Talent Management Software Market Report Highlights the Key Findings in the Area of Vendor Application and Geography | Technavio
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The talent management software market research report by Technavio deduces that the implementation of cloud-based talent management software is driving this market's growth.
Resulting in market growth of USD 5.41 billion from 2019 to 2024, read additional information about the market, get FREE sample report.
Vendor Landscape
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
Automatic Data Processing Inc., Bullhorn Inc., Cornerstone OnDemand Inc., International Business Machines Corp., Infor Inc., Oracle Corp., Saba Software Inc., SAP SE, The Ultimate Software Group Inc., Workday Inc. among others are some of the few key vendors competing to maintain their market position in the market.
Various players in the market are engaging in strategic partnerships and joint ventures along with launching differentiated products to enhance their game in the software industry. For instance, In July 2019, International Business Machines Corp. executed the acquisition Red Hat Inc. Similarly, in May 2018, Wood Group (provides technical and engineering services) signed a multi-year agreement with IBM for transforming asset lifecycle management.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by Product:
- Cloud-based:
- The implementation of cloud-computing is estimated to create growth in the talent management software market during the forecast period.
- The global talent management software market share is driven by cloud-based implementation due to an increase in digitization and expansion of the geographical presence of IT and retail industry, resulting in the rise in the demand for centralized systems for HR-related operations as well as talent acquisition. Moreover, the cloud-based model is cost-efficient but most of the SMEs are adopting these systems on a large scale and are expected to elevate the global market share growth during the forecast period.
- On-premise
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Regional Market Outlook
North America will contribute to 43% of the market growth during the forecast period. The major reason for market growth in this region is the rise in acceptance of advanced technologies and rapid digitalization of industries. A majority of the vendors of talent management software, such as Oracle, ADP LLC (ADP), and Cornerstone, among others, operate in the region. In countries such as the US and Canada, the IT and retail sectors are growing rapidly.
Apart from regions, if we look at the country-wise market growth, the US and Canada are the key markets for the growth of talent management software in North America. The US is home to numerous enterprises and has a highly competitive workforce ecosystem.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Drivers and Challenges for the Global Talent Management Software Market
- Market Driver:
- The number of benefits associated with the talent management software market:
The hiring process for HRs is not limited to organizations. Also, the performance of the candidates can be monitored fairly for performance or rewards to achieve the profits from the employee. The talent management software helps digitize the operations of the organizations for enhancing the business value and making it possible for the organizations to achieve their goals. Moreover, the data can be shared across the entire organization, Therefore, the benefits with the talent management software are estimated to significantly drive the market growth during the forecast period.
- Market Challenge:
- Data privacy and security issues with cloud-based products:
- Most of the organizations worldwide and MSEs are implementing cloud-based software services which are scalable and easy to use. These cloud-based services allow quick access to the programs and data for the end-users with improved IT services. Moreover, with a number of benefits, there are several security concerns of data security for the organizations as these cloud-based services are shared among multiple organizations and users. Furthermore, a number of reports of cyberattacks on data centers have raised concerns for data privacy and lack of control on information is a key challenge for the talent management software market share growth during the forecast period.
Find additional information about various other market drivers & trends mentioned in our FREE sample report.
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Talent Management Software Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2019 |
Forecast period | 2020-2024 |
Growth momentum & CAGR | Accelerate at a CAGR of 11% |
Market growth 2020-2024 | $ 5.41 billion |
Market structure | Concentrated |
YoY growth (%) | 9.89 |
Regional analysis | North America, Europe, APAC, and South America |
Performing market contribution | North America at 43% |
Key consumer countries | US, Canada, Germany, and Japan |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | Automatic Data Processing Inc., Bullhorn Inc., Cornerstone OnDemand Inc., International Business Machines Corp., Infor Inc., Oracle Corp., Saba Software Inc., SAP SE, The Ultimate Software Group Inc., and Workday Inc. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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