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Talent Management Software Market to Reach $13.21 bn by 2028: Increasing Demand for Anticipatory and Flexible Talent Sourcing to Add Impetus to Market

May 25, 2021 | Information & Technology

The global talent management software market size will USD 13.21 billion by 2028 on account of the rising popularity of mobile platforms and the increasing need for predictive workforce monitoring especially in  the IT and Telecommunication sectors, mentioned in a report, titled, “Talent Management Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Solution (Performance Management, Talent Acquisition, Learning Management, Compensation Management, and Others), By Enterprise Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (IT and Telecommunication, BFSI, Government, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2021-2028” the market size stood at USD 6.45 billion in 2020 and is expected to exhibit a CAGR of 9.4% between 2021 and 2028.


Acquisition of Crafty by Talentsoft to Encourage Market


Talentsoft, a European leader in Cloud-based talent management and learning software announced that it has acquired Crafty, an HR technology startup. Talentsoft will integrate Crafty skills graphs with its talent acquisition, learning, and management platform. Through this purchase, the enterprise will manage skills and receive matching recommendations for talent marketplace and employee talent profile. The acquisition was made with the goal of better managing talent growth and internal organizational mobility. Moreover, the technological innovations in talent management solutions will have an excellent impact on the global market. For instance, in October 2020, Workday, Inc., a leader in enterprise cloud technology solutions introduced Workday Talent Marketplace, a talent management solution that enables employers to connect with employees with targeted opportunities for better hiring efficiency.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/talent-management-software-market-100374


Increasing Demand from Healthcare industry will Augment Growth


The advent of mobile technology and big data analytics into the human resource industry are major talent management software market growth, drivers. This, coupled with the increasing demand from other industries such as IT and telecommunications and healthcare among others will also add impetus to the market in the coming years.


On the contrary, the limited use of talented analytics may pose major restrictions on the growth of the market in the forecast period. Besides this, few organizations still prefer to use traditional talent management processes such as cost-based metrics, turnover, and others which may also hamper the market growth in the coming years. Nevertheless, the increasing demand for efficient and cost-effective methods offered by talent management software will help companies maintain a well-organized portfolio of the talented workforce for their employees and this will create lucrative growth opportunities for the market in the long run.


Joint Ventures and Collaborative Efforts to Serve Well for Market Players


Companies such as Cornerstone OnDemand Inc. are offering human capital management platforms consisting of four major product suites such as performance suite, learning suite, recruiting suite, and an HR administration suite. This will help this company gain significant share in the coming years. Other companies operating in the market are engaging in mergers and acquisitions, contracts and agreements, joint ventures, and other strategies to attract high market revenue in the coming years.


The Report Lists the Notable Players in the Market for Talent Management Software:



  • ABB Ltd (Zürich, Switzerland)

  • IBM Corporation (New York, United States)

  • Cornerstone OnDemand (Saba Software, Inc.) (California, United States)

  • Workday Inc. (California, United States)

  • Learning Technologies Group plc (London, United Kingdom)

  • Applied Training Systems, Inc. (Trakstar) (Seattle, WA, United States)

  • Talentsoft (Boulogne-Billancourt, France)

  • Lattice (California, United States)

  • BambooHR LLC (Utah, United States)

  • 15Five, Inc. (California, United States)

  • Hi bob Inc. (England, United Kingdom)

  • Oracle Corporation (Texas, United States)

  • SAP SE (Walldorf, Germany)

  • Culture Amp Pty Ltd (Richmond, Victoria, Melbourne)

  • Betterworks Systems, Inc. (New York, United States)

  • Kazoo, Inc. (Austin, Texas)

  • Infor Inc. (New York, United States)

  • Sumtotal Systems, LLC (Florida, United States)


Further Report Findings



  • North America held the dominant talent management software market share with a revenue of USD 2.49 billion in 2020. This is attributed to the presence of major cloud computing software solutions companies in the region.

  • The healthcare segment is expected to account for a significant share during the forecast period.


The Global Market for Talent Management Software is categorized into:





















































  ATTRIBUTE



  DETAILS



Study Period



  2017 – 2028



Base Year



  2020



Forecast Period



  2021 – 2028



Historical Period



  2017 – 2019



Unit



  Value (USD billion) 



Segment



  Component; Solution; Enterprise Size; Deployment; End User and Region



 



By Component



  • Solutions

  • Services



By Solution



  • Performance Management

  • Talent Acquisition

  • Learning Management

  • Compensation Management

  • Others



By Enterprise Size



  • SME's

  • Large Enterprises



By Deployment



  • Cloud

  • On-premise



By Industry



  • IT and Telecommunication

  • BFSI

  • Government

  • Healthcare

  • Education

  • Manufacturing

  • Others (Retail, M&E)



By Region



  • North America (By Component, Solution, Enterprise Size, Deployment, End-User)

    • U.S.

    • Canada



  • Europe (By Component, Solution, Enterprise Size, Deployment, End-User)

    • UK

    • Germany

    • France

    • Scandinavia

    • Rest of Europe



  • Asia Pacific (By Component, Solution, Enterprise Size, Deployment, End-User)

    • China

    • India

    • Japan

    • Southeast Asia

    • Rest of Asia Pacific





  • The Middle East & Africa (By Component, Solution, Enterprise Size, Deployment, End-User)

    • GCC

    • South Africa

    • Rest of Middle East & Africa



  • Latin America (By Component, Solution, Enterprise Size, Deployment, End-User)

    • Brazil

    • Mexico

    • Rest of LATAM




Talent Management Software Market
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  • 2017-2019
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