According to a report by Grand View Research, Inc., the global talent management software market is projected to value USD 24.03 billion by 2025. Growing requirement for advanced workforce management tools and solutions in organizations is anticipated to propel the demand for talent management software over the forecast period (from 2018 to 2025). Growing application in human capital-centric industries is also anticipated to augment the market growth over the coming years. Growing digitization and use of web-based applications is projected to fuel market growth. Extensive R&D activities coupled with increasing investments can augment market expansion in coming years. Increasing adoption of new technologies and software, such as big data analytics, can stimulate market expansion. Increasing use of mobile platforms is expected to revolutionize essential stages of talent management including learning, training, and recruitment.
Growing awareness regarding recruitment and performance management among organizations can further impel market growth during the forecast period. The talent management software market can be segregated on the basis of deployment, solution, application, and region. Based on solution, the market is divided into compensation management, employee lifecycle management, learning and training management, performance management, and recruiting management. Employee lifecycle management segment is likely to hold the highest market share. The compensation management segment is also predicted to witness high growth followed by training and learning segment. Recent changes in compensation management, in terms of data analysis and employee participation, can impel demand for such solutions. Based on deployment, the market can be bifurcated into cloud and on-premise. At present, on-premise is the dominating segment.
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Talent management software market by deployment, 2014 – 2024 (USD Million)
However, cloud segment is likely to grow well during the forecast period. Increasing number of companies adopting cloud-based solutions and services is projected to be the key factor driving the segment growth. Based on application, the market can be classified into retail, healthcare, IT & Telecom, BFSI, government, education, and others. In 2015, IT & telecom sector led the market. However, BFSI segment is projected to grow well due to growing digitization for talent management. The healthcare segment is estimated to witness CAGR of 16.6% during the forecast period. Growing need for hiring and retaining skilled manpower in the sector can impel demand for advanced talent management software, thereby boosting market growth. Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa.
North America is estimated to hold the largest share and is estimated to continue its dominance during the forecast years on account of quick adoption of advanced technology. Asia Pacific is projected to witness a high CAGR market owing to increasing use of innovative technologies. Changing organizational management in developing countries can further augment the demand for talent management software in APAC. Some of the leading companies in the market are IBM Corp.; SAP SE; Haufe Group; Saba Software, Inc.; and Halogen Software. Most of the companies are actively involved in business strategies like M&A to capitalize on market opportunities.
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U.S. talent management software market by solution, 2015 (USD Million)
Grand View Research has segmented the talent management software market on the basis of solution, deployment, application, and region:
Talent management software solution outlook (Revenue, USD Million; 2014 – 2025)
Recruiting Management
Compensation Management
Employee Lifecycle Management
Learning and Training Management
Performance Management
Talent management software deployment outlook (Revenue, USD Million; 2014 – 2025)
On-Premise
Cloud
Talent management software application outlook (Revenue, USD Million; 2014 – 2025)
BFSI
Retail
IT & Telecom
Healthcare
Government
Education
Others
Talent management software regional outlook (Revenue, USD Million; 2014 – 2025)
North America
U.S.
Canada
Europe
Germany
UK
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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