Talent Management Software Market Size to Reach USD 33880 Million by 2028 at CAGR 14.3% - Valuates Reports
BANGALORE, India, Feb. 17, 2022 /PRNewswire/ -- The Talent Management Software Market is Segmented by Type (Software as A Service (SaaS), Application Service Provider (ASP)), Application (BFSI, Education, Manufacturing, Telecom & IT, Others). The report covers global opportunity analysis and industry forecasts from 2022 to 2028.
The global Talent Management Software market size is projected to reach USD 33880 Million by 2028, from USD 13120 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period 2022-2028.
Major Factors Driving The Growth Of Talent Management Software Market:
Attracting and retaining right talent along with better organizational performance is expected to drive the growth of the talent management software market. Talent management software uses analytics to provide advantages such as better recruiting, increased diversity, equity, and inclusion (DE&I), deeper employee engagement, minimizing attrition, better succession planning, etc.
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Trends Influencing The Growth Of The Talent Management Software Market:
Human resources initiatives are increasingly informed by analytics, from the applicant tracking to on-boarding, retention, and data-driven decision making. The talent management software market can help small businesses record, gather, and report the data they need to improve productivity. Cloud-based talent management software is accessible from any location and can integrate with other critical business platforms, such as accounting software. This advantage is expected to drive the growth of the talent management software solutions market.
The growth of the talent management software market is expected to be fueled by employee engagement features. Employee engagement is boosted by good onboarding, learning, and development processes. To engage employees more deeply, talent management functionality such as innovative performance management is critical. Delivering quick pulse and annual employee engagement surveys and collecting that data to easily connect it with other data to link employee engagement KPIs to financial metrics are examples of related technology that can help ensure that employee engagement efforts are successful.
Need to Minimize attrition is expected to further boost the growth of the Talent Management Software market growth. Turnover metrics are crucial because they reveal a plethora of flaws throughout the talent management process. Turnovers are costly—replacing a single employee can cost anywhere from half to two times the employee's annual salary. By being able to see, for example, turnover by manager, demographic trends, and more, talent management systems assist in collecting and making it simple to track and analyze data that will point to causes of attrition.
To justify the costs involved, talent acquisition is constantly subjected to time and cost constraints. On-premise talent management software typically has high licensing, maintenance, infrastructure, and personnel costs. Businesses are migrating to cloud-based software as a result of the flexible payment and plan options, as well as the availability of customized packages based on the time of operation, the number of users, and other factors. This lowers the cost of the software and makes it more accessible to small businesses. As a result, cloud-based solutions offer businesses a model that is customized to their needs, including analytical functions and talent management capabilities.
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Talent Management Software Market Share Analysis
Because of greater technological adoption and the availability of technical know-how about the industry, the North American region is expected to be the most lucrative.
The BFSI sector's demand for talent management solutions is being driven by the changing dynamics of employee relationships and the domain's increasing reliance on digitization for management.
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Key Market Players
- SAP
- Cornerstone on Demand
- Saba
- Workday
- Skillsoft SumTotal
- Ultimate Software
- Talentsoft
- Learning Technologies
- Oracle
- Haufe
- Cegid
- PageUp
- Lumesse
- ADP
- Eightfold
- SilkRoad
- Ceridian
- iCIMS
- Kenexa
- Taleo Corporation
- Others
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