Talent Management Software Market By Component (Software and Services), By Deployment Model (Cloud-Based and On-Premises), By Industry (BFSI, Telecom & IT, Government, Healthcare, Education, Manufacturing, Retail, and Others) and By Enterprise Type (SME’s and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Global talent management software market expected to reach approximately USD 10.9 billion by 2025, at a CAGR of slightly above 9.9% between 2019 and 2025. With rapid advancements in technology, the adoption of various social media platforms has increased. In the last few years, the user-base of various social media platforms has subsequently grown.

12-Aug-2019 | Number of pages: 188 | Report Code: ZMR-619 | Report Format : | Status : Published

Analysis

Talent management is a process of attracting, developing, motivating, engaging, and retaining high performing employees in an organization. The major function of talent management is to enhance the performance of employees. When done in the right manner, it can build a sustainable competitive advantage and provide the capability to outperform competitors.

With rapid advancements in technology, the adoption of various social media platforms has increased. In the last few years, the user-base of various social media platforms has subsequently grown. The use of social media as a source to gather real-time data for talent management has subsequently increased. Social media, in turn, widens the pool of potential candidates to include those candidates that have not applied for the job but are available for employment. Talent management software and applicant tracking are widely used by organizations to find the best employees through web portals and online databases. The software also allows cross-checking of applicants’ credentials. Thus, the emergence of social media is a huge opportunity for the talent management software market. Rapid developments of economies globally are fuelling the demand for talent management software, which is driving the talent management software market. The up-gradation in technologies is not only shifting the face of used platforms but also changing the decision-making process in recruitment operations. The video platform for recruitment is evolving at a much faster pace. These are also fuelling the talent management software market globally. Moreover, due to the highly competitive market, organizations are constantly engaging in hiring talented people. Talent management software is crucial for organizations to hire the right candidate, as they encourage improvements in profitability, service quality, and productivity. However, the constrained availability of effective internet connectivity infrastructure in the organizational environment may hamper the talent management software market growth.

Global Talent Management Software Market

On the basis of enterprise type, the talent management software market is classified into small and medium enterprises (SMEs) and large enterprises. In large enterprises, the acceptance of talent management software is higher due to the cost-effectiveness of the hiring process. Moreover, large enterprises are concerned about data security and talent management software enhances security measures and assists in compliance management. Thus, the demand for talent management software is estimated to grow significantly in large enterprises.

North America is a major contributor to the talent management software market globally, due to substantial advancements in technology, increasing favorable government regulations.

Some noticeable players of the talent management software market are IBM, Cornerstone OnDemand, SumTotal Systems, Oracle, Lumesse, Skillsoft, Peoplefluent, Talentsoft, Workday, TalentGuard, and Saba Software.


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