Talent Management Software Market Is Anticipated To Reach $33.69 Billion By 2032

Zion Market Research  has published a new report titled “Talent Management Software Market By Component (Software and Services), By Deployment Model (Cloud-Based and On-Premises), By Industry (BFSI, Telecom & IT, Government, Healthcare, Education, Manufacturing, Retail, and Others) and By Enterprise Type (SME’s and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032”. According to the report, the global talent management software market was around USD 10.28 Billion in 2023 and is projected to hit USD 33.69 Billion by 2032, with a compound annual growth rate (CAGR) of 14.1% during the forecast period 2024-2032.

Talent management is a process of attracting, developing, motivating, engaging, and retaining high performing employees in an organization. The major function of talent management is to enhance the performance of employees.

Browse the full “Talent Management Software Market By Component (Software and Services), By Deployment Model (Cloud-Based and On-Premises), By Industry (BFSI, Telecom & IT, Government, Healthcare, Education, Manufacturing, Retail, and Others) and By Enterprise Type (SME’s and Large Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032” Report at https://www.zionmarketresearch.com/report/talent-management-software-market

With rapid advancements in technology, the adoption of various social media platforms has increased. In the last few years, the user-base of various social media platforms has subsequently grown. The use of social media as a source to gather real-time data for talent management has subsequently increased. Social media, in turn, widens the pool of potential candidates to include those candidates that have not applied for the job but are available for employment. Talent management software and applicant tracking are widely used by organizations to find the best employees through web portals and online databases.

The software also allows cross-checking of applicants’ credentials. Thus, the emergence of social media is a huge opportunity for the talent management software market. However, the constrained availability of effective internet connectivity infrastructure in the organizational environment may hamper the talent management software market growth.

On the basis of enterprise type, the talent management software market is classified into small and medium enterprises (SMEs) and large enterprises. In large enterprises, the acceptance of talent management software is higher due to the cost-effectiveness of the hiring process. Moreover, large enterprises are concerned about data security and talent management software enhances security measures and assists in compliance management. By deployment model, the cloud-based model is projected to hold a substantial share of the market in the years ahead. This can be attributed to the efficiency in security, time management, and cost-saving offered by the cloud-based model. In cloud-based deployment models, users can scale services to meet their needs, customize the applications, and assess the cloud services from anywhere with the use of the internet.

The Asia Pacific talent management software market is expected to witness notable growth in the future, owing to the technological advancements and emergence of social media platforms mainly in China, India, and Japan. Thus, these countries are likely to adopt this software for talent management processes in the years ahead. Moreover, various government compliances that were initiated in the past years for increasing the adoption of talent management software will also boost this regional market in the future. Infrastructural developments in various sectors, such as government, IT, chemical, and law firms are expected to further drive this market.

Talent Management Software Market: Competitive Analysis

The global talent management software market is led by players like

• IBM
• Cornerstone OnDemand
• SumTotal Systems
• Oracle
• Lumesse
• Skillsoft
• Peoplefluent
• Talentsoft
• Workday
• TalentGuard
• Saba Software

This report segments the global talent management software market into:

Global Talent Management Software Market: Deployment Model Analysis

• Cloud-Based
• On-Premises

Global Talent Management Software Market: Component Analysis

• Software
• Services

Global Talent Management Software Market: Industry Analysis

• BFSI
• Telecom and IT
• Government
• Healthcare
• Education
• Manufacturing
• Retail
• Others

Global Talent Management Software Market: Enterprise Type Analysis

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Global Talent Management Software Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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