Talent management software market is expected to grow by $10.69 billion between 2024 and 2028. Talent management software benefits boost market, Technavio

NEW YORK, July 19, 2024 /PRNewswire/ — The global talent management software market is expected to grow by $10.69 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a compound annual growth rate (CAGR) of around 11.8% during the forecast period. The benefits associated with talent management software are driving the market growth, with a growing trend for mobile-based talent management software. However, data privacy and security issues associated with cloud-based products and services pose a challenge. Key market players include Accenture Plc, Automatic Data Processing Inc., Avalture Ltd., Bambee Inc., Bamboo HR LLC, Bullhorn Inc., Cegid SA, Ceipal Corp., Cornerstone OnDemand Inc., HireRoad, iCIMS Inc., International Business Machines Corp., Koch Industries Inc., Learning Technologies Group Plc, Oracle Corp., SAP SE, Skillsoft Corp., Talent Guard Inc., UKG Inc., and Workday Inc.

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Market driver

The talent management software market is experiencing significant growth due to the increasing use of mobile devices in various sectors, including HR. Mobile applications offer benefits such as access to real-time data, ease of use, and on-the-go communication. In HR, mobile solutions simplify processes such as video interviews, applicant tracking, and assessment reviews. HR managers can easily submit job-related information and collect responses using mobile talent management software. Vendors such as PeopleFluent Inc. provide real-time talent management mobile applications, enhancing employer branding and increasing organizational productivity.

The talent management software market is witnessing significant growth, with various companies adopting the technology to manage and develop their workforce. IT and telecom industries are the major users of these solutions, focusing on securing talent and retaining a skilled workforce. Secure and cloud-based systems are a popular choice, offering flexibility and accessibility. The use of artificial intelligence and machine learning technologies is a trend, enabling automated recruitment and talent assessment. Performance management, skill development, and succession planning are key features. Consolidated and user-friendly platforms are preferred, allowing for easy integration with other HR systems. The market is competitive, and vendors are offering advanced features to attract customers. Web-based software allows remote access, making it an essential tool for organizations in the current scenario.

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Market challenges

• The talent management software market is witnessing significant growth with many organizations adopting cloud-based solutions due to their affordability, scalability, and ease of use. However, concerns regarding data security and privacy persist. In cloud architecture, data is hosted by third-party vendors, which increases the risk of unauthorized access and potential data breaches. Moreover, outsourcing IT functions to reduce costs can result in loss of control over data processing, which further increases the security risk. These concerns may hinder the market expansion during the forecast period.
• The talent management software market faces many challenges in implementing and optimizing solutions. These include integrating disparate systems to achieve a unified approach, ensuring data security and privacy, and adapting to the ever-evolving technology landscape. Additionally, there is a need for customization to meet industry-specific requirements and employee needs. Another challenge is implementing AI and machine learning capabilities to streamline recruitment and performance management processes. Finally, ensuring user-friendliness and ease of use for all levels of employees is key to successful adoption.

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Segment Overview

This Talent Management Software Market report discusses in detail the market segmentation by

1. Application

• 1.1 Cloud based
• 1.2 On site

Business segment

• 2.1 Large enterprise
• 2.2 Small and medium

Geography

• 3.1 North America
• 3.2 Europe
• 3.3 Asia Pacific
• 3.4 South America
• 3.5 Near East AND Africa

1.1 Cloud based The global talent management software market is undergoing a technological shift towards cloud-based solutions. This segment has the largest market share and is expected to continue to dominate due to the digitalization of business and the growth of IT and retail companies. SMEs, especially price-sensitive, prefer cloud-based software. Security innovations will drive adoption among large organizations. Oracle reports a 6% annual growth in the use of cloud-based solutions. Benefits include real-time analytics, regular updates, global access, and scalability. Skanska AB is among those modernizing HR with Oracle HCM Cloud. The growth of the cloud-based segment is being driven by SMEs and enterprises looking for cost-effective, flexible systems.

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Learn more about Technavio’s in-depth research reports

The global human capital management (HCM) solutions market is witnessing solid growth, driven by the increasing demand for streamlined workforce management and efficient HR operations. Businesses are adopting HCM solutions to enhance employee engagement, improve productivity, and ensure compliance with evolving regulatory standards. Key players are innovating with cloud-based platforms, AI-powered analytics, and integrated talent management systems to address diverse organizational needs. As businesses prioritize digital transformation, the HCM market continues to expand, offering scalable solutions that empower HR departments worldwide.

Research analysis

The talent management software market encompasses a range of AI-based solutions and services designed to help large enterprises identify, retain, and develop their workforce. These cloud-based HR SaaS products offer performance management capabilities, including scheduling, automation, and performance improvement planning. Machine learning algorithms are used for tasks such as resume screening and succession planning. Data analytics is an integral part of these tools, providing insights into compensation management, learning and development, and recruiting management. The solutions also include support and maintenance, ensuring the continued functionality and security of the software. Data security is a top priority, and these web-based applications utilize robust encryption and access control measures. The software solutions in this market aim to streamline talent management processes, ultimately leading to a more efficient and productive workforce.

Market Research Review

The talent management software market refers to the industry that provides software solutions for managing and developing an organization’s human capital. These solutions enable companies to streamline recruitment, onboarding, performance appraisal, learning and development, succession planning, and compensation processes. The use of technology in talent management helps organizations optimize their workforce, improve employee engagement, and increase productivity. The market for such software is growing rapidly due to the increasing demand for efficient and data-driven HR processes. Features such as cloud deployment, mobile access, and integration with other business systems are driving the adoption of talent management software. This market serves various industries, including healthcare, finance, retail, and education.

Contents:

1 Summary
2 Market landscape
3 Determining the size of the market
4 Historical market size
Analysis of the 5 Five Forces
6 Market segmentation

• Application
• Business segment
• Large enterprise
• Small and medium
• Geography
• North America
• Europe
• Asia and Pacific
• South America
• Middle East and Africa

7 Customer Landscape
8 Geographical landscape
9 drivers, challenges and trends
10 Company Landscape
11 Company Analysis
12 Attachment

About Technavio

Technavio is a leading global technology research and advisory firm. Their research and analysis focuses on emerging market trends and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 dedicated analysts, Technavio’s report library includes over 17,000 reports and is growing, covering 800 technologies in 50 countries. Their client base consists of enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive reach, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive position in changing market scenarios.

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SOURCE Technavio