The Global Talent Management Software Market is subject to witness a substantial growth due to the increasing adoption in the various end-user capital-centric industries. Shifting trend towards adoption of latest technologies in order to disrupt overall the workforce management in organizations that mainly consists of cloud network and data analytics. These factors are anticipated to drive the growth of the market in the upcoming years.
Globally, the market is predicted to grow at high CAGR over the forecast period, providing numerous opportunities for market players to invest in research and development for the talent management software market. Increasing demand for web-based applications and cloud technology has led to massive demand for software solutions, there by driving growth of market in the recent years. The rate of adoption of talent management tools and solutions by number of end-user is industries are on rise, thus propelling market growth further.
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The recent technological advancement in the IT industry coupled with development of enhanced tools for the marketplace are anticipated to fuel the growth of talent management software market over the forecast period. In addition, increasing investment by private players for extensive research and development activities leading to development of advanced talent management tools and solutions are expected to boost market demand for talent management software.
Shifting trends towards adoption of standalone system to achieve enhanced capabilities and superior performance by large-scale enterprises are projected to stimulate overall market performance for talent management software industry. Development of performance management and recruitment management solutions that are capable of offering integrated functionalities, are estimated to expand market reach of talent management software industry over the forecast period. The talent management software market is broadly divided into five major types such as recruitment management solutions, compensation management solutions, employee lifecycle management solutions, learning & training management and performance management.
The employee lifecycle management is considered as one of the fastest growing segment in the talent management software market with significant revenue generation in the last couple of years. Growing popularity of the employee lifecycle management market segment is attributed to factors such as increasing demand for employee engagement solutions and their retention.
The compensation management market segment has also witnessed significant growth, in the recent years. Similarly, the learning and training management segment is anticipated to display sustained growth owing to the increasing demand from small and medium-sized enterprises (SMEs). While, rising need for compensation management market segment is credited to increase in the employee participation and need for data analysis coming, in the last few years.
Talent management software service is employed commonly via on premise platform or via cloud infrastructure. Talent management software services via cloud-based network offer benefits such as on-the-demand services, flexibility, adaptability and swift response. These factors are predicted to foster the growth of talent management software market over the forecast period. Additionally, adoption of talent management software service via the on premise platform are expected to drive witness a large greater number of enterprises opting for cloud-based solutions and services.
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The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in banking & finance industry, rapid growth of IT sector, and existence of well-established IT infrastructure.
Asia-Pacific region is predicted to hold major market share in the talent management software market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, increasing per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the talent management software market are IBM Co., Oracle Co., SAP SE, Peoplefluent Incorporations, CornerStone OnDemand Incorporations, Haufe Group Co., Lumesse A/S, DelTek Co., Saba Software Incorporations, and Halogen Software Incorporations.
Markrt Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
Global Talent Management Software Market, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Cornerstone OnDemand
• Oracle
• Saba Software
• SAP SuccessFactors
• Ultimate Software
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