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The global talent management software market size is anticipated to surge from USD 7.93 billion in 2022 to USD 17.66 billion by 2029. Considerable technological advancements, including the adoption of AI and IoT to streamline the hiring process will provide lucrative growth opportunities. With the trend for automation in the hiring process gaining an uptick, industry players are poised to inject funds into the landscape.
According to the latest research report by Fortune Business Insights™ titled, “Talent Management Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-premise), By Enterprise Size (SMEs and Large Enterprises), By End-User (IT and Telecommunication, BFSI, Government, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2022-2029,” the market stood at USD 7.09 billion in 2021. It is expected to witness around 12.1% CAGR during the forecast period.
Reduction in Hiring Operations amidst the COVID-19 Pandemic Challenged Stakeholders
The pervasive COVID-19 pandemic had a pronounced impact on talent management services, especially in 2020 and 2021. The adoption of talent management technologies witnessed a dip as HR departments grappled with monitoring employees’ health and leveraging optimal business operations. Stakeholders anticipate the adoption of state-of-the-art technologies to minimize costs and boost the adoption of advanced solutions and services.
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Talentsoft Acquired Crafty to Better Manage Talent Growth
With the emergence of startups in the hiring department, leading companies are slated to invest in advanced technologies, such as cloud, AI and others. The prevailing situation has prompted major companies to inject funds into acquisitions. To illustrate, in June 2020, Talentsoft acquired Crafty to include Crafty skills graphs with Talentsoft’s learning, talent acquisition and management platform. The company expects it will help them better manage talent growth and boost the mobility of the internal organization. Meanwhile, in October 2021, CEIPAL rolled out an AI-based solution for addressing diversity, equity and inclusion across the organizations for talent management sources. Prevailing trends suggest talent management software market share could witness a notable uptick with rising investments in technological advancements.
Adoption of Software-As-A-Service (Saas) Platform to Redefine Industry Landscape
Industry players anticipate SaaS platforms to gain considerable traction to automate recruiting, identifying and scouting new talent and retaining current employees. Talent management software solutions and services are likely to streamline the hiring process, offer flexible learning opportunities, spot top performers and reinforce workplace culture. To illustrate, in June 2021, a SaaS-based employee engagement and performance management company Trakstar announced the unification of its previous modular offerings into a single Trakstar Platform. With major players gearing to invest in SaaS services, talent management software market growth will witness an appreciable gain in the ensuing period. That said, a lack of awareness about advanced solutions and services may impede the growth prospect.
Industry Players Emphasize Mergers & Acquisitions to Bolster Portfolio
Major players are poised to inject funds into technological advancements, product launches, R&D activities and mergers & acquisitions. Moreover, leading companies are likely to invest in innovations to foster their geographical footprint.
Key Industry Development
List of the Companies Profiled in the Global Market
Further Report Findings
Table of Segmentation
Value (USD billion)
Component, Deployment, Enterprise Size, End-User, and Geography
By Enterprise Size