small and Medium Businesses), Deployment Mode (Cloud, On-Premise), and Region

Talent Management Software Market Analysis and Forecast to 2032: By Component (Solution, Services), Organization Size (Large Organizations, Small and Medium Businesses), Deployment Mode (Cloud, On-Premise), and Region

The global talent management software market was valued at USD 7.1 billion in 2022 and it is anticipated to grow further till USD 21.7 billion by 2032, at a CAGR of 11.8% during the forecast period.

Talent management software is a tool used by businesses to identify, attract, develop, and retain top employees. This type of software typically includes modules for performance management, recruiting, succession planning, and learning and development. Talent management software can help businesses to improve their overall performance by ensuring that they have the right people in the right roles. Additionally, this software can help businesses to identify potential leaders and high-potential employees, and develop and retain these individuals.

Global Talent Management Software Market Scope and Report Structure

Market Drivers and Trends

Some of the key trends in Talent Management Software technology include:

Market Restraints and Challenges

The key restraints and challenges in Talent Management Software market are:

Global Talent Management Software Market Segmental Overview

The global talent management software market is segmented into component, organization size, deployment mode, and region.

Global Talent Management Software Market by Component

Based on component, it is segmented into solution, and services. The solution segment is anticipated to dominate the market during the forecast period. Similarly, the services segment is anticipated to witness the fastest growth during the forecast period.

Global Talent Management Software Market by Organization Size

Based on organization size, it is segmented into large organizations, and small & medium businesses. The large organization segment is anticipated to dominate the market during the forecast period. Similarly, the small & medium businesses segment is anticipated to witness the fastest growth during the forecast period.

Global Talent Management Software Market by Deployment Mode

Based on deployment mode, it is segmented into cloud, on-premises. The on-premises segment is anticipated to dominate the market during the forecast period. Similarly, the cloud segment is anticipated to witness the fastest growth during the forecast period.

Geographical Analysis of the Global Talent Management Software Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period.

Major Players in the Global Talent Management Software Market

The key players in the report are Kenexa, SuccessFactors, Oracle Taleo, Cornerstone, Saba Cloud, PeopleFluent, People matter, Ultimate Pro, Lumesse ET Web, and Sum Total Systems among others.

COVID-19 Impact

Depending on the specific end-user impact, the COVID-19 pandemic's short-term effects on the size of the global talent management software industry are complex. The epidemic has a detrimental effect on organisations since they have been forced to reduce their personnel, which also means less hiring opportunities. These regulations have impeded the widespread use of talent management tools. The COVID-19 epidemic has presented a variety of challenges for HR departments, including ensuring efficient corporate operations and keeping track of employee health.

HR departments must also help employees who wish to work remotely and analyse and implement any law amendments affecting sick leave and payment. The decrease in capital expenditures has resulted in a large increase in HR's workload. For the time being, this aspect will have a detrimental impact on the implementation of talent management solutions.

Following the COVID-19 problem, firms are predicted to concentrate on implementing cutting-edge technologies to improve corporate operations and reduce expenses, which would probably lead to lucrative opportunities. Furthermore, AI-enabled systems are expected to be highly sought-after in the near future due to a number of benefits.

Recent Developments

June 2020, Talentsoft acquired Crafty, an HR technology startup, to incorporate Crafty skills graphs with Talentsoft’s talent acquisition, learning and management platform. Through the talent marketplace and employee talent profile, the enterprise will manage skills and receive matching recommendations.

October 2020, Lattice and ADP, Inc. have announced a strategic partnership to provide an integration that allows users to manage and share employee data between two platforms easily.

Frequently Asked Questions

Q1. How big is the Talent Management Software market?

Ans. The global Talent Management Software market size was USD 7.1 billion in 2022 and it is anticipated to grow further till USD 21.7 billion by 2032, at a CAGR of 11.8% from 2023 to 2032.

Q2. What is the Talent Management Software market growth rate?

Ans. The growth rate of the Talent Management Software market is 11.8%.

Q3. Which region holds a major market share for the Talent Management Software market?

Ans. North America holds a major market share of the Talent Management Software market in 2022.

Q4. Which segment accounted for the largest Talent Management Software market share?

Ans. By component, solution segment accounted for the largest Talent Management Software market share.

Q5. Who are the key players in the Talent Management Software market?

Ans. The global Talent Management Software market report includes players such as Kenexa, SuccessFactors, Oracle Taleo, Cornerstone, Saba Cloud, PeopleFluent, People matter, Ultimate Pro, Lumesse ET Web, and Sum Total Systems among others.

Q6. What are the factors driving the Talent Management Software market growth?

Ans. The major factors driving the growth of the market are the growing market in emerging countries.

Q7. What are the key growth strategies of Talent Management Software market players?

Ans. The key growth strategies of Talent Management Software market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Talent Management Software market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Talent Management Software market during the forecast period.

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