Pune,India, Dec. 19, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global talent management software market size was valued at USD 8.14 billion in 2022 and is projected to reach USD 20.59 billion by 2030, exhibiting a CAGR of 12.5% during the forecast period. This market is gaining major traction due to continuous implementation of innovative technologies and dynamic human resource practices. Streamlining Hiring Process through Technological Innovations to Boost Market Potential Fortune Business Insights™ presents this information in a report titled, Global Talent Management Software Market Forecast, 2024-2030.
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Key Industry Development:
- Cornerstone OnDemand agreed with Skillsoft to buy SumTotal, a provider of learning and human capital management SaaS services for clients working in complex and highly regulated sectors.
Key Takeaways
- Supply Chain Disruptions Dented the Talent Management Software Industry Growth.
- Acceptance of Cloud-based Talent Management Solutions to Foster Market Potential.
- Streamlining Hiring Process through Technological Innovations to Boost Market Potential.
- By Enterprise Type Analysis: Growing Integration of Talent Management Solutions with Emerging Technologies in Large Enterprises to Aid Growth.
- Need for Smooth Hiring Process to Boost Adoption of Talent Acquisition Solutions.
Discover the Leading Players Featured in the Report:
“Companies leading the Talent Management Software Market Are Cornerstone OnDemand (Saba Software, Inc.) (U.S.), Workday, Inc. (U.S.), Applied Training Systems, Inc. (Trakstar) (U.S.), Talentsoft (France), BambooHR LLC (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Sage Group plc (U.K.), 15Five (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.5% |
| 2030 Value Projection | USD 20.59 Billion |
| Base Year | 2022 |
| Talent Management Software Market Size in 2022 | USD 8.14 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Type, Enterprise Type, Deployment, End-user and Geography |
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Drivers and Restraints:
Streamlining Hiring Process Through Technological Advancements to Foster Market Potential
The market is being driven by the growing implementation of cloud-based platforms and usage of mobile-based employee management systems. HR professionals and companies alike are using Software-as-a-Service (SaaS) platforms to automate various processes. These include scouting, identifying, and recruiting new employees, while retaining the existing ones.
However, low awareness regarding the benefits and importance of TMS solutions among SMEs may hinder market growth.
Segments:
By Type
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others
By Enterprise Type
- Small and Medium Enterprises
- Large Enterprises
By Deployment
By End-user
- IT and Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Others (Retail, M&E)
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America held a dominant position in the market and is expected to retain this position over the coming years. The region has showcased robust potential with respect to adopting core HR, talent management, and recruitment technologies, according to a survey by Cornerstone OnDemand, Inc. These factors will boost the deployment of talent management software solutions.
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Competitive Landscape:
Market Players to Focus on Mergers & Acquisitions to Boost their Business Operations
Oracle Corporation, IBM Corporation, Talentsoft, Cisco Systems, Inc., and CornerStone OnDemand, Inc. are some of the major participants in the market. These companies offer solutions that are equipped with innovative technologies such as AI and cloud. Moreover, stiff competition in the market has compelled these market players to use the acquisition strategy to strengthen their presence.
FAQ’s
How big is the talent management software market?
Talent Management Software Market size was USD 8.14 billion in 2022
How fast is the talent management software market growing?
The Talent Management Software Market will exhibit a CAGR of 12.5% during the forecast period, 2023-2030
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- Talent Management Software Market