The Talent Management Software Market revenues were estimated at US$ 8.1 Bn in 2022 and is anticipated to grow at a CAGR of 8.7% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 18.7 Bn.
The rising market share of cloud-based technologies, as well as the adoption of mobile-based people management systems, are key factors driving the market expansion. As companies and various businesses are concentrating on organic growth HR professionals are rapidly turning to software-as-a-service (SaaS) solutions to automate the scouting, identifying, and recruitment of new people from talent pools, as well as retention of existing staff.
A Talent Management Software also aids in the streamlining of the hiring process, the reinforcement of workplace culture, the provision of adaptive educational experiences, and the identification of top performers. Various technological developments, such as the usage of artificial intelligence and machine learning too are helping the economy grow.
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Trakstar, a SaaS-based employee involvement, and performance management firm, for example, announced the merging of its former modular solutions into a single Trakstar Platform in June 2021. Trakstar Hire is now available for improved recruiting, and it has become available for quicker employee development and onboarding. It has also become available for continuous performance tracking and involvement.
Furthermore, the key firms are developing numerous talent management systems that help in people management and provide employees with appropriate growth chances. Talent management software has grown in popularity among businesses due to the rising requirement to streamline HR processes.
Various firms in the talent management software market are focusing on organic growth strategies such as new product releases, product approvals, as well as other items such as patents and events. Inorganic growth techniques noted in the sector included acquisitions, partnerships, and collaborations. Some of the market’s top companies are IBM Corporation, Talentsoft, Oracle Corporation, CornerStone OnDemand, Inc., Cisco Systems, Inc., and others.
Some of the key recent developments in the talent management software market include:
- In June 2021, Verint acquired HireIQ to provide AI-powered Smarter Screening for job prospect assessment. Verint, The Customer Engagement Firm, is expected to extend its Workforce Management (WFM) solution with advanced Intelligent Interviewing capabilities owing to the integration of technology from HireIQ, a recruiting automation provider.
- This technology automates the applicant screening process and uses artificial intelligence to evaluate interview responses, delivering insights to assist hiring managers make more educated selections. Verint Intelligent Interviewing would be included in Verint WFM and will be accessible via the Verint Cloud Platform.
- In June 2020, Talentsoft acquired Crafty, an HR technology firm, to integrate Crafty skills graphing with Talentsoft’s learning, talent acquisition, and management solution. The firm will manage skills and obtain matching suggestions via the talent marketplaces and employee talent profiles. The transaction was undertaken with the intention of improving talent management and internal organizational mobility.
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Future Market Insights, in its new offering, presents an unbiased analysis of the Talent Management Software Market, presenting historical market data (2016-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Talent Management Software Market in terms of Deployment (On-Premise, Cloud-Based), Enterprise Size (Small & Medium Enterprises, Large Enterprises), Industry Vertical (BFSI, IT & Telecom, Manufacturing, Government, Healthcare, Education, Retail, Others), Solution (Performance Management Analytics, Career Pathing Management Software, Succession Planning software, Compensation Management, Assessment software), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
Market Segments Covered In Talent Management Software Market Analysis
By Enterprise Size:
- Small & Medium Enterprises (SME’s)
- Large Enterprises
By Industry Vertical:
- IT & Telecom
- Performance Management Analytics
- Career Pathing Management Software
- Succession Planning software
- Compensation Management
- Assessment software
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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