Talent Management Software Market Size
The Business Research Company recently released a comprehensive report on the Global Talent Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The talent management software market size has grown rapidly in recent years. It will grow from $13.16 billion in 2023 to $15.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to vendor innovation and market competition, user-friendly interfaces, shift to cloud-based solutions, performance and goal management.
The talent management software market size is expected to see rapid growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to shift to hybrid work models, focus on employee well-being, skills gap and talent scarcity, diversity, equity, and inclusion (dei), continuous performance management. Major trends in the forecast period include talent mobility and internal mobility, employee well-being and engagement, integration with hr ecosystem, security and compliance features, succession planning and leadership development, integration with hris and erp systems.
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Market Drivers and Trends:
The shift towards remote work is expected to propel the talent management software market going forward. Remote work, also known as telecommuting or telework, refers to a work arrangement where employees do not need to commute to a central workplace. Talent management software enhances remote work by streamlining HR processes, facilitating employee collaboration, and optimizing workforce productivity. For instance, in 2022, a survey conducted by FlexJobs’ Career Pulse, a US-based provider of platforms serving the freelance community, gathered responses from 4,000 participants between July and August 2022. The survey revealed that 65% of the respondents expressed a strong preference for full-time remote work, while 32% expressed a desire for a hybrid work arrangement. This high percentage of 97% indicates that most workers wish to have the option of working remotely in some capacity. Therefore, the shift towards remote work is driving the talent management software market.
Technological advancement is a key trend gaining popularity in the talent management software market. Major players in the talent management software sector are focused on technological advancement to sustain their marketplace. For instance, in October 2021, CEIPAL Corp; a US-based software development company, launched an AI-driven talent management platform, to address diversity, equity, and inclusion. With the use of cutting-edge AI technology, CEIPAL’s ground-breaking, patent-pending DEI solution gives hiring organizations total access to their workforce and hiring procedures and assists in closing any diversity gaps. This AI-driven tool gives HR and talent acquisition professionals the ability to automatically identify important demographic gaps while defining a precise and achievable route to accomplish particular DEI targets.
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Major Key Players of the Market:
Cornerstone OnDemand Inc., International Business Machines Corporation, Lumesse Limited, Oracle Corporation, PeopleFluent Holdings Corp., Skillsoft Corporation, Cornerstone OnDemand Inc., SAP SuccessFactors, TalentSoft SA, Halogen Software Inc., SumTotal Systems LLC, Workday Inc., TalentGuard Inc., Kenexa Corporation, Taleo Corporation, Haufe Group GmbH & Co. KG, Ultimate Software Group Inc., PageUp People Limited, Automatic Data Processing Inc., Eightfold AI Inc., Deltek Inc., ClickUp Inc., Cornerstone Growth Acquisition Corp., Deel Technologies Inc., Dun & Bradstreet Corporation), Paycor Inc., Remo First Oy, Cegid Group SA, Rippling Inc., Sage HR
Talent Management Software Market 2024 Key Insights:
• The talent management software market size is expected to see rapid growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%.
• Surge In Social Network Site Usage Boosts Demand For Talent Management Software Market
• Technological Advancements Propel Growth In The Talent Management Software Market
• North America was the largest region in the talent management software market share in 2023
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