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Talent management software is a tool used by resource management professionals to manage employees in an organization. It provides a complete set of applications to automate, monitor, and analyze human resource (HR) functions to operate efficiently in an organization. Talent management software has functions such as recruitment, on/off boarding, learning and development, performance management, compensation management, and succession planning.
A key feature of a talent management tool is to provide an integrated service of identifying, selecting, developing, and retaining the first talent within the organization. Some of the top talent management software are Zoho Recruit, People Admin, ClearCompany, ScholarLMS, and iCIMS Talent Acquisition. According to a report published by SHRM, (Society for human resource management) a government org, 66% of organizations have readily approved and deployed human capital management solutions and services.
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Growing demand for talent mobility, adoption of paperless or cloud-based business models in talent management services, the growth of AI and machine learning technology are the major drivers expected to grow the talent management software market globally. Further, the growing demand of online job portals and growing demand for workforce management software are possible drivers of the global talent management software market.
Further, recent developments in talent management software include the integration of social media and artificial intelligence with talent management tools, to help HR to get detailed information about the recruitment process
Some of the key players in the talent management market include Cornerstone OnDemand, Inc., Halogen Software, Inc., HireIQ, IBM Corporation, SumTotal, Oracle Corporation, PeopleFluent, Saba Software, Inc, SAP SE, Paylocity, Talentguard, and ELMO Cloud HR & Payroll.
· By Service
· Training & Education
· Support & Maintenance
· By Solutions
· Compensation Management
· Workforce Management
· Performance Planning
· Learning Management
· Talent Acquisition
By Industry Vertical
· Media & Entertainment
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Globally, North America is expected to hold the maximum share and generate the highest revenue in the global talent management market during the forecasted period. This growth is due to huge investment in technology advancement by large players in countries such as the US and Canada to increase the demand for automated HR processes such as talent management, performance management, and compensation management, high ICT expenditure.
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